Yet Another Last-Minute Step Away From the Cliff in Europe

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The financial situation in Europe keeps looking dodgier and dodgier, and yet I continue to persevere in my belief that, at the very last moment, European leaders will end up doing more or less the right thing. (“Right thing” being very broadly defined, mind you, to be anything that prevents collapse and a euro crackup.) That seems to have happened yet again today:

After days of dramatic talks, Greek political leaders reached a deal on Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for the country’s latest bailout.

The deal is expected to unlock the €130 billion, or $172 billion, in new loans and save Greece from a potentially disastrous default.

Not everything is coming up roses, of course. The deal still has to be approved by a variety of folks in Greece, and there’s always a chance of some last-minute theatrics. It’s also true that the austerity measures agreed to will make Greece’s economy spiral ever downward, so while the final implosion of the euro area has been delayed, it hasn’t necessarily been prevented. That’s going to depend a lot on Angela Merkel, the patience of the German populace, and the future actions of the European Central Bank.

But for now, collapse has been averted at the last minute. As usual. Whatever happens in the future, I think we can expect that this is when collapse is always going to be averted.

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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