Talking to the BBC's Today radio programme this morning Varoufakis said:

"I don't believe that any sensible European bureaucrat or politician will go down that road"

Asked whether the European Union and the International Monetary Fund were bluffing he replied

"I hope they are."

This dangerous political game continues with all eyes now on Thursday's Eurogroup meeting

That's not to say we won't get a torrent of headlines in the meantime

Varoufakis and the EU- Who's bluffing who?