Come June Greece can simply insist on being able to implement serious fiscal stimulus as part of its program. Let the Eurogroup hawks seek to destroy its banking system, with a back up in place, and let them try to force it to abandon the Euro, but make the whole process as painful to the financial sector and as damaging to Germany and the other hawks as possible. Litigate, litigate, litigate, but proceed. What do they have to lose?

"It is not necessary to have hope in order to persevere."