There is now the basis of a deal to keep Greece in the eurozone - but it involves the crushing of a government elected on a landslide and the flouting of a referendum.
The Greeks arrived with a set of proposals widely scorned as "more austere than the ones they rejected". The internet burst forth with catcalls - "they've caved in".
The new Greek government proposals, published late last night are clearly based on those submitted by Jean Claude Juncker last Thursday, before the referendum. Many Greeks are frustrated, asking: wha
Last night I responded sharply to an anonymous Greek troll known as @GreekAnalyst, comparing his right-wing network of abusive and unaccountable people...
Why did Varoufakis go? The official reason, on his blog, was pressure from creditors. But there are a whole host of other reasons that made it easier for him to decide to yield to it.
The IMF's report yesterday got swamped amid the gloom, despondency and fractiousness of the Greek crisis. It said, in short, Greece's debt has become unsustainable.
Alexis Tsipras is getting ready to stage a climbdown and he will tell the people of Greece he's about to accept something very very similar to the conditional bailout he rejected.
Last night's 'Yes' campaign demo was big - I would say maybe a quarter bigger than the 'No' demo of Monday, and with a much more angry atmosphere.
While the far left government will pose the referendum as a vote for or against austerity, the right will say it¿s an in-out vote for the single currency and the EU itself.
If today's Brussels talks fail, the Greek debt crisis could stop being a story about economics and become one of civil society, politics and the rule of law.
With negotiations between Greece and its lenders stalled, but the differences amounting to around 0.6 per cent of Greek GDP, the stage is set for either a last-minute deal or a breakdown.