This was the day the world was going to come to an end, with Greece having failed to pull in the necessary funds from the second bailout. According to legend, the Huns and the Yanqui banksters were conspiring to drive Greece out of the euro-zone, which was suppose to happen on Friday.

As it is, you will struggle to see Greece in the headlines at all. It has got to such a state that the Irish Times finds itself having to remind us that the euro crisis is not over, warning that Portugal looks likely to default.

The paper is right, of course. The crisis is very far from over, even if Lagarde thinks we have moved back from the abyss. The underlying flaws in the system which gave rise to the problems have not been addressed. We can assume, therefore, that Armageddon is delayed, rather than derailed. The time will come, but it is not now.

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