Are we ready to start discussions on a third Greek bailout?

At the end of the Eurogroup press conference, Eurogroup head Jeroen Dijsselbloem was asked whether Greece could survive without a third bailout.

Dijsselbloem did not directly answer but did say they would be starting discussions on "a possible followup arrangement."

The Greeks agreed to a four-month extension of the existing agreement, "on the basis of conditions of the current program."

In other words, the Greeks caved on their central demand, which was to change the conditions of the program, though Dijsselbloem said there was "flexibility" in the current program.

That's pretty thin gruel for the Greek electorate. How will they react to this news?

Still, it was the best that could be expected, for a simple reason: no one was prepared to have a new deal, or, alternatively, let Greece exit the euro.

At least, not yet.

So, kick the can.

On Monday, the Greeks will have to submit a list of reforms they will agree to implement, and the eurogroup will give thumbs up or thumbs down.

As for another Greek bailout, that seems like a long way off. The Germans will not put forth another penny, certainly, until this government proves they can implement an agreement (or until the Greeks get a new government). Greece will certainly have to agree to aggressively collect taxes, which they have not done. A lot of "confidence building" is coming.

The U.S. market rallied the minute there were rumors of a deal, with the S&P 500 rallying roughly 20 points from lunchtime through the close. It was another historic high. Still, if you want to be a grouch, you could argue that since Europe was closed, it was a modest rally since the Europeans likely participated in the buying.

Nah, that's not being grouch. If you really want to see a grouch, check out the German Finance Minister, Wolfgang Schauble. He said that the Greek government will have a difficult time explaining this deal to the Greek voters.

This, from a guy who outright won the negotiations. Ouch!