This is breaking news, and I’m sure there will be many intepretations, some involving spin, but (per CNBC):

Greece and its euro zone creditors reached a deal to extend Greece’s bailout for four months, Eurogroup head Jeroen Dijsselbloem said on Friday….

On Thursday, Europe’s largest economy, Germany, rejected Greece’s request to extend its euro zone loan program by six months. Friday marked the deadline for Greece to apply to extend its bailout program.

So in the absence of new conditions for Greece, it appears it won two-thirds-of-a-loaf as Eurozone countries stepped back from the brink. The Euro’s value moved up and stock markets everywhere reacted positively. It may not mean that much in the long run, but it does seem Europe blinked.

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Ed Kilgore

Ed Kilgore is a political columnist for New York and managing editor at the Democratic Strategist website. He was a contributing writer at the Washington Monthly from January 2012 until November 2015, and was the principal contributor to the Political Animal blog.