The Greek can got another kick down what has become an almost interminable road last Thursday when Greece said it would not be making its scheduled €300 million repayment to the International Monetary Fund last week. Instead it will pay all of June's instalments, about €1.6 billion, at the end of the month in one hit.

It is within the IMF rules to do that and investors are not worried. In fact they are so unworried that the euro was the top-performing currency over the last week, strengthening by two and three quarter US cents and by more than three cents against sterling.


The European Commission, the European Central Bank, the IMF and the government in Athens now have three weeks to hammer out an agreement before they reach the next in a long series of deadlines. That means three weeks of sentiment-driven action for the euro.