In another triumph of wishful thinking, the deal also reckons Greece can soon borrow in private markets. Although previous bail-outs have greatly reduced the burden of interest payments to euro-zone creditors, which start only after 2020, Greece’s debt stock is now projected to peak at 200% of GDP. No private creditor is going to lend money to Greece at reasonable rates when its debt load is unsustainable. The only option—one that has, miraculously, united Alexis Tsipras, the Greek prime minister, and the IMF—is debt relief. Yet the euro zone has ruled out forgiving any debt outright, and put off the decision of whether to extend maturities for another day.