Felix Salmon doesn't think it will work:
[T]he prospects of an imminent default seem to have eased: Greece will almost certainly have the money to roll over the debts coming due in a couple of weeks. But this is not a solution to the Greek problem, even if Greece successfully implements all the austerity that it’s promising. Which it won’t.
Joshua Tucker uses a chart to explain why EU and IMF are bailing the Greeks out.