As I argued above, this new package for Greece is hugely expensive on the German taxpayer and, worse still, it creates a fresh chain reaction (in the realm of speculation) that can only inflate that cost exponentially in the coming months. Rather than bringing about greater political union, and a new resolve to homogenise debt and investment, the escalating cost to the German taxpayer will undermine Berlin's political resolve to stick to the euro.

The consequences he describes could not befall a more deserving government and Germany exiting the euro might be the best way to save the euro as an instrument for countries other than Germany and the other surplus countries.

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