The two most important individuals in the UK financial establishment know what’s important. At 2.15pm, as news filtered through that the Greek parliament had approved the five-year austerity programme that was essential to avoid national meltdown and international economic chaos, chancellor of the Exchequer George Osborne and governor of the Bank of England Sir Mervyn King were on the edge of their seats, glued to the action in one of the most intense and closely fought contests of the year. On Centre Court at Wimbledon.

The Greek government won a tight vote to support an additional €28.4bn in additional spending cuts and tax rises by the narrow margin of 155 votes to 138. The next tranche of the country's €110bn rescue package from the International Monetary Fund and the European Union was contingent upon parliament passing the new measures. But it was touch and go. The governor of the Bank of Greece warned that voting against the measures would be suicide. Prime Minister George Papandreou warned that "we must do everything necessary to avoid the country collapsing."