If anyone thought Greece and its creditors reaching a deal this week- ahead of schedule!- was a harbinger of better days to come, they thought wrong! Over the next few months, the Hellenic Republic is going to be thinking downright fondly of the era when it was begging for money and people weren't having night terrors starring Angela Merkel tucking them in for bed.

The European Union moved to keep Greece on a tight rein after its latest bailout, with sources saying the 85 billion euro ($94.83 billion) deal will be reviewed by lenders in October and any discussion of debt relief will only come at a later stage. Greece was forced to accept tougher terms than were initially on offer and its creditors want to be sure that reforms are being carried out as promised. Germany, for one, said the agreement lacked clarity on Greece's policy direction. "There will be a strong first review of the implementation of measures in October," an EU source said. At the same time, rescue funds for Greek banks will be placed in a special account and the lenders will receive fresh equity only after a "stress test" is finished by the end of October, several sources told Reuters.

Creditors to subject Greek deal to tough October review [Reuters]