"Solidarity in our union is alive, 'Grexit' is dead. Greece is back on its feet. The sacrifices of Greek people have not been in vain. It's not only a new day for Greece, but also a new day for Europe."

Greek Prime Minister Antonis Samaras declared that the Grexit era was dead; speaking in Brussels to reporters after the Eurogroup approved the mammoth bailout fund of €52.5 billion. Plus ça change, plus c'est la même chose. Nothing has changed; political spin is alive and well, Greece is still bust and the eurozone is in for yet another unsecured loan. He would probably have liked to have said a "new dawn for Greece" but the ultra right wing party - New Dawn - have the lien on that catchphrase. In a way he is right as the can has been given a seriously good kicking and Greece is off the agenda for a while, but we still have Spain and Italy to worry about. The ECB's new mandate to regulate eurozone banks is all about sorting out the Spanish Cajas and Bunga Berlusconi has put a spanner in the Italian Job. That iconic film ended with a coach, full of gold bars, hanging over a precipice. Given Italy's burgeoning gold reserves this is not a bad metaphor for the state that country finds itself in.

David Fuller's view I will remain relaxed about Greece, Spain, Italy or any other Eurozone country while Mario Draghi is leading the ECB and the markets continue to provide a benign verdict. Thereafter, we reassess.

Clive Hale's second topic in his notes addresses a conundrum for which I have no comfortable answer.