Tall orders in an agreement born of desparation

Can these ambitious targets be met? Many economists think economic recovery could be hampered further

Past Greek bailouts were accompanied by declarations that the deal on the table was realistic, comprehensive and good for both parties. There was confidence that Greece's debts would soon be cruising back towards the target of 120% of GDP by 2020 and, long before then, the country would be able to finance itself in the markets.

The tone is very different this time. The early-morning declaration from Brussels stressed "the crucial need to rebuild trust with the Greek authorities" and stated that "ownership [of the bailout and reform programme] by the Greek authorities is key".