Athens came off worst in the Eurogroup negotiations
The Eurogroup came to an agreement, of sorts, with Greece on Friday.
In an 18 against one negotiation, it was always likely that the 18 (the Eurogroup) were going to come off better than the one (Greece).
Greece got enough, but only enough, to stop them from walking out again.
Here's how it breaks down:
• The Eurogroup gets to keep European Union, European Central Bank, and International Monetary Fund - "the Troika" - oversight of the programme extension.
Greece gets to have everyone not call it the Troika any more.
• The Eurogroup has Greece's agreement on an extension of the existing bailout programme.
Greece has Eurogroup agreement not to call it a programme any more.
• The Eurogroup gives Greece until today to come up with a set of budgetary measures that will allow a successful review of the extension.
Greece gets to pick its own austerity.
• The Eurogroup gets to ring-fence the EFSF (European Financial Stability Fund) money in the HFSF (Hellenic Financial Stability Fund) buffer so it is available only for bank recapitalisation at the discretion of the ECB.
Greece gets to watch this happen.