This is my initial reaction to the deal proposal by Greece: it is more austerity -harsh austerity at that - and many of the measures are recessionary. Distribution of the burden seems to me fairer than before. If the upside is access to a significant stimulus package (front-loaded), a smoothing of the measures (back-loaded) and substantial restructuring of debt, to make it definitively viable, it will probably be seen as worth it. It is certainly capable of being sold as worth it.
...I wrote in January that after decades of the wrong people succeeding from the wrong reasons, Greece was yearning for the right people to fail for the right reasons. I believe this is what has happened. I do not, for a moment, doubt this government's honesty or integrity and that is an important step forward, psychologically. I believe they have done the best that anyone could have, with honesty and - yes, at times - wide eyed naïveté. I do not envy their task in the weeks and months to come, whatever it turns out to be, and I intend to fully support them in it.I also wrote, in January, that even if the Syriza dream ends in compromise, what it will achieve is to bring unsavoury operators, who like to keep their arm-twisting and blackmail confined to the chalets of Davos, out into the open. One must know who the enemy is, in order to fight the enemy. Syriza has achieved that. Now, it is over to you, Spain. Take what we've learned and apply it wisely.