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A new bailout bill has been negotiated for Greece and a "Grexit" has been averted.
The reality facing the Eurozone and Greece right now is that even with this new bailout package, Greece is not out of the woods. And a Greek expulsion or voluntary exit from the euro - the dreaded "Grexit" - will continue to color discussions about the European Monetary Union until the Greek debt crisis is over.
This new bailout will not end the Greek debt crisis. Five years and 240 billion euros ($264 billion) have only deepened the economic crisis plaguing Greece. When the crippling austerity attached to this bailout loan is employed, labor will continue to either migrate or see its wages squeezed.
The crisis born out of the first two bailouts will only be accelerated until Greece becomes a failed state - a debtor colony for which the rest of Europe, not to mention China and Russia, are free to plunder for raw materials.
This is what will become of Greece. There is no economy. And the political sphere is so out of touch with the Greek people that politics in the Hellenic Republic are essentially dead.
This is not a country poised for growth. A hollowed out, debt-ridden ward of the Eurozone won't be able to pay off this next tranche of bailout loans.
And when Greece is forced to confront the Eurogroup, hat in hand next time, you can be sure that talks of a "Grexit" will only intensify.
While the Greek tragedy threatens to tear at the fabric of Greek society, the reality is, Greece is a rather small country.
It comprises 2% of the Eurozone economy.
It is certainly a sad story, but all things considered, whatever the final outcome of Greece becomes, it won't leave much of dent on the broader world economy.
Here's how to prepare for what may very well be an inevitable departure of Greece from the European Union.
An Update on the Greek Debt Crisis
Despite a lot of hope that the arrival of the Syriza party would mean an end to broader Eurozone financial aggression in Greece and an end to austerity, Syriza seemed to be all talk.
In the end, Prime Minister Alexis Tsipras didn't have the ability to reconcile his campaign promises to end austerity while also staying in the euro.