Since the Greek deal contains absolutely zero pro-market reforms, it won't fix anything. Raising taxes, cutting down on tax evasion and smuggling, even if successful in raising tax revenue, simply entrench government at its current and possibly higher level. The Greek people need economic freedom, not more government jobs and increased welfare. There are four main pillars to economic recovery--cut government spending, cut government regulations, cut taxes, and institute sound money. These reforms will increase private purchasing power and build capital, yet none are being discussed. The entire emphasis is on how to squeeze the Greeks enough so that the government can repay its sovereign debt. I have advice for the other members of the EU--Greece cannot repay its loans, and it is foolish to try to collect. Write them off. End the fallacious idea that sovereign countries can guarantee one another's debts. This institutionalizes moral hazard and leads to a tragedy of the commons. If you must keep the EU, return it to the vision of its founders as an association of sovereign countries dedicated to the free exchange of goods, services, capital, and people. Abolish the European Central Bank and reinstate sovereign currencies. Better yet, eliminate legal tender laws and allow each country to use whatever currency its citizens choose. My bet is that in relatively short order the entire continent outside the UK will become a Deutsche Mark zone.