The numbers keep getting bigger. When the European Financial Stability Facility (EFSF) was created in May last year it was underwritten to the tune of €440bn (£384bn). This was bolstered by $60bn (£38.9bn) from the European Financial Stabilisation Mechanism and $250bn from the International Monetary Fund (IMF).

Wind the clock forward and the sums talked about at the IMF in Washington over the weekend were almost three times that amount.