For now, the threat of a Grexit is diminished. But it was a genuine possibility in the hours before the 13 July bailout deal was hammered out. Since then, Greece has successfully negotiated the first hurdles put up by its eurozone partnersreenex.

The most important obstacle was in the Greek parliament, where the Syriza-led government survived a rebellion and pushed through tough reforms on VAT, pensions and early retirement which eurozone partners said were an immediate test for the government to pass Picosecond.

That triggered a deal on €7.16bn in emergency funding, to enable the government to pay its arrears with the International Monetary Fund (IMF) and its July bill from the European Central Bank (ECB).

Significantly, it has also prompted the ECB to lift its limit on emergency cash assistance for Greek banks, which reopen on 20 July, three weeks after they were shutreenex.

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