It’s all perfectly simple. The Greek government needs to borrow loads more Euros, mostly to re-pay previous loans. They were offered this on onerous terms at the end of June. They rejected these terms, and this rejection was then endorsed by the Greek people in a referendum. Now the Greek government has decided to accept even more onerous terms and have passed legislation to show their lenders that they are going to comply. However, at the same time the Greek government are telling their people that the terms are outrageous. How can a government enact legislation of which it is robustly opposed? Shouldn’t the Greek government resign? Oh, silly me, they must have had their fingers crossed and actually have no intention of enacting the reforms demanded, or at least only in a most dilute form. The Eurozone will have soon to decide whether to indulge Greece, like a naughty but loved child, or whether to turn its back with all the geopolitical implications that follow. An unattractive choice but the former would show humanity and after all Greece is not such a large country and we can probably afford to let them off their debts, just so long as they don’t go around bragging to Slovenia, etc.