How to make a drachma out of a crisis

see also: • Credit specialists dive in as SSA investors take fright • A global sovereign crisis

In July the EU announced a further €109 billion package for Greece that incorporated a €135 billion distressed debt exchange. Although it seemed that policymakers were at last inching in the right direction (“Buying back bonds was only the most obvious solution, and look how many rounds of negotiations it took for them to get there,” sniffs one expert) the situation remains far from straightforward.