Greece was the sacrificial lamb to buy the ECB more time, pure and simple.
There was/is zero upside for Greece to participate in this “bailout”, which is anything but. Greece has no means of repayment and is taking one hell of a haircut, just to preserve the illusion of European “unity”.
I actually respect what the Greeks are doing now, in terms of telling Merkel and Sarko to go piss up a rope. Good for them. Germany and France could have at least given Greece a cigarette and a blindfold before pushing them in front of the firing squad.
