Whether the IMF is Germany’s poodle or not is an issue as Dr Alf says.

Christine Lagarde’s continued role, as IMF managing director, is another connected issue but people in those sorts of roles do not, as a rule, go quickly if they go at all, so we are left with the continued problem of Greece which was supposedly settled week’s ago.

If the bailout is withdrawn, having been forced onto Greece, then Germany loses credibility and Greece financially implodes, then reverts to the Drachma.

If the bailout is granted, or granted in modified form, it does not reflect well on Germany nor the EU.

We are left with a situation in which what has been agreed needs to be implemented in a form of “Last chance saloon” economics.

Once implemented, there can be no turning back, no vacillation and no backsliding by Greece, Germans or anyone else–This has to be the cocaine addict going into rehab and coming out clean and completely changed but with the doctors and psychologists all singing from the same hymn-sheet.

John Gelmini