Greece is likely to be granted more time - but not more money - to meet the austerity measures set by its €130bn (£105bn) bail-out package, leaders have signalled.
The ECB action was a case of "so far so good - but it is not far enough". The net effect of the intervention is to halt contagion, not to end the recession …
In the week after the market euphoria at the Bank's decision, private investors, worried about who is first to be repaid in a crisis, are not rushing to return and the ECB still has to address the moral hazard it has created by appearing to guarantee 'last resort' funding to countries still likely to go off track."
But then again, why am I bothered?