Greek bail-out status clarification

Greece has not been rescued yet, despite recent media relief.  The second bail-out remains conditional upon Greece implementing the agreed but unpopular measures, within five days.  The risk of financial contagion will remain until European finance ministers approve Greece's remedial actions, and until private bondholders agree to their haircuts, which has not yet happened.  If any bondholder who refuses a haircut exercises CDS bond insurance, financial repercussions would be global.

The next Greek sovereign debt repayment of 14.5 euros falls due on March 20.  (See Greek debt.)

See Der Spiegel's "EU has not yet faced the whole sad truth about Greece", which I acknowledge.