With Greece just weeks away from running out of cash, eurozone finance ministers agreed on a new €130 billion ($170 billion) bailout deal in the early hours of February 21 after a 13-hour meeting. The new deal, based on austerity measures implemented by an unelected government, continues to violate Greece’s sovereignty and is bound to fail.

The eurozone’s distrust of Greece borders on contempt. EU and imf officials will have an “enhanced and permanent” position in Greece as a surveillance mechanism. Greece’s repayments must be deposited into an escrow account three months in advance of them becoming due. But this is only a temporary measure, until Greece rewrites its constitution.

That’s right—the EU is amending the constitution of a sovereign nation. This is the amount of power the euro crisis has forced Greece to hand over. Greece’s constitution must be changed to state that debt repayments are the first priority for government spending.

And for all this, the bailout cannot possibly be sustainable. A “strictly confidential” report on Greece’s economy obtained by the Financial Times warns that even under an optimistic projection, Greece will not be able to fix its economy during the course of the three-year bailout program and will need another €50 billion.

But even the report’s worst case scenario seems wildly optimistic—forecasting that Greece’s economic will go from shrinking by an estimated 7 percent a year in 2011, to growing 2.3 percent in 2014. That’s not going to happen.

Even in the short term, the deal seems fated to fail. It faces threats from all sides. Greece is scheduled to hold elections in April. The two parties that have signed promises to continue austerity measures have the support of only 32.5 percent of voters, according to recent polls. A newly elected government could reverse the measures and upset the bailout—if the EU lets them.

The issue of private sector involvement could also collapse the bailout. The deal assumes 95 percent of private investors will “volunteer” to accept massive losses on their holdings of Greece debt. If significantly fewer bondholders agree—as is anticipated—Greece may resort to collective action clauses, forcing bondholders to accept the same terms agreed to as the majority. The Zerohedge blog warns that the eurozone could classify this as a “Material Adverse Change,” which, under the terms of the bailout, would allow them to refuse to keep paying. This could be a loophole that would allow the eurozone to give up on the bailout.

Each nation also needs to approve the bailout, with several national parliaments having to vote on it. This could throw in some hiccups.

Sooner or later the bailout will fail. The general consensus from commentators seems to be that the bailout is a short-term measure that buys the EU some more time to prepare a grand plan before Greece is forced out of the euro entirely.

The crisis was designed as a vehicle to give power to Germany. It has already forced Greece, Portugal and Ireland to surrender major powers to the EU. It has pushed European leaders to begin consolidating the divided nations of the eurozone into a superstate.

Around this time last year, Trumpet editor in chief Gerald Flurry wrote: “Germany will use this crisis to force Europe to unite more tightly. In the process, some eurozone countries will be forced out of the union. When that happens, the pundits will say European unification is dead, that the European Union has failed. Don’t listen to them!”

Greece’s new bailout program is part of that very process. It buys some time for the euro elites to sort our their plans for a united superstate. This bailout solves none of the major issues facing Europe. That solution will come later—and it will involve a European superstate.