Even High-stakes Poker is Not Much of a Spectator Sport

By Davidduff

And to add to the difficulties, the current high-stakes poker game going on between the EU panjandrums and those scruffy Greek oiks is all taking place behind dimpled glass windows so none of us can see anything very clearly.  So it's a good job we have Mr. Jeremy Warner at The Telegraph to explain what is, er, what might be, er, what possibly is, going on!

He seems to be pretty well convinced that the 'Kaiserin' is absolutely and definitely not bluffing in her refusal to countenance any meaningful relaxation in the strict terms applied to Greek debt.  He offers three reasons to support his belief.  First, any sign of weakness to the Greeks would have profound repercussions inside German where a recent poll showed that 68% of German voters were against further concessions - so, 'nuff said then!  Second, it would only encourage support for other 'Syriza-style' political movements already growing in popularity across Europe - including Germany!  And third, it would be judged a great betrayal of those existing political leaders who have risked their entire futures by applying hated German discipline to their countries.

So now attention turns to the Greek side of the green baize.  What will they do?  Draw another card - or up-end the table and leave the casino.  Outside, waiting patiently, are a couple of big mobsters - Russia and China - both eager to be of service!