[stupandaus]

The real reason the Greece deal matters, is the rest of the EU are looking at it as a proxy for what will happen to Spain and Italy next. These two make up a much larger proportion of the EU GDP, and are facing their own major debt crises.

[tosseraccount]

Spain and Italy have cut their deficits in half.

http://www.tradingeconomics.com/spain/government-budget

http://www.tradingeconomics.com/italy/government-budget

Robust growth predicted for Spain : http://www.oecd.org/eco/outlook/spain-economic-forecast-summ...

Robust growth is projected over the next two years, driven by very supportive financial conditions

http://www.oecd.org/eco/outlook/italy-economic-forecast-summ...

After a long recession, the Italian economy has started its gradual recovery. Output is projected to grow by 0.6% in 2015 and by 1.5% in 2016/

[cplanas]

If reducing your budget matters, then Greece has a very prosperous economy. Reducing your budget does not matter if doing so sends you into a (bigger) depression that makes your debt grow.

Spanish debt is growing fast, having almost doubled since 2010 (http://www.tradingeconomics.com/spain/government-debt-to-gdp).

[tosseraccount]

If.