The terms of the Greek bail-out package were supposed to be agreed with its private bond-holders two weeks ago, then last Friday, then definitely before last Monday's EU leaders' summit in Brussels and then again by today.
Nothing is happening … and it's not clear when there will be agreement. The EU's finance ministers were scheduled to meet Monday in Brussels to discuss details of the EU's 130 billion euro rescue package for the country. But that package is conditional on the country's private creditors agreeing to take a substantial loss on the bonds they hold.
Six months ago this would have triggered panic in the markets. Today the FTSE 100 closed at a seven month high, up 1.8 percent on the day. The Paris CAC and Frankfurt Dax posted similar gains.