Greece secured a few more days of financial breathing space from the European Central Bank, as Prime Minister Alexis Tsipras said on a visit to Russia that his country can survive its current crisis.

The ECB increased the cap on Greece’s Emergency Liquidity Assistance on Friday for the second time in three days, and will review funding again on Monday. European finance ministers will reconvene the same day before a summit of leaders that could determine the future of the euro zone and Greece’s place in it.

“We are in the midst of great turbulence,” Tsipras said in a speech in St. Petersburg, where he met with Russian President Vladimir Putin for the second time in three months. “But we are a nation of seafarers, who know how to deal with storms, and aren’t afraid to sail to distant oceans, to uncharted waters, in search of a safe harbor.”

David Fuller's view

The message in this paragraph immediately above could not be clearer.  Tsipras is enjoying all the publicity and looking for his best deal.  However, he remains accountable to the Greek electorate which is tiring of the gamesmanship, is worried about their savings, and wishes to remain within the EU. 

Tsipras could soon be out of the limelight if he manages to reach an agreement with the EU on Monday.  That prospect may dampen his enthusiasm for a compromise deal close to terms which he has been deriding.  Moreover, how long would an agreement with the EU last, given the ongoing weakness of Greece’s economy?  The once unthinkable policy of Grexit may be looking more appealing to many Europeans as this costly, divisive impasse drags on.