Prime Minister Alexander Tsipras proved unable to get a better deal from Europe's creditors, and ultimately signed a bailout more bruising than the one he promised to reject. Yet there is no politician more popular in Greece.
The freezing of Greek banks may have avoided their collapse, but it has also kept local businesses from paying their bills. 'Right now we are at the mercy of our creditors' politeness,' says one entrepreneur.
Greece's parliament looks set to pass the reforms demanded by the country's foreign creditors in exchange for a third bailout. The question now is whether Prime Minister Tsipras will politically survive.
Germany may have been the driving force behind Greece's punishing third bailout deal, but it couldn't have done it without the support of smaller countries like Finland, which have little sympathy for the Greeks.