The Germans have just changed the whole dynamic of the Euro

The ancient Greeks used to drop iron bars into the sea to demonstrate the permanence of the agreement they were signing. The point was that the deal would last until the iron floated to the surface – that it was irreversible. The Euro was meant to be the same: once a country had joined it could —and would — never leave. It was for all time.

But last night’s discussions have put paid to that notion. We now know from the German’s proposals for a ‘temporary’ Greek exit that a country can leave the single currency. This changes the whole dynamic of the currency union, weakening the position of countries with fiscal problems.

Watching Tsipras’ behaviour over the past few weeks, I have wondered if his real aim was to take Greece out of the Euro but make it look as if the rest of the Eurozone had forced Athens out of the currency union.