IT looks like Alexis Tsipras is crumbling.

After the banks closed and public opinion started moving against him, the Greek prime minister seems desperate for a deal with his creditors. Athens has now defaulted to the International Monetary Fund, adding to the pressure. But it is not clear lenders will cut him any slack. They may prefer to deal with his successor.

When Mr Tsipras announced last week that Greece would hold a referendum on whether to accept a cash-for-reforms deal proposed by the eurozone and the International Monetary Fund, he said the proposals amounted to "possibly the humiliation of an entire people".