This will be a Long war, and the Greeks will continue fighting long after everyone else has been bored into indifference, because they have no choice: they are fighting for their lives, whilst for Schauble, et al, it is a matter of keeping up appearances.

The longer this goes on, the more unthinkable a Grexit will become, and the stronger the Greek negotiating position will become, because the unsustainability of the Troika position will become clearer to all.

In the meantime the stranglehold of centre right austerity ideologies on EU policymaking will gradually weaken - simply because no one else is going to continue to do it indefinitely.  Elections loom, and elections matter, thankfully, still.

Index of Frank's Diaries