Merkel hailed as EU 'victor' in Greece crisis

"I am not hugely optimistic," Simon Tilford from the London based think-tank Centre for European Reform told AFP. "They might manage to finesse it to make it look like there has been an agreement ... But with a bit more scrutiny it will become apparent that we haven't made a whole lot of progress. "There will be some kind of deal announced, and it will be some sort of hybrid, but the terms attached to the granting of any bilateral loans will be unrealistic."