No way Reichs Chancellor Merkel was going to allow one of the sub-members of her club to derail her project. Greece is owned lock stock and barrel by the EU. Suckers

Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.  In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight. If Greece stays within €uro this will help to bring down this damned currency within the next 5 years, as it will accelerate drain of liquidity, speed up moral hazard and force the counter measures of Mario "Printy" Draghi. Inflation and big bang sometimes.  If Greece leaves the €uro this will help to bring down this damned currency within 10 years as the other Austerity victims as well as moral hasard victims will learn, that there is a life beyond EU-summits, Brussels, ECB, ESM ESFM, EFSF, TargetII, LTRO and Juncker - a life in proudness and dignity (and a living within ones means, regrettably). At the end, when all nations left €uro, we will be back again in national currencies.