Remember all those Eurozone anxieties? They still bubble away.

Ambrose Evans Pritchard:

Most investors seem to agree that the EU-IMF plan is unworkable, merely buying time for German and French banks to shift Greek liabilities on to EU taxpayers. A Barclays survey found that 82pc of clients expect the eurozone to face a debt restructuring, a sovereign default or even a full break-up by 2013.

Hans Redeker, currency chief at BNP Paribas, said global attention may switch back to Europe once the US Federal Reserve clears the air on quantitative easing next week.

"We are seeing a complete failure of the EU to agree on common foundations for how to solve the eurozone’s problems. Germany is demanding a mechanism for controlled bankruptcy but the high-debt states refuse to accept this," he said.

"And over the next few months we are going to find out what fiscal consolidation in Europe really means."

This drama is being played out in a high-stakes game of bluff between a small number of top bankers and Finance Ministries on the one hand, and the implacable ‘markets’ on the other. Its outcome will help define what happens in the looming EU Budget renegotiation, and probably plenty of other things.

The tough debates between EU capitals and banks all come down to the same issue which intrigues the small community of private houses where we live (until we move out in January).

How is responsibility for success and failure shared?

Who decides?