So let us look at this question not from an economic but an imperial point of view. One problem of imperial rule is that it can be worse for the satellites of the empire if the centre is democratic. A benign despot can at least take a long view about the welfare of his fiefdom. Elected rulers usually cannot. Television footage this week has been of weeping, angry crowds in Nicosia and Limassol, but the crowds that matter are the ones that have not taken to the streets in Berlin or Munich or Hamburg. They get their next vote in the German general election in September. They dislike shelling out for what they see as feckless Mediterraneans: they detest the idea of doing so for what they see as crooked Russians. The conflict between Teuton and Slav has never ceased. Mrs Merkel’s policy for Cyprus has to be constructed round what her Teutons want.