Well, progress is progress. The New York Times reports that Greece is "inch[ing] toward [a] deal" establishing the new interest rates that Greek bonds will carry. No one can officially confirm what this compromise would entail, only that "bondholders have made significant concessions with regard to the interest rate." But let's not get too excited.
Talks have broken down twice before, largely because the International Monetary Fund and European leaders have pushed for a larger debt reduction in light of Greece's worsening economic outlook, so there is the possibility that these negotiations will founder, too.
So it's potentially OK news for Greece amid a lot of terrible, total-collapse-of-the-economy type stuff. If the deal goes through, it will significantly reduce Greece's debt and allow the country more time to recover — but that's a big "if." And Greece is still nearly bankrupt. And the European debt crisis is, of course, bigger than Greece. So, you know, fingers crossed.
[Image via AP]