Despite the surge in the markets following approval of the Greek debt deal, optimism already appears to be waning. The Associated Press reports that the markets' quick recovery on Thursday rapidly faded on Friday as doubts reasserted themselves.
In particular, many analysts pointed to concerns with the lack of details provided in the plan, in particular how the reformed European Financial Stability Facility will function.
"The best we can say is that the EU [has] engineered a temporary reprieve but there is no guarantee of a final resolution to the crisis," Neil MacKinnon of VTB Capital told the AP.
In response to this renewed skepticism, markets fell throughout Europe as little as 0.14 percent in Germany and as much as 0.6 percent in France.
Sentiments are unlikely to be improved by the news that Fitch Ratings, one of the three primary credit rating agencies, declared that the Greek debt deal amounts to a default, according to The Wall Street Journal. European leaders had attempted to avoid this by making any write-downs voluntary, but the ratings agency disregarded this technicality.
Though the International Swaps and Derivatives Association must declare a default in order to trigger most credit default swaps, the ratings agencies could increase future borrowing costs for Greece.