With Europe behind it, Greece is being pushed into further peril

There is not the remotest prospect Athens can raise the money set out in the bailout terms, even with the enforced sale of national assets

Keynes never existed. The General Theory of Employment, Interest and Money was never written. Economic history ended on the day Franklin Roosevelt replaced Herbert Hoover as president of the United States.

That's the gist of the deal that keeps Greece in the euro, an agreement that will deepen the country's recession, makes its debt position less sustainable and virtually guarantees that its problems come bubbling back to the surface before too long.