gwb has touched on what is most likely the very practical reasons why an agreement could finally be reached. This is yet another putting-off of the inevitable. All countries need to have a good mechanism for coordinating monetary policy with their current economic situation. The EU arrangement is missing this necessary ingredient. There has been one temporary patch after another applied, but none of these measures go to the root of the problem. This agreement just now announced is not a good deal for either Greece or the rest of the EU. Greece, I would hope, will use whatever breathing space the current agreement allows to explore monetary alignments apart from the European Monetary Union. A monetary alignment of the PIGS plus France is something worth exploring. A monetary union will be difficult to sustain among culturally diverse countries, but it can not possibly be sustained without both a common central bank and a common bond. Without a common bond, it's very difficult for the central bank to use monetary policy as a tool for addressing economic ups and downs. Greece needs stimulus money, but the package announced is too small and has too many strings attached. This is an agreement that gives with one hand but takes with another. The Government in Athens will not be able to use the announced 35 billion stimulus package to its maximum beneficial effect because of the strings attached. On the other hand, no truly propitious agreement could have been reached, because the EMU lacks a eurobond. The current agreement will at least buy time.
http://www.elitetrader.com/et/index.php?threads/who-owns-chinas-debt.292738/ if you haven't seen this video and you appreciate British humour, this will crack you up
otherwise, it's getting hard to survive in this world without a strong central bank. Bitch all you want (not you) about Bernanke, but he made a lot of people a lot of money during very trying times
I believe there is a significant probability that the Greek parliament will not approve the deal... Greek PM Tspiras faces party revolt over bailout deal http://www.reuters.com/article/2015/07/13/us-eurozone-greece-idUSKBN0P40EO20150713 Greece's leftwing Prime Minister Alexis Tsipras faces a showdown with rebels in his own party on Tuesday furious at his capitulation to German demands for one of the most sweeping austerity packages ever demanded of a euro zone government. Just hours after a deal that saw Greece surrender much of its sovereignty to outside supervision in return for agreeing to talks on an 86 billion euro ($95 billion) bailout, doubts were already emerging about whether Tsipras would be able to hold his government together. The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged Tsipras to abandon promises of ending austerity. Instead he must pass legislation to cut pensions, increase value added tax, clamp down on collective bargaining agreements and put in place quasi-automatic spending constraints. In addition, he must set 50 billion euros of public sector assets aside to be sold off under the supervision of foreign lenders and get the whole package through parliament by Wednesday. (More at above url)
you have to keep the story simple and just look at the the price action and to see what is happening at the moment.once you add indicators to the story it becomes a lagging event and get multiple theories of what is happening in Greece.
Realistically I can barely even think of anything within the last 20 years that politicians have sat down on and actually went right to the root of the problem and addressed it directly. It is now the norm to continually just kick shit down the road until it's someone else's problem. That's what they're literally being paid to do.
You try telling the truth and see if you can get elected. Voters get what they deserve when they are democratically elected.