Greece's capitulation to the demands of its euro creditors is a resounding victory for the common currency and takes the eurozone a step closer to common government. The terms accepted by Prime Minister Alexis Tsipras mean that changes have to be made to Greece's pensions, labour markets, taxation and much else at the direction of European institutions. In return, his bankrupt country will receive a third bailout when its existing debt to the European Central Bank comes due next Monday.
But this time the creditors are not simply trusting Greece to carry out the required improvements to its economic management. They have demanded its Government put assets worth 50 billion into a trust for their security. The likelihood these assets will have to be privatised is probably the hardest cross for Mr Tsipras and his left-wing Syriza Party to bear, but the creditors' demand for this level of security is a direct result of Mr Tsipras' odd and unpredictable dealings with them.
Two weeks ago he walked out of talks when a softer deal was on the table and called a sudden referendum. Greek voters gave him the result he said he wanted, a decisive "No" to the terms on offer. But armed with that endorsement, he went back to Brussels at the weekend with an offer of the same sort of reforms the eurozone ministers had been demanding. Perhaps he thought it was somehow less "humiliating" for Greece if they were offered rather than demanded.
Or perhaps when he returned to Brussels he realised he had over-played his hand. The rest of Europe and the world were treating the referendum result as a vote to leave the euro and some of the eurozone leaders had become openly prepared for the possibility. Perhaps it was only then that Mr Tsipras and his ministers realised the euro's bankers might let Greece go. Who knows?
