With migrants arriving in Kos and hordes of the dispossessed massing in Libya, why would we want to alienate a nation just one country away from Isis? Greece spends a lot on defence, this is true. Can we not see why?

But the troika are the agents of Project Fear. Though Germany was allowed to grow its way out of recession in 1953, it will not let Greece do this, because it would set "a bad example". The aim of all these dealings becomes clearer. It is to remove the democratic challenge of Syriza to these huge, undemocratic institutions of the EU and IMF. Even many rightwing economists argue that the conditional loans given to Greece have only enriched the financial intuitions. The aim is not growth but punishment.

The struggle within Greece is over whether it can be considered a sovereign state. This matters. It matters because it makes Europe a hostile place for those who are concerned with sovereignty, and this will play into the hand of the ultra-rightwing sceptics. Within Greece, it will play into the hands of the fascist Golden Dawn.

It will be yet another victory for largely faceless financial institutions over an elected government. Those who are pro-Europe are going to have make arguments based on these anxieties. We will have seen that some parts of Europe are way more equal than others.