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Mohamed A. El-Erian

Hard-Won Greek Deal Was the Easy Part

Making the agreement stick is fraught with peril.
Now what?

Now what?

Photographer: Aris Messinis/AFP/Getty Images

The deal announced Monday morning has averted, at least for now, Greece's immediate exit from the euro zone -- an outcome that no European leader was yet willing to press to its increasingly logical conclusion. Greece undertook important policy commitments in return for about $100 billion in incremental external financing. But the agreement doesn't provide yet the type of debt relief the country desperately needs.

QuickTake Greece's Fiscal Odyssey