Against the odds, the Greek Parliament passed the necessary austerity legislation as demanded by the EU. In all likelihood it was a grudging acceptance of the harsh conditions and an even an enduring lesson for all politicians with populist proclivities, but its adherence does not bode well for Greece and the EU. Moreover it highlights the dangers of post 2008 growth in sovereign debt and the future of banks too-large-to fail.
Of more immediate concern is whether Greece truly possesses the political will and societal cohesion to fully implement what is expected of them. The extent of what is demanded of them is without precedent except for the onerous conditions imposed on Germany at the Versailles Conference subsequent to WW1 during 1919.
Main picture: Santorini