(Steven Hayward) It appears Greece is slowly caving to the Germans, chiefly because the markets called the bluff of their tiny economy. Once it became evident that Greek default wouldn't roil the world's markets—bond spreads even on other weak Euro-states barely budged—Greece lost its leverage, despite the landslide referendum vote. (I think the market turmoil of China is much more significant at the moment.) But their leverage is not totally dissipated. Clearly
Source: Power Line