How's that game theory working out, Mr. Tsipras?

How's that game theory plan working out for you, Mr. Tsipras?

Imagine the through-the-rabbit-hole world Greek Prime Minister Alexis Tsipras has found himself in. He has steered his country to two contradictory outcomes. He secured a "no" vote on a referendum that was supposed to get a better deal for Greece, but while he got a third bailout of some 82 billion euros, the terms are even more restrictive than the ones he turned down a few weeks ago.

And remember, there is nothing in these documents that talk substantively about debt reform, Tsipras's central demand, though everyone expects the existing debt to be extended out for decades.

He must now get the Greek parliament to reform the VAT system and pensions, agree to automatic spending cuts in case of excessive deficits, liberalize labor laws and push through further privatizations.

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It's hard to conclude that this has been anything but a colossal miscalculation by Tsipras.

What else can you conclude, when it's clear that defaulting and leaving the euro may be the preferred strategy, not of the Greeks, but of the Germans, who have been pushing a five-year "time-out" for Greek membership in the euro?