Three things happened Friday. 1. Greece had a proposal that converged closely with the Institutions, except for $200m extra cut for military. 2. Institutions had a proposal that walked back increase on hotels from 6% VAT to 23%. 3. The Eurogroup not only ripped up the Greek proposal, but also the Institution's proposal, and then it gave Greece an ultimatum: extend the current MoU for 6 month, but without the requisite funding to see your debt repayments, or your banking solvency, through. Greece immediately recognized the Eurgroup charade as not serious. Why? Because, as Migeru wrote today in his interpretation of Varoufakis's latest press conference (V's point #2) going 6 more months with no funding and a bank recap would have required Greece to apply for the EFSM, which would have ended with Greece ceding all legislation rights (and sovereignty). Clearly, this was a Eurogroup gambit deserving no respect, and since Merkel was following Schauble's ridiculous lead, Tsipras accorded her with the serious that she deserved.