Crippled Greece yields to overwhelming power as deal looms

Prime minister Alexis Tspiras sought to put the best face on a painful climbdown, recoiling from a traumatic fight that would have led to Greece's ejection from the euro as soon as Monday. He implicitly recognised that the strain of capital controls and economic collapse has been too much to bear.

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A top Greek banker close to the talks said there is now a "90pc chance" of clinching a deal, thanks both to intervention behind the scenes by a team from the French treasury and to aggressive diplomacy by Washington.

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Party insiders did not hide their disgust, though Mr Tsipras managed to quell a full-scale mutiny. "It is a total capitulation. We never had a 'Plan B' for what to do if the European Central Banks cuts off liquidity and the creditors simply destroyed our country, which is what they are doing," said one Syriza veteran.