 EUROPEaN leaders  such as the European Commission President Jose Manuel Barroso are congratulating themselves on finally delivering a credible package to resolve the sovereign debt crisis. In part, this is deserved. The initial verdict of the stock markets has been positive, largely because eurozone leaders have finally put some real numbers on the table. Private investors in Greek debt will have to accept a 50%  haircut  or write down on their bonds. That s a big loss, and it will damage the balance sheets of banks in Britain, France and Germany who hold Greek debt. To address this, the summit has agreed a 106bn euro package of bank recapitalisation.  Eurozone leaders have also enlarged the  firepower  of the European Financial Stability Facility (EFSF), the eurozone bail out fund, from 250 billion euros, to 1 trillion euros through leverage, or financial engineering. Provided this doesn t turn out to be the kind of financial jiggery-pokery that helped cause the 2008 financial crash, this should allow the EFSF to immunise countries like Spain and Italy against sovereign debt contagion   at least for the next couple of years. The immediate result of the package will be to reduce Greece s sovereign debt to  only  120% of GDP by 2020    but at least that gives the country a fighting chance of getting its economy back on an even keel. Whether the Greeks will welcome the presence of  inspectors  from Brussels camping out in their treasury to ensure austerity measures are implemented is another matter.  So far, so good, however. The problem is that even 1 tr 