We all live to fight another day - Programme for Greece

THE Greek deal cannot be described as a victory for anyone. Rather, it might be seen as a partially successful but bloody rearguard action — significant casualties on both sides but anyone still standing lives to fight another day.

Relief rather than triumphalism must be the reaction. This is especially so as it means the prospect of a Greek collapse into the frightening and unknown, possible exit from the euro and even the European Community — and, most frighteningly, an ill-considered, on-the-rebound liaison with Vladimir Putin’s ever-more assertive kleptocracy — is taken off the agenda for the immediate future at least, hopefully for ever.

Creating the opportunity to restore some sort of functioning stability in the day-to-day life of Greeks has imposed a very heavy, almost unsustainable, burden on that society. Had a deal not been agreed — and this caveat will stand if its terms are not largely implemented — the crisis would have had a very negative impact on other peripheral EU countries — the still-standing PIIGS — trying to rebuild their economies after the ravages of 2008. This dreadful prospect has also been averted for the medium term at least.