The meeting of European leaders in Brussels on Thursday was built up as if it were the meeting of the Gods on Mount Olympus. Angela Merkel was cast as Zeus and Hera at the same time. People were expecting great things. They at least expected Merkel to throw a few thunderbolts.

But as it turned out when we read what was decided there’s very little that’s new or different. It’s the same warmed over Greek debt crisis with Germany winning instead of France about what to do about it. The proposals are as follows:

1)restructuring the debt

2)extending the maturity of the Greek bonds, reducing the interest rate on current EU loans to Greece from the first bailout

3)commit to a spending program to boost the Greek economy

4)a second bailout loan to Greece which has been in the works all along

5)allow the 440 billion bailout fund to buy up sovereign debt and recapitalize the debt

Then there’s the laughable part. All the other gods on Mount Olympus, i.e. the other nations besides Greece, all took an oath not to go bankrupt themselves. Even more telling, they all earnestly promised to stop listening to those bad bond ratings firms that caused them to be forced to do anything about it.