Don't Look Down!

As expected, Greece has missed its targets:

In the fiscal area, the government has achieved a major reduction in the deficit since the start of the program despite a deep recession. However, the achievement of the fiscal target for 2011 is no longer within reach, partly because of a further drop in GDP, but also because of slippages in the implementation of some of the agreed measures.

...but despite previous claims to the contrary, surprise surprise Greece will still get the next tranche of 8bn euros:

The EU, IMF and European Central Bank say Greece is now likely to get 8bn euros (£7bn; $11bn) more bailout cash.

It came as they said Greece's fiscal target for 2011 was not achievable.

"Once the Eurogroup and the IMF's executive board have approved the conclusions of the fifth review, the next tranche of 8bn euros will become available, most likely, in early November," a statement said.

Meanwhile it's not long now until Slovakia agrees to its share of the bailout. The Euro is a wonderfully unique experiment in trying to defy the economic laws of gravity.