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The Greek Bailout Flop

So much for stopping the contagion.

It hasn't been a week since the terms of Athens's €110 billion ($145 billion) bailout were set, and already the reviews of this latest Greek drama are saying it's a flop. Yesterday the euro sank to its lowest level in a year. Stock markets across Europe fell nearly 3%, and the carnage spread to Wall Street and beyond. Greek interest-rate spreads climbed higher again, and market players have turned their attention to the euro zone's other weak sisters as everyone tries to figure out who is most likely to follow Greece down the road to national insolvency.