So what’s the point of the ‘bail-out’? To keep the money flowing into the European financial system. Indeed the likely creation of an escrow account will mean that Greece’s people are by-passed entirely – money will be lent from European institutions, ultimately tax payers money – and flow out into the coffers of European banks. It is a bank bail-out on a gigantic scale.

But the good news for the banks doesn’t end there. By forcing Greece to speed up its €50 billion privatisation programme, all sorts of goodies – from airports, ports and motorways to water and sewerage systems – will come up for sale to be snatched up by the financiers of the countries imposing the policies.