While Greece is right on the razor's edge of default, and may yet be granted some overdue relief, the prospects for broader European recovery are still very bleak until the politics get a lot more radical.
The fundamental problem is that for all their summiting, for all their meticulous planning, and for all their considerable progress together for more than half a century, there is still no one country called "Europe."
While the Germans aren't entirely wrong in their belief that lower deficits would restore funding capacity, I don't think they recognize that as currency users debt to GDP ratios may need to be under 30 percent to get to that point.
Over the 14 ½ Summits of the European leadership since the beginning of the Greek crisis, very little has been actually decided. In order to avoid a further and catastrophic deterioration of the precarious situation of its public finance, action must be the absolute priority.