Greek bailout is far from being a done deal

... now we have the following stand-off. The Germans insist the IMF must be part of a third bailout; the IMF says it cannot be in unless Greece's debts are forgiven on a scale that would make them sustainable; the Germans refuse even to contemplate debt forgiveness whilst Greece remains in the euro. Could this derail the whole deal? Yes. Indeed I would assume that this scenario was so obviously likely that some parties to the mid-July talks probably only ever agreed to what they did because they expected it to fall apart in just this way... My view remains that Grexit in 2015 is still very likely. I don't expect this third bailout ever to happen. I see discussion of it as largely a device to buy time so Grexit does not occur during the Greek tourist season.