Greece gives up hope of bond markets regaining confidence in them

And they reluctantly make the call to take up the IMF/EU bail-out offer.

It remains to be seen what the exact terms of the agreement are, but given their reluctance to call on the offer you can imagine they are far from ideal from the Greek point of view.

It'll be interesting to know now whether the EU part of the bargain is really on offer, or if that was all said just in the hope markets would believe the bazooka in their pocket was loaded, but it isn't. I guess we get to find out imminently...

It's going to cost us all across Europe an awful lot of money (yes, including the UK) if this bail-out does indeed go ahead. Anyone got a hat we can pass around? It better be a big and sturdy one, because it'll be needed more than once and it'll need to be able to cope with the demands of bigger countries than Greece.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7624152/Greece-triggers-EU-IMF-rescue-loans.html