So the so-called Project Merlin lending figures, due to be published next month, will be scrutinised, to see whether Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander have lent to business what they promised the Treasury they would lend.

BBC: How banks can fudge small-business lending data

Once our creditors come to the conclusion that they have lent beyond our capacity to repay, they will be very reluctant to lend more.

FORBES: Debt Deal Is A Blank Check

This so-called moral hazard argument against rescuing those who have borrowed too much or lent too much is in play again right now - with Germany's reluctance to lend its ample financial resources to Greece and Italy, to keep them well away from the brink of collapse during this lending strike by commercial providers of finance.

BBC: Can Merkel and Sarkozy turn the tide of markets?