Merkel is visiting Greece in order to drum up support for another bailout. If the Bundestag held a vote for the third Greek bailout today, I think it would not pass.
Greece desperately needs the next tranche of aid. If it does not receive this money, it will be broke and forced to default and leave the eurozone. Greece would merely be the first domino to fall leading to the death of the euro.
The only course of action for Germany and the northern tier is to keep Greece afloat through a third bailout. Merkel is visiting Greece so that she can report on the conditions there in support of handing Greece more money.
There is a lot of political spin being reported about the visit. It’s nice that her trip is being touted as showing her support for Samaras. Samaras and his ruling party are about the only group people who will be happy to see her. Everybody else will be protesting.
She will tour Athens and some other areas after being warmly received by Samaras and his cabinet. Meanwhile, unemployed workers and union members will be yelling, screaming and perhaps burning her in effigy. After her six hour trip is finished, she will go home and report to the German voters that Greece is trying its best, but it’s falling apart and continues to need support.
The German-led rich countries will ultimately approve more aid for Greece, but only after it endures the kabuki theater of troika inspections and negotiations.
The EU will maintain the status quo at the expense of Greece, which is too healthy to die but too sick to live.