If you want a good synopsis of the Greek bailout plan, read Felix’s post. If you want some quick analysis, try Tyler Cowen.

From the early days of the subprime meltdown we have heard over and over again that the solution to what ails us is deleveraging. From the early days, the preferred solution of politicians has been to throw more debt at the problem. Is it really so difficult to understand why we aren’t making any progress?