Since Europe’s institutions turned their attention to Greece and subjected the EU’s most depressed economy to its most draconian austerity policy, what success have they had? No better than was expected and just as they were warned: ballooning debt, collapsing spending power, lacklustre growth, soaring unemployment, declining health standards. But the EU’s sound system remains stuck: “Greece must respect its commitments.” The holy alliance, utterly convinced it is right, is unwilling to listen even to the US president, whose analysis is supported by a host of economists and historians. Barack Obama explained: “You cannot keep on squeezing countries that are in the midst of depression. At some point there has to be a growth strategy for them to pay off their debts”

I don't see how this can end in any way other than a Greek exit from the Euro. My hope is that this four month extension is cover for an exit strategy, which necessarily must surprise the markets. But the suffering and control of states in this situation is inversely proportional.