So Greek bonds will only take a %50 loss. And the world equity markets celebrate. If only someone told Italy's debt market. It's 10 year is still at %6 and if you look further out on Greek's curve their bonds that mature later aren't as happy either. Meaning they think this is a short fix. It's like one brankrupt roomate borrowing from the broke one to pay this months rent. Then next month bankrupt is still bankrupt and broke is now bankrupt too. But I guess the EU has made it clear they'll keep giving out money so no one fails or everyone goes down.