So last night Europe announced a bailout for Greece, but today markets in Europe are selling off. Is it just a sell the news kind of thing? Perhaps, although SocGen thinks there’s a little more: The agreement consists of a number of changes – some examples include, private bond holders will take a greater loss (reported at 53.5%), the interest margin is reduced, and the ECB and central banks will not take profits on its holdings of Greek bonds.  Together, this is estimated to bring the debt to GDP figure to 120.5% by 2020.  It still has to be ratified by national governments and while this is expected to be passed it stretches out the uncertainty factor further