Leaked Tsipras Letter to Merkel Shows Increased Desperation, Warns of Imminent Default

``We were worried from the outset that the Syriza slogan, "Hope is coming" was a bad omen. It looks as if the Greek government pinned far too much hope on the idea that it could play them off against each other (which we thought was remarkably naive) or that its creditors were so reluctant to avoid a Greek default that they've go into "extend and pretend" mode and throw Greece a financial lifeline. We'll see what steps the Tsipras administration takes now that it sees that the Troika has closed the exits and does not seem inhibited about turning up the heat.''