The optimism of two weeks ago has faded since Greece came to an "agreement" with its creditors on Monday morning of last week. Alexis Tsipras returned to Athens with proposals significantly harsher than those he had previously rejected, which the Athens parliament then approved under duress.

Since then everyone involved has been keen to say how much they dislike the deal and how it will not work without the debt relief which they all agree is necessary but refuse to concede for fear of a domestic electoral backlash.

A lot more work must be done to achieve a solution that will not just turn out to be another postponement of the day of reckoning. Investors are therefore still not overjoyed with the euro. Over the last seven days it has lost two US cents and is down by four and a half cents against sterling. Further pain looks likely.