Well, the Greek mess is still unresolved. The ECB has been stepping on Greece’s oxygen tube to force the Greeks to capitulate to all of the Troika’s demands, in exchange for another EUR 30 billion. The government has complied by jamming through compliant legislation (at great political cost). But that is not enough to unlock the Troika’s money box.
Europe, for reasons that are unclear to me, won’t keep the money pumps going unless the IMF is on board as a full participant. The IMF says that Greece’s debt trajectory is unsustainable, the understatement of the century. The IMF wants Greece’s official debt to be reduced to a sustainable level. (Greece’s private bondholders have already been whacked). In other words, the challenge is not only finding a way to come up with more money, but also persuading somebody to forgive debt at the same time. The IMF and the ECB can’t forgive debt, and the Germans refuse to forgive debt.