Greek deal: Tsipras agreed a deal worse than proposals Greeks said no to

I saw two options, eurozone compromise or Greece would exit the euro. That Greece would capitulate as it has was never considered, says Megan McArdle            

SO GREECE and the rest of the eurozone have a deal. It turns out I was wrong last week when I suggested that after the referendum, the negotiations were down to two choices: The European Commission, European Central Bank, and International Monetary Fund would capitulate and offer better terms, or Greece would exit the euro.

With marvelous ingenuity, Europe has charted a third course. Having put the matter to a referendum in which Greeks overwhelmingly voted not to agree to the tough conditions set down by Europe, the Greeks capitulated and agreed to much tougher conditions than the ones to which they had just given a heartfelt “oxi”.