Is it late October or July? It seems like a flashback to several months ago when an EU deal is announced but few details are released about how it will be implemented. They talk about a 50% haircut for Greek bond holders and 30 billion euro sweeteners to the private sectors, but no one knows how it will be implemented. They have promised 130 billion euros for Greece, but the details will only by released by the end of the year so Greece has a plan in place for 2012. The finance ministers canceled their meeting early this week because they couldn’t agree, but now they promised that they will come to some sort of accord in November. Everyone agrees that the banks need recapitalized, but no details have been released.

We all know where this is headed. By early next year there will be a new plan. This one will be outdated by then. You know the rest of the story. We’ve seen it too many times before.