The rise in indirect lending, through the government's credit-guarantee programme, has been even more striking.

ECONOMIST: Will Japan never learn?

Which is why in a time of panic they may well stop lending to any bank which may have a direct or indirect exposure.

BBC: Why UK banks are not immune to eurozone woes

As I write, French officials ought to be writing internal memos for eurozone ministers showing clearly why this form of indirect subsidy for the Greek government provides more "bang for buck" than simply lending yet more money upfront.

BBC: France's private support for Greece a matter of degree