That Deal

When the EU announces a deal as substantial, vital and ambitious, you know it means precisely the opposite. And so it proves with the latest outcome of the crisis talks. One of the big' measures apparently is that private banks holding Greek debt accept a 50% loss. However the key passage, number 12, states (my emphasis throughout):

The Private Sector Involvement (PSI) has a vital role in establishing the sustainability of the Greek debt. Therefore we welcome the current discussion between Greece and its private investors to find a solution for a deeper PSI. Together with an ambitious reform programme for the Greek economy, the PSI should secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. To this end we invite Greece, private investors and all parties concerned to develop a voluntary bond exchange with a nominal discount of 50% on notional Greek debt held by private investors. The Euro zone Member States would contribute to the PSI package up to 30 bn euro. On that basis, the official sector stands ready to provide additional programme financing of up to 100 bn euro until 2014, including the required recapitalisation of Greek banks. The new programme should be agreed by the end of 2011 and the exchange of bonds should be implemented at the beginning of 2012. We call on the IMF to continue to contribute to the financing of the new Greek programme.

Words like; "We welcome", "we invite", "voluntary". 'In other words they've agreed bugger all. Talks are ongoing and the details haven't yet been agreed upon (if they ever will).

Nevermind the markets naturally will be initially happy, then how long before it all unravels again?