Talking of Deutsche Bank, when the twin towers give up on Russia it's time to take stock. The bank has had a relationship with the country for a century and more - a relationship someone senior in Frankfurt must think worth preserving at the expense of almost total write-off. But should the bank have caved in? After all, the Russians have generally shown no willingness to accept that the default by a former superpower on its government debt is a serious matter.
That said, perhaps the Russians are just being pragmatic. After, all, as Euromoney pointed out in November last year, the country has spent all bar the first 17 years of this century in technical default. Since this doesn't seem to have hampered its ability to raise money it comes as no surprise that the negotiations have been so fruitless. But then that's exactly why Deutsche should have stuck with them. If it is not prepared to hold out for a reasonable settlement, who is?