The latest in a seemingly endless series of meetings of euro area leaders agreed another bailout package for Greece that will prevent a default on its debt when 14 billion euros of debt comes due for repayment later this month. This means a disorderly default has been avoided, Greece has remained in the euro area and fears of contagion to Portugal and beyond have receded. It does not mean an end to the crisis. Greece faces a decade of austerity, will need to achieve demanding targets on growth and tax collection and could yet end up exiting the euro. Equities extended their rally from autumn lows while government bonds in the US, UK and Germany suffered modest price declines.