For years, Greece’s negotiations with its European creditors have featured moments in which all parties stare into the abyss, fear what they see, and step back to reach a deal.

On Monday, there was yet another deal. But this time it is one that pushes Greece into the abyss, even if financial markets don’t acknowledge it just yet and even if what happens next is deeply uncertain.

Greece already has 26 percent unemployment, a tourism industry that is suffering as would-be visitors stay away, and banks and a stock market that have been closed going on three weeks. Just a week ago, its voters overwhelmingly rejected a bailout offer that was less punitive than the one its leaders just accepted.

via The Greek Deal Is a Disaster for Greece, and Maybe for Europe – NYTimes.com.

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