Mr Mugabe and his corrupt henchmen look set to retain far too much control over national security and the economy for radical reforms to be agreed, political violence to be stopped, and for the international community to be persuaded to provide the aid and financial support essential to any economic and social recovery. But there is just a glimmer of hope.
Many in the MDC have deep misgivings about throwing in their lot with Zimbabwe's ageing and embittered leader, who has waged a murderous campaign of intimidation against his opponents. They have been persuaded by huge pressure from neighbouring states in southern Africa, led by South Africa, whose willingness to tolerate Mr Mugabe's rotten regime has been a blot on its own diplomacy.
The deal does not even provide for MDC activists who have been imprisoned without trial to be released. The MDC, which had sought control of the police to counterbalance Mr Mugabe's control of the army, will have to share power in the interior ministry. With each side mistrusting and detesting the other, it looks like a recipe for continuous deadlock.
It is also a slap in the face for the new US administration, which has made clear its dislike of Mr Mugabe, but also its readiness to engage vigorously in seeking a solution. The deal has been pushed through, providing a lifeline for the Mugabe regime, without waiting for an alternative plan.
Yet the rest of the world cannot simply wash its collective hands and ignore the humanitarian disaster that has overtaken Zimbabwe. Once a thriving agricultural exporter, today two-thirds of the population depend on food aid. Millions have fled to find work in neighbouring countries. Hyperinflation has made the Zimbabwe dollar worthless, and this week's budget opened the way for effective dollarisation of the economy. Thanks to the central bank, Mr Mugabe and his friends have access to all the foreign currency they want to go shopping at home and abroad.
However misguidedly, the main political forces in Zimbabwe have opted for this unity government. It cannot be dismissed out of hand, but should be judged according to its achievements. If aid donors are not to pour money down a black hole, they must set precise targets, and provide assistance as they are achieved. They would include reform of the security forces, the judiciary, and the central bank. One cannot count on any of it, but one cannot dismiss it, either.-Â The Financial Times