A Grexit avoided – for now

Greece’s third bailout seems doomed to failure

Earlier this week, the Greek parliament voted through a series of punitive and humiliating demands that prime minister Alexis Tsipras admitted he did not support but argued were better than the alternative – being ejected temporarily from the eurozone.

With these reforms legislated, the hard work of cobbling together a third bailout programme can begin. This third bailout deal will almost certainly go off track for both political and economic reasons. The immediate risk ...