Hillary has wisely punted, designating Costa Rica as the mediator of the Honduran crisis. This is a good thing for the interim government for at least two reasons.
First, it de-escalates the highest level endorsement of Zelaya by Barack himself. In effect, she is allowing Barack to remain at a rhetorical height with no climbdown, while at the same time saying his endorsement doesn’t matter much because the US is not the decisionmaker.
Second, it means that time will pass. As mentioned in a previous post, the logic of moving to the November elections as a solution to the crisis will become inexorable, particularly as campaigns swing into gear. Thus, the Honduran institutions will retain their integrity and will provide a democratic solution to the problem. In the meantime Zelaya will remain outside of the country. The criminal investigations into his activities and connection to Venezuela will gain traction.
Again, removing Zelaya was the right tactic. Every day that passes makes him more of a lame duck and irrelevent to a solution.
Look for Chavez to immediately turn up the rhetoric on the illegitimacy of November elections that are moderated by the interim regime. The utility of fomenting immediate violence may have passed.