Well, it's a plan. That alone will come as a relief to markets given how low expectations had fallen. But it falls far short of the "comprehensive plan" that eurozone leaders had promised and investors had been demanding.

On all three main measures-restoring Greek debt sustainability, increasing the size of the bailout plan and recapitalising the banks-key details remain to be worked out. Previous Grand Plans unravelled within days under the glare of market scrutiny; the best hope is that this deal buys a little more time.