Oh well. I was wrong. I thought I was on to something with Varoufakis but apparently a grasp of basic economics (which Yanis Varoufakis does not quite have) is a necessary condition for having a spine. I thought that maybe it didn’t have to be that way, but he caved to a bailout extension of 4 months, and once you let the door open a crack like that, that’s it. There’s no going back. He’s a politician now. It’s over.

Zerohedge is reporting that Varoufakis actually sent a letter to the Germans sticking to his guns, with Tsipras then overriding that letter when the Germans said no deal. Varoufakis is denying there was ever any wrong letter. Who knows, now that he’s caved and won’t admit it, no one can trust anything he says anymore.

So four months from now this whole thing will repeat again.

Eventually though, reality will express itself with full force and the Eurozone will collapse. We just can’t count on anyone to be honest enough to get the ball rolling voluntarily. It will have to happen by some surprise event now.

The reality is, Greece still cannot pay back its debt, and the Syriza government sure won’t allow the economy to grow by getting out of the damn way. It looks like more debt slavery for the average Greek now. For four more months at least.

If Varoufakis were honest, he’d explain publicly why he has reversed himself from saying “no extension” to “four month extension”. But he won’t. He’s descended into the realm of the politician.