Eric Beinhocker, Columnist

Europe's Insane Deal With Greece

Latest bailout agreement does nothing to address euro's fundamental flaws.

July 13, 2015 at 3:24 PM UTC

Eric Beinhocker is a professor at the University of Oxford’s Blavatnik School of Government and executive director of the Institute for New Economic Thinking at the Oxford Martin School.

Are they losing it?
Photographer: Jasper Juinen/Bloomberg

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If the definition of insanity is doing the same thing over and over and expecting a different result, the leaders of Europe and Greece are insane.

After a 17-hour summit, Europe's leaders have reached a deal. If the Greek parliament passes a package of reforms by Wednesday night, the country's creditors will move forward with a third bailout on terms that are much stricter than previous proposals.