Definitely not done, just agreed upon.
However some jubilation is justified, because they managed to reach an agreement. That does mean something, as to what let me back track.
It was a long process to get an agreement.
Germans are the ones that pulled most of the strings for austerity. Greeks on the other hand resent being told by Germans as to what to do.
Consider the Greeks as teenagers with a credit card and Germans the parents. The parents agree to pay the debt but impose some strict rules. The teens back talk about the parents.
( Heard in a TV news clip, think it was on German channel, of a Greek accusing Germans of achieving what Hitler could not, all Europe with Germany pulling the strings. It does not take much immagination about the meaning behind that resentfull tone.)
One of the conditions is that the Greeks must allow an oversite of their books and the 130 billion Euros are not handed over outright but are dispursed as long as the austerity measures are being adhered to.
So the parent is keeping tabs on the spending of the teens.
Greek elections in April. Assume a new government, so what can a new government do? If they go along with the austerity there will be more protests and soon forcing new elections. If not along, then they will default and bounced out of the union. Ditto for the protests.
So being between a rock and a hard place.
I suspect another election before end of 2012 due to riots. Default not this year if the 130 billion succeeds but inescapable, imho.