In the game of poker being played between indebted Greece and the EU hegemony, over Greece's worsening financial situation, it seems that the EU has blinked first.
The Telegraph reports that European officials have finally conceded that Greece may have to restructure its debt, as part of a second bailout on top of the Euro110BN original bailout.
The second bailout will result in Euro60BN being thrown into the bottomless pit of Greek finances, in order to ensure it can roll over Euro25BN-Euro30BN of debt that matures next year.
I assume that the extra Euro30-35BN is some form of contingency fund, lest there be further "horrors" waiting in Greece's accounts.
The EU, trying to save face and to look strong in the face of capitulation, have stated that Greece would have to implement further welfare and labour reforms, plus more privatisations.
This of course will not happen in reality, as the Greek people have had more privations than they can take from the EU.
Needless to say, borrowing more money from the EU only staves off Greece's day of reckoning.
The EU may well refer to this as a bailout, it is in reality a default.