Greek Tragedy Continues

No doubt the Euro elite will be congratulating themselves on reaching a deal that saves the Euro (sorry Greece). Although the elephant in the room, the unmanageable burden of debt, gets a mention there is hardly a commitment from the Euro hard-men to do anything about it. Meantime, Greece will have to put up with draconian cuts, intimate external supervision and an effective loss of sovereignty.  It is hard to see envisage any positive impact upon unemployment and relative depravation and one wonders just how long the Greek people will be prepared to put up with their subjugated status.  History tells us that the harsh terms imposed upon Germany by the victors in 1919 prepared the ground for another European catastrophe.  Let us hope that, in their determination to save their currency, the Euro elite have not made another Versailles!