The agreement that Tsipras achieved (caveat: as we know it) after negotiating for 17 hours, is a lot worse than anyone could have imagined. It is also a lot better than anyone could hope. It simply depends on whether you focus on what has been lost or what has been gained. The loss is a package of horrific austerity. It is a package which, anyone with any political understanding knows, was coming anyway. The only difference is that, through a compliant government like the previous ones, it would be accompanied by no compensations.
What has been gained in return is much more money than previously imagined to properly fund the medium term and allow the government to implement its programme, a significant stimulus package, the release of EFSF money which had until now been denied (to the "good" government of Samaras), and an agreement to restructure debt, by transferring bonds from IMF and ECB to the ESM. That is nothing, hecklers heckle. ERT analyst Michael Gelantalis estimates this last part alone to be worth between eight and ten billion less in interest repayments a year. That is a lot of souvlaki.
https://www.byline.com/column/11/article/164