So in the end my faint glimmer of hope was misplaced. It came down to a German diktat, with Hollande sitting in the room probably congratulating himself that he had prevented Wolfgang Schäuble from forcing Greece out of the euro, along the lines I suggested yesterday. But in retrospect it seems clear that Schäuble was prepared to yield on Grexit if nothing else. He got everything he wanted and more. Merkel, when she finally ended her temporizing, proved to be German at heart rather than European.
So the euro is saved, but the euro, it is now clear, is going to be a thorn in Europe's side if not a spike in its heart for years to come. Institutional change is impossible in today's climate of inflamed nationalism. One can even doubt that there is anything left in the European project worth saving. Europe should change its anthem from Beethoven's Ode to Joy to Rihanna's S&M.
Perhaps tomorrow will look brighter.