This parallel trade has long been an issue.

CNN: Sick man of Europe: Life-support drugs run short in Greece

This is bad news first of all for Spain: Spain's debt had begun to trade in parallel to Italy's - meaning, rationally or otherwise, investors had begun to see the two countries as anchored in the saveable part of South Europe's economy.

BBC: Italy: 'Hang on lads, I've got a great idea��'

The talks would run in parallel with a new round planned by the World Trade Organisation.

ECONOMIST: The Serbs go

In thinking through the economic theory of liberal trade, it is helpful to draw a parallel with technological progress.

ECONOMIST: Profits over people