Greece seems to have slipped below the front pages. We've moved on to other things. I haven't.
I don't have much to say here, but I can't say nothing. This is too important. I'm just going to record my thoughts, for whatever little they are worth.
I have been Googling around, trying to understand the recent "Agreement" and how it is supposed to work. And I've failed.
2. Even if we do have an agreement, will Greece actually stick to it? Would anybody really trust future Greek governments to stick to it? Will future Greek governments actually be able to stick to anything, even if they wanted to? Can Greece avoid becoming an ungovernable "failed state" if it tries to stick to the agreement?
3. Even if we do have an agreement, and even if Greece does stick to it, will it actually start bringing the debt/GDP ratio down?
For what it's worth (not much), my answer would be "no" to all three questions.
All the Agreement does is make it harder for Greece to abandon the Euro and redenominate its debt into Drachmas (because the new bonds will be governed by English law not Greek law). So the eventual default, when it comes, will be even messier than it would be otherwise.
And I don't see how any of the parties to the Agreement can really expect it to work. Which raises the question: so what are they doing?
A majority of Greeks want to keep the Euro.
"Most Greeks want to stay in the euro zone, the poll showed, with 77 percent saying their country must keep the currency "at all costs", the same percentage as two months ago."
That's the underlying problem. The Greek people themselves refuse to exit.
I think everyone else is just going through the motions, because they don't want to be the ones blamed for the "Agreement" failing. They don't want to be blamed for taking Greece out of the Euro. It's a game of chicken, where each side wants someone else to be the first to reject the Agreement. I hope they are indeed planning for failure.