Greek default now inevitable
The tentative deal agreed by Greece's political leaders for a second bailout does not signal an end to the saga, not by a long way. And even if Athens does finally secure its new funding, the long-term prognosis is still not good.
With Greek economic output in freefall, a messy debt default followed by the country's ejection from the eurozone now looks very much like a question of when rather than if.
In truth, with debts of more than €340bn, an uncompetitive economy and an utterly dysfunctional taxation system, a successful Greek bailout always seemed like a long shot.