A lifeline to a bankrupt country - Greece reprieve

WHETHER or not Greece makes the best use of the deal sanctioned, in the broadest terms at least, by the European Union, the European Central Bank, and the International Monetary Fund remains to be seen but it is certain that the country, its newly elected government and its embattled and often demeaned population will not have too many more plausible opportunities to bring some sort of stability to their society and their economy.

Irrespective of conflicting political views — and barely concealed cultural and personality clashes — this arrangement seems a defining a test of EU solidarity. This rescue package is a real test of its most important characteristic, one that must be both flexible and robust.

This overarching requirement may be reflected in the vagueness of some facets of the programme but it is hard to imagine that any assessment of its implementation, in a year or two, say, would be so free-range or so imprecise. Concrete results will be expected on foot of profound reform and, unless they are realised, EU solidarity will be sorely tested, Greece’s place in the euro family questioned, and ever more desperate measures — such as a financial ménage à trois with European debtors and Russia, say — will be put on the table.