April 12, 2010
Posted: 1608 GMT
Everyday brings a new twist in the Greece saga and with it comes market reaction.
Monday was positive for Greek bonds and the euro after euroland finance ministers said they would provide up to $40bn over three years at a fixed rate just under five percent - if Greece asks for help, that is.
For now, Greece has to still sell its bonds in the markets and hope that the interest rate comes down closer to six than to seven.
The deal could make it easier for Greece to sell debt and at a lower rate, but it does nothing to help Greece cut its budget deficit in the short run, or help public sector workers accept pay and pension cuts or worse job cuts.
But at least Europe has realized that it can't just promise vague help without putting up the cash.
Will this really help Greece? Will it have to tap this money, or is the Greek government correct when it says just having this backstop could be enough to give the market some confidence in Greece?