Angela Merkel is caving on Greek debt and will give Greece more flexibility to pay debt it can not possibly afford, in hopes that Greece somehow remains in the eurozone. Germany doesn’t have the money or the will to do another bailout. Oh, the ECB can now buy unlimited amounts of sovereign debt (presumably so banksters who originally bought the garbage debt will bailed out.)
Thus, the pretend-and-extend will continue! Greece, Germany, and the rest of the Eurozone will pretend to look for a solution while the whole mess gets extended a few more months until the inevitable next crisis.
This new-found flexibility that Merkel favors coincidentally is what Obama wants too, which is no Greece crisis until after the November elections.
Obama asks eurozone to keep Greece in until after election day