Greek deal essentially a restatement of old fudges

The Eurogroup seems set to agree the payment of Greece’s final loan tranche tomorrow and to offer a cash buffer to help it through the early months after it exits its bailout in August. But mooted “debt relief” measures only push the problem further into the future and Greece will remain vulnerable to a renewed downturn in its own economy or a flare-up in market fears about the euro-zone more generally.