Greece saw that its creditors were committed to going straight, and conceded on all of the important negotiating points:
As OpenEurope explains,What points has Greece capitulated on?
1. Completion of the current review – Greece has basically agreed to conclude the current bailout. This is a clear capitulation for Greek Prime Minister Alexis Tsipras, who said the previous bailout was “dead” and the EU/IMF/ECB Troika is “over”.
2. Remaining bank recapitalisation funds – Greece wanted this money to be held by the Hellenic Financial Stabilisation Fund (HFSF) ... However, this has been denied and the bonds will return to the EFSF.
3. Role of the IMF – The Eurogroup statement says, “We also agreed that the IMF would continue to play its role”. Again, Greece has given in on this point and the Troika continues to exist and be strongly involved in all but name.
4. No unilateral action – According to the statement,
The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, ...
5. Four months rather than six months – Greece requested a six-month extension, but the Eurogroup only agreed to four months. This is a crucial point: ... It is very likely we will be back in a similar situation at the end of June.