Philippine President Joseph Estrada might have escaped the clutches of his enemies in the Senate this week with the postponement of impeachment proceedings, but the dramatic collapse of his trial does not mean that the country's leadership struggle will fade away.
With their colourful banners and hate-filled chants, those gunning for the former movie star nicknamed Erap have merely shifted their main line of attack to the streets, and a protracted period of instability now appears likely.
The high-stakes confrontation is damaging an already fragile economy, but some observers say that even if there were a speedy resolution to the imbroglio, a range of other factors could push the country into recession this year.
One of the chief pessimists is HSBC.
It touted the 'r' word for the Philippines in its first-quarter strategy and investment outlook, well before the prosecutors quit late on Tuesday and the peso and stock prices took another battering.
The bank's analysts said that government policy-makers and beleaguered central banker Rafael Buenaventura were facing a nasty cocktail of forces which, taken together, would reduce their options and undermine growth prospects.