One way or another, a Greek debt writedown will happen

Barring a miracle, it won't be part of the current package, but debt relief is still the big issue that will have to be tackled at some stage

Whatever deal is, or possibly is not, cooked up for Greece, there is an important point to remember: the country's debts, standing at a320bn (235bn), or about 180% of GDP, are unsustainable. One way or another, a debt writedown will have to happen at some stage. Barring a miracle, it won't be part of the current package.

This has been easy to forget as the euro circus has travelled between Athens, Berlin, Brussels and Riga in recent weeks and months. The talks have concentrated on setting the terms for the release of the last a7.2bn tranche of loans from the previous bailout.