The Germans and French say they are close to announcing a deal. There are three main components to it as described during the meeting of finance ministers for the group of 20. They all met in Paris on Friday. The three components are:

1)New bailout for Greece

2)effort to shore up banks affected by Greek losses and fearful of Italian and Spanish debts

3)increasing bailout fund for EU

But the devil’s in the details, especially about how to revamp the second Greek bailout.