What is Going On? Greece Back on the News: Germany and France Agree on Bailout - Yet again!

If you thought that Greece had been "fixed", well, Reuters reports this stunning news today, stunning as in, what is going on!?

It reports that Germany and France have reached a common position on a 2nd Greek bailout. "The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, sources in both governments said".

However, details of the common position were not revealed!

It appears it would include a contribution to the Greek bailout by Europe's banking sector (European Central Bank President Jean-Claude Trichet joined Merkel and Sarkozy for part of their talks).

"The Franco-German accord will now be presented to a summit in Brussels on Thursday of all 17 leaders of the single currency area to address the Greek crisis, which in the last two weeks has threatened to engulf bigger states such as Italy.

The new bailout would supplement a 110 billion euro ($156 billion) rescue plan for Greece launched in May last year. It is expected to include fresh emergency loans to Athens from euro zone governments and the International Monetary Fund, and a contribution by private sector investors".

Is Greece fixed or not?  (that is not a real question).