On Monday February 27th the German Bundestag approved the Greek bailout by 496 votes to 90. A few days earlier consent had finally been wrung from the Greek politicians, and the €130bn bailout now looks to be in place. Is the Greek debt crisis – the constant theme running through this monthly review – over at last? You would be unwise to bet on it. The move is unpopular with the German electorate (who recognise that they are largely going to pay for it): unpopular in Greece (where the far left are making significant gains in opinion polls) – and still looked on sceptically by many market commentators. Expect to see the words ‘Greece’ and ‘crisis’ in future reviews.

When you realise that the ‘Italian 10’ trending on Twitter refers not to Antonio Cassano's goal against Northern Ireland but to the yield on the Italian 10 Year Bond, then you know the European debt crisis – and the consequent turmoil on the world stock markets – remains alive and well.