Meanwhile all that Europe has essentially agreed so far is what in air traffic parlance would be regarded as achieving a holding pattern. The EFSF [European Financial Stability Facility] and the planned EFSM [European Financial Stabilisation Mechanism] have and will continue to play a part of course but the real answer to this crisis is to let the European Central Bank acquire and support a very large proportion of Eurozone debt. While Greece remains a large thorn in the side of progress and over which I suspect some kind of tentative agreement covering the next tranche of required funding may soon be imminent [assuming existing bondholders are after all prepared to accept a haircut well in excess of 50%] I suspect that it is time to say after this NO More! As it should never have been allowed in I suspect that at some point over the next two years Greece will leave the Euro although I am bound to fear that if it does Europe may then face an additional set of political problems.

Howard Wheeldon is the Senior Strategist at BGC Partners