The IMF is quietly leaking a report that EU leaders are pretending doesn't exist. They have to pretend it doesn't exist; to admit its conclusions would give the lie to all the drama of the last weekend and mean the €86bn about to go to Greece is already lost money.
The EU is like a Wonga salesman persuading some poor single mum that £48 a week benefits is perfectly adequate to repay a £15,000 Wonga loan if only she economises a bit in the kitchen. The reality is that such a Wonga loan, and Greece's debts, are both unpayable. And whilst one has equal amounts of sympathy for Wonga shareholders and German taxpayers in the event of a default, one also has to ask why they lent such absurd sums in the first place.
The truth is that all this weekend's settlement has achieved is to defer yet again having to deal with Greece's unpayable debt. The IMF knows this, the Russians know this, the US knows this and we know this. Herr Juncker and his chums also know this, but right now it suits them to stick their fingers in their ears and sing 'La la la ..' in the corridors of Brussels.
There is a certain joy in watching the conversion of the British left to the EUphobic cause; as Owen Jones writes in the Guardian this morning;
"Everything good about the EU is in retreat; everything bad is on the rampage,” writes George Monbiot, explaining his about-turn. “All my life I’ve been pro-Europe,” says Caitlin Moran, “but seeing how Germany is treating Greece, I am finding it increasingly distasteful.” Nick Cohen believes the EU is being portrayed “with some truth, as a cruel, fanatical and stupid institution”. “How can the left support what is being done?” asks Suzanne Moore. “The European ‘Union’. Not in my name.” There are senior Labour figures in Westminster and Holyrood privately moving to an “out” position too.