Yet another deal, yet more austerity. The Financial Times has the most detailed terms of the latest Greek bail out. We've dug out some details as well.

• Bail out is €130 billion
• Greek bondholders hair cut is now voluntary
• If Greece sovereign debt holders volunteer to take a hair cut, it's up from 50% to 53.5%
• Greece gets to go into more debt with lowered interest rates
• Greek is supposed to get their debt to GDP ratio to 120.5% by 2020
• The ECB is going to distribute profits on €40 billion of Greek bond holdings
• More austerity cuts of 5% GDP by 2014
• More privatization of €19 billion by 2015

Here's the money shot. Greece's GDP is expected to shrink by 17% when comparing economic output from 2009 to 2013. That is not a recession. Greece is in a depression.

Gez, why not just invade, rampage and pillage the nation? Must all war be economic these days?

There was a leaked internal document which says Greece will never get out of this debt and shrinking GDP means....more bail outs.

The next sentence is where things get really dire. The analysis suggests that the medicine being fed to Greece – trying to drive down wages and costs through austerity measures to make the Greek economy more competitive internationally – will lead to higher debt levels in the near term that may never be overcome.

Just astounding. While bondholders and Wall Street cheer for a Greek bail out redux, there is actual real data which shows Greece is being pummeled into oblivion.

Meanwhile, Iceland, who thumbed heir noses at Europe, is recovering and now set to investment grade by Fitch. Iceland, wrote off much of their debt from the financial crisis.

How long can this possibly go on, austerity, bail outs, ruining any prayer's chance of Greece ever recovering? I guess it can go on until the entire country is owned, lock, stock and barrel by the banks and Germany.

Some are implying this is simply a stalling tactic, to try to stop contagion spreading to other Euro zone countries like Portugal, Spain and Italy.

What's strange is some are reporting the 53.5% Greek debt forgiveness, debt hair cut, is voluntary. Others are reporting the 53.5% Greek bond hair cut by banks is gonna happen, based on contagion risk:

“It’s better for banks to fork up a little bit more money than risk the contagion of an uncontrolled Greek default,” said Georg Kanders, a Dusseldorf, Germany-based analyst at WestLB AG. “Most investors will accept the deal. Banks have already written down the value of their Greek debt, so the impact should be limited.”

Maybe the never ending piecemeal destruction of the Greece economy is not the contagion Europe and the IMF should be worried about. Something springs to mind when people get pushed to financial ruin, destitution and despair and it's not banks and bondholders.

For more information on Greek bailouts, see Delightful News for Bankers and Greece on Fire.