Needless to say, that’s not the manner by which the lenders would have you see it.

Their story, echoed by many in the business press, is that the failure of their effort to intimidate Greece into acquiescence was a victory of irrationality and irresponsibility over sensible technocratic guidance.

The effort of intimidation – the effort to terrify Greeks by cutting off bank financing and endangering general mayhem, all with the virtually open aim of pushing the current leftist government from office – was a shameful moment in a Europe that promises to believe in democratic principles.

It might have set a terrible precedent if that effort had succeeded, even though the creditors were making sense.

The truth is the fact that Europe’s self-styled technocrats are like medieval physicians who insisted on bleeding their patients – and when their treatment made the patients worse, demanded even more bleeding.