Schäuble's subplot – a Grexit, it seems, no longer worries Germany

Berlin is no longer worried if Greece has a referendum on bailout terms and possibly exits the euro - Germany just wants some closure

The late news from the make-or-break talks in Brussels was no news at all, really. There were a few encouraging words for the progress Greece is making on its reform plans. Athens also ordered a a750m (535m) repayment to the International Monetary Fund. But an agreement on releasing a7.2bn of bailout funds? No.

There was, though, one intriguing subplot. Germany, in the form of finance minister Wolfgang Schiuble, suddenly seems taken by the idea of Greece holding a referendum.