Europe will apparently not fall apart after German chancellor Angela Merkel shepherded a deal early Thursday morning to write down Greek's debt. It's complicated, but basically she got a bunch of banks to take a 50% haircut on what Greece owes them. Click on the image on the right to see how one of the negotiators diagrammed it in the middle of the night.
Here's the whole thing. As you can see, there are still some details to be worked out. Like the part that says, "Private sector support (CIC): € ?" Or the worrisome final panel in the mathematical menagerie: "1. GREECE——> 2. BANKS——-> 3. OTHER COUNTRIES EUROZONE——-> 4. ?"