It came literally at the 11th hour but the EU has agreed to grant Greece a four month extension on the bailout. This was argued gives time for the details of a follow-up arrangement to be be negotiated. So the deal is actually to take 4 months to work on a deal. Although the statement from the EU did emphasize that the basic requirements that resulted in the devastating austerity program for Greece were still in force, there were hints at some “wiggle room” in the statement released by the EU:

“The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness.”