Outgamed

BY EURO-ZONE standards it seemed a blessedly straightforward affair. At the relatively civilised hour of 8.30pm Friday night the Eurogroup of euro-zone finance ministers agreed to extend Greece’s second bail-out, which was due to expire on February 28th, by four months. A deal had hardly been assured. Two previous Eurogroups had ended rancorously, and a spat between the Greek and German governments on February 19th had soured the mood further. Jeroen Dijsselbloem, the group’s chairman, began yesterday by downplaying expectations. But by the evening, after having successfully brokered discussions between the Greeks, the Germans and the European Commission, he was able to describe the outcome as “very positive”. (A recent acceleration in deposit outflows from Greek banks appears, in part, to have forced Athens’s hand.) The extension should unlock the funding Greece needs to stay afloat over the coming months and, at least for now, quiet talk of its departure from the euro.