The heady days of strong home support for continued defiance of the imposition by the EU of austerity measures seem a long time ago.
The ploy by Alexis Tsipras to strengthen his hand in negotiations with the country's paymasters may have backfired spectacularly, with Europe's finance ministers responding to the outflanking attempt by forming a formidable redoubt.
A bailout deal has been agreed, and there was pointed mention in the official statement released this morning following the Euro Summit of the need for Greece to rebuild trust.
The Greek government has been given until Wednesday to pass laws increasing tax revenues through a streamlining of the value added tax (VAT) system and to overhaul the pension system.
The finance ministers also included a requirement for “quasi-automatic spending cuts” - whatever they are - in case of “deviations from ambitious primary surplus targets”.
Another slug of measures have to be implemented by 22 July, including more ambitious product market reformed “with a clear timetable of all OECED tool kit I recommendations, “including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceuticals products”, as well as the opening of closed professions, such as ferry transportation.
Privatisation of the electricity transmission network operator is on the agenda, with other privatisations to follow, as is a shake-up of labour markets.
The markets have loved the settlement, but the response in Greece is likely to be far more equivocal.
“At least Alexis Tsipras avoided having to send Greece's fairest one hundred maidens in tribute to Berlin. Apart from that, the Greek prime minister has had to concede on pretty much everything the other members of the euro demanded,” was the acerbic comment from the Financial Times.
The New York Times notes that with the Greek question resolved for the time being – where's that image of a sledgehammer and a walnut when you need it? - the “German question” is back.
That question is: how to deal with German power?
The question has existed, in different forms, since 1945, reckons columnist Roger Cohen, who argues that if the euro was designed to bind Germany to Europe, it has, instead, ended up binding far-weaker European countries to Germany.
There is other news around this morning, but it is taking a back-seat to the Greek bailout.
Mergers & acquisitions (M&A) activity is on the rise, with speciality chemicals firm LON:ALNT/Alent/" rel="10737">Alent (LON:ALN) succumbing to a bid approach from US chemicals maker Platform Specialty.
Meanwhile, Nostrum Oil & Gas (LON:NOG) is taking another crack at Tethys Petroleum (LON:TPL).
A share based transaction, proposed at a notional 21.85 Canadian cents per share, represents a premium of around 15% to the terms of a deal on the table between Tethys and Kazakh group AGR Energy.
In other oil sector news, MX Oil (LON:MXO) has agreed to invest in an indirect, non-operated, 5% revenue interest in the OML 113 licence, offshore Nigeria.
The licence includes the Aje field, a substantial development stage project with proven, flow tested discoveries where production is expected by January 2016, MX said.
Shares dipped 5% to 4.28p as the company announced it has raised £6mln through the issue of 133.33mln shares placed at 4.5p a pop.