The deal would make sense on both sides as Olympiakos would only actually owe Childress about 12.6 million Euros as the exchange rate currently sits at $1.59 : €1. The possibility exists now for NBA players who are either upset with their contract negotiations or simply past their prime earning years but still want to play at a high level, to opt for European sides and make quite a bit of money. Outside of the world of the NBA salary, a player could earn a good deal of money first in dollars, and eventually, if he stayed on the Continent long enough, could begin to actually earn his pay in Euros.
Former Piston Carlos Delfino also recently signed with Russian side BC Khimki. The argument isn't exactly the same there as rubbles are not a good currency to earn (hopefully he's earning dollars from them) but the idea is the same. Why flounder about in the D-League or fight for 10-day contracts when you could earn millions of dollars playing in Europe?
Who knows if this will become a fad or if it will die down whenever the economy starts to bounce back, but it does make things quite interesting for the league. David Stern has spent two decades trying to expand the NBA across the world and make it as visible as possible. Now, as globalization has taken root across the world, inferior leagues are starting to realize they can increase their exposure by importing an NBA player. This operates much in the same way as MLS does. I'm not sure David Beckham equals Josh Childress, but the goals are much the same.