A DEAL FOR GREECE, AT LEAST FOR NOW – AT 10:18 A.M. ET:   A major European financial crisis has been averted, we think.  The boys reached some kind of deal, which needs Greek parliamentary approval, and which may or may not work.

This is what happens when you deal with countries that give away a lot of free stuff and then can't pay for it.  Other nations in Europe are almost as bad off as Greece.  The trend lines in Western Europe go downward.  The continent seems to be fading away, losing influence, not reproducing its population, not paying enough for its own defense, and determined to keep the party going.  I suspect most of the world will soon regard Western Europe as a nuisance and a burden.  From Fox: 

Marathon talks between Greece and its European creditors ended with a new bailout agreement early Monday, at least temporarily averting the prospect of Athens exiting the single currency and subsequent global financial chaos.

European Council President Donald Tusk tweeted shortly before 9 a.m. local time Monday that the so-called EuroSummit had "unanimously reached agreement" on a financial aid program that included what Tusk called "serious reforms" and "financial support" for the beleaguered Athens government. At a news conference later Monday, Tusk jokingly referred to the deal as an "a-Greek-ment."

The deal calls for Greece, already reeling from harsh austerity measures, to cut back even further in exchange for more loans without which its financial system would surely collapse. It still requires approval from Greece's parliament by the end of Wednesday.

"We managed to avoid the most extreme measures," Greek Prime Minister Alexis Tsipras said. "Greece will fight to return to growth and to reclaim its lost sovereignty."

COMMENT:  Ironically, Western Europe cheered when Barack Obama was elected, thinking it would mean a new day for European socialism, a rejection of the hated Bush.  But Obama shows nothing but contempt for Europe, and is now making it clear that his administration is about race and domestic equality.  Europeans have been shown the door.  The fashionable anti-Americanism has backfired.

July 13, 2015