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2015-02-03 — telegraph.co.uk
Jean-Claude Juncker, the European Commission's president, yielded on Sunday, accepting (perhaps with secret delight) that the Troika is dead. French finance minister Michel Sapin bent over backwards to be accommodating at a meeting with Mr Varoufakis. There is no unified front against Greece. It is variable geometry, as they say in EU parlance.
Greek bonds and equities rallied on Monday on reports that Greek leader Alexis Tsipras has agreed to uphold Greece's debts after all. He did no such thing.
He very specifically said Greece would pay the IMF (never in doubt) and the ECB. What he left out was the bulk of the debt owed to the EMU bail-out machinery in its various forms.
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