So who won?

Sorry to reduce the Brussels financial nnegotiations to the lowest common denominator but it's what matters to peasants like me.

Peston provides half an answer:

Certainly the Germans have won on the issue of form - in that Greek Finance Minister Yanis Varoufakis has in the end agreed to a four-month extension of the current bailout, which is something his government swore it would never do.

Also, the monitors and enforcers of the agreement will remain Brussels, the IMF and the European Central Bank - the so-called troika so hated by Syriza (although the statement carefully avoids using the loathed term for the three-legged stool).

And the language of the statement is all about the Greeks promising to "honour their financial obligations to all their creditors fully and timely" and adopting measures to "guarantee debt sustainability in line with the November 2012 Eurogroup statement".

But along with the language of Teutonic fiscal rectitude, Mr Varoufakis has clearly secured some important wriggle room.

The fact that the Syriza government can submit its own list of economic and financial reforms to supplant those pledged by its predecessor is a breakthrough - although of course the Germans could still veto what Syriza ends up proposing.

That said, Mr Varoufakis was very clear that his government is not required to implement pension cuts and VAT rises which it has been resisting.

From his point of view what matters most is that he believes he has been given the green light to ease up on austerity, to cut spending or raise taxes less than the last administration committed to do.

In short and, as ever, they kicked the can down the road a bit.