Greek deal poisons Europe as backlash mounts against 'neo-colonial servitude'

Christian Odendahl and John Springford from the CER said the new bail-out "resolves nothing" and is likely to fall apart even if it gets through the Greek parliament. It repeats the errors of previous packages that imposed self-defeating levels of fiscal contraction. "A fresh round of consolidation will raise the Greek debt-GDP ratio, not lower it," they said.

"Germany's strategy is clear: impose harsh conditions on any government that seeks to change the austere rules of the game, knowing that electorates in Greece and elsewhere are terrified of the leap into the unknown that would be exit from the euro," they said.

"The bailout's economic incoherence will lead the agreement to unravel eventually. Grexit is still very much on the table."