Why the Greek deal will work

London

NOW that Greek banks have reopened and the government has made scheduled payments to the European Central Bank (ECB) and the International Monetary Fund, does Greece's near-death experience mark the end of the euro crisis? The conventional answer is a clear no.

According to most economists and political commentators, the latest Greek bailout was little more than an analgesic. It will dull the pain for a short period, but the euro's deep-seated problems will metastasise, with a dismal prognosis for the single currency and perhaps even the European Union (EU) as a whole.