Then we must consider the political realities across the rest of the eurozone, too. Last week's debt swap, for all the rhetoric about "hammering" the private sector, effectively shifts the bulk of Greece's remaining sovereign debt into public hands - namely taxpayers in the eurozone and IMF members contributing to the bail-out. Try as it might, the "troika" has been unable to generate quite enough economic fog to prevent that fundamental truth becoming widely known among the broader European electorate. That's why, leading backers of this desperate effort to maintain the euro in its current form could find their support politically impossible to sustain.