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What Exactly Have Greeks Agreed To?

Greece union leaders: "There will be a social uprising."

The Parthenon in Greece
Scott E. Barbour | Getty Images
The Parthenon in Greece

Greek union leaders are not part of the Greek political coalition. Another 48-hour strike called for tomorrow and Saturday.

We still do not know exactly what Greek political leaders have agreed to. Here is the official Greek statement:

"The government's discussions with the troika were concluded successfully this morning on the issue which had remained open for further elaboration. The political leaders have agreed on the result of these discussions.

Thus there is general agreement on the content of the new program, in view also of this evening's Eurogroup meeting. This program accompanies the new loan agreement to finance Greece with 130 billion euro."

"The political leaders have agreed on the result of these discussions ... thus there is general agreement on the content of the new program..." Sounds like a random word generator, doesn't it?

There is no word on whether the Greeks have agreed to setting up an escrow account, as was floated earlier in the week.

What legal recourse does the Troika have if, in April, a newly elected Greek Prime Minister says he will not implement the agreement? I do not see a signed agreement.

And if my skepticism does not impress you, how about Wolfgang Schaeuble, Germany's Finance Minister, who said, "The agreement, as far as I understand, is not at a stage where it can be signed off."

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