The Greece deal outlined on Sunday will never lead to repayment to the banks and unfortunately at some point the weaker links in the EU will have the same economic failure as the Greeks. The EU will shrink to a small collective with the fallen members making their way as outsiders. The Euro was a currency created as a pipeline for the EU central bank to originate loans to members on one hand and to more easily make claims on assets on the other. Economic dramas will continue to erode the EU in what was basically a flawed idea based on a concept that a common currency would magically be able to hold together so many uneven nations.
As for Greek leadership, they are really bad at playing the decision game. If the Germans would not modify their rigid position then Greece had no choice but the default and play out the hard end. They can only take solace in that the game they are playing has few winners.
