While not its base case (unlike JPM and Citi) Goldman Sachs was expecting an adverse outcome from this weekend's negotiations, and admits that this morning's pre-deal announcment "is thus a positive surprise, at least from a shorter-run, tactical perspective." So does is Goldman optimistic now on the outcome of the Greek deal for Europe and the prospects for further Eurozone utopia?

Hardly.

Echoing the harshly bitter sentiment of Wolfgang Munchau (and all non-Eurozone fanatics everywhere) who said that "The Eurozone As We Know It Is Destroyed", this is what Goldman has to say:

In our view, there are two main factors keeping investors sidelined. One is the residual implementation risks involved in the latest arrangements. Political hurdles in Greece and among those creditor countries most recalcitrant to offer concessions without guarantees will leave short-term investors unwilling to bear the volatility from headline news in relatively illiquid markets. The second, of much broader importance, is the accumulated evidence of the inadequacy of the Euro area's present fiscal governance, which takes up too many resources and exposes the whole system to collapse. Unless rectified by credible steps towards greater integration and ex ante risk-sharing, long-term investors seeking exposure to duration will shy away.

In other words, the only thing that could potentially "fix" Europe now, after an episode that may have terminally torn Europe apart following the stark juxtaposition in the "Grexit" reasoning "northern" vs "southern" countries, is closing the loop on Europe's federalization.

Unfortunately, if there is one thing Europe would be least willing to do now is hand over sovereignty to the ultimate decision-maker, which once and for all, was revealed to be Germany.

Unless of course, Germany continues steamrolling all other insolvent, peripheral nations with gradual annexations of national sovereignty as it has just done with Greece, which will be forced to hand over 25% of its GDP in the form of a liquidation escrow fund to Brussels/Berlin to do as it sees fit.

Here are the key sections from the just released Goldman note: