The rescue package adopted last week by the members of the eurozone could temporarily help Greece refinance itself in acceptable conditions in the coming months. However, the package has not changed the fundamental situation:

This week marks the first anniversary of the end of the most recent bear market. Between October 2007 and March 2009, the stock markets lost around 54% (using the MSCI World index in euro as a benchmark) before gaining 62% since then. (Mathematical calculations being what they are, an increase of 62% after a slump of 54% means that the markets are still well below their October 2007 level).