First, Europeans must never be deprived of their sacred right to a summer vacation. The negotiations that begin early in 2015 were concluded in principle just in time for German Chancellor Angela Merkel and her fellow Eurozone leaders to take their annual summer vacation.
Second, Merkel did not want to be blamed for any dissolution of the eurozone, which would tarnish her place in history.
Forget every other explanation that economists have put forth, and will continue to offer, why Greece had to remain in the eurozone for its own good and that of Europe.
This third Greek bailout of $95 billion will see Greece through this year and next, insuring that Europe's leaders can look forward to their 2016 summer vacation with equanimity.
Don't laugh! Remember, World War I broke out on July 28 and World War II on September 1, leaving time for summer vacations in both periods.