Apparently not; despite the brinkmanship and bravado, even Greece's notionally radical left prime minister, Alexis Tsipras, eventually opted for continued membership of the single currency, and the austerity that goes with it, over economic self-determination and a plausible path back to growth and full employment.

Barring last-minute political upsets, a third Greek bail-out will shortly be implemented. Few, even among those who have agreed the latest rescue, believe it provides the basis for lasting solutions, even if later concessions include permanent debt relief.

As the political philosopher John Gray recently concluded in a compelling analysis of the single currency's fate, "unworkable and unreformable, the euro can only produce recurrent and worsening crises".