It is designed to get the thumbs up from ratings agencies - savingGreece from a "technical default" - while making it slightly easier for the government to service its debt.
Another way of savingGreece, Italy and everybody else would be for the ECB to permanently extend liquidity on a vast scale (as it does for Greece), swapping its good money for their bad money on an open-ended basis.
Many see Greece as little more than a protectorate of the EU. It is widely believed that the purpose of the bailout was less about helping Greece and more about saving the euro and protecting international banks from a default.
The only thing I can see Greece getting out of this deal is that the Greek bankers and politicos are saving their butts at the expense of the rest of country.