Niall Ferguson's speculating again, but perhaps not so wildly:
This [wasted diplomatic effort by the EU3] gave the Iranians all the time they needed to produce weapons-grade enriched uranium at Natanz. The dream of nuclear non-proliferation, already interrupted by Israel, Pakistan and India, was definitively shattered. Now Teheran had a nuclear missile pointed at Tel-Aviv. And the new Israeli government of Benjamin Netanyahu had a missile pointed right back at Teheran.
My Vodkapundit comment on the potential nuclear standoff between Iran and Israel:
If I were a cynic I might say the elimination of Iran by Israel and Israel by Iran would solve the two most obstinate problems in the Middle East today. IF I were a cynic.
Boy, I'm glad I'm not a cynic. What a depressing state of mind.