But it looks like the terms of the agreement are even more strict than what they rejected in their popular referendum.
Well, it seems that being completely out of money will do wonderful things to focus the desire to make a deal. In reality, the Greek government had no choice. They could accept the deal and keep themselves afloat a while longer (until this money also inevitably runs out) and deal with the consequences of having to tell the Greek people "yeah, about that referendum..." later, or not take the bailout and simply collapse now. It is still my considered opinion that by continuing to kick the can down the road, they're just making the (inevitable) collapse worse. But those in power in Greece wish to remain in power for as long as they can. But mark my words, they're finished one way or the other. The people who elected and supported them will see this as a rank betrayal (and honestly, rightly so; you can't claim to run on rejecting austerity measures only to accept even harsher ones without consequence), and the ones who didn't support them in the first place are certainly not going to suddenly change their mind in favor of saying "I told you so."
So having turned to the far-left and having them fold, I now expect the Greeks to turn to the far-right, who will fare no better, but will at least give the people a scapegoat of Jews and foreigners to blame. And that will pretty much end as it always does. So, we still have that phase of this tragedy to look forward to.