An editorial: The Guardian view on the Greek deal: it solves nothing and holds many dangers. Excerpt and then a comment:
The agreement keeps Greece in the eurozone and the union. Because of Greece’s unique historical status, because of the clearly expressed wishes of the Greek people, and because a Greece set adrift might slip into Vladimir Putin’s embrace, this has to be welcomed, even if the way it has been framed is humiliating to Athens.
But there is little else to be said for it. It is a harsh settlement and the story of harsh settlements is that they fuel a resentment and anger that can last for many years. If there were reason to believe that the economic and political subjection of Greece would lead to its rapid economic recovery that might make it more acceptable.
But the lesson from Britain and Spain is that easing off the pace of austerity even belatedly leads to more rapid growth. This lesson has not been applied to Greece, which has seen both the biggest improvement in its structural budget deficit once adjusted for the state of its economy, and the biggest fall in GDP.
Far from easing the pace of austerity, the agreement embeds it. When the Greek economy starts to grow again, as it will, the troika will say the plan is working. All economies recover from recession eventually. The question is at what cost.
This is like a fractious family quarrelling about who gets power of attorney over a beloved but unwell grandparent. Without the grandparent, none of them would be there. And we all, if we live long enough, are likely to outlive our ability to look after ourselves.