The Greek government has taken a huge gamble, bringing forward by two months to next a week a parliamentary vote on a new president. Two further rounds of voting will be held before the year-end.
For the past five years, Britain has been a haven of political and economic stability amid the turbulence in Europe. No longer.
With six months to go until the next general election and a few days from an all-important by-election, Prime Minister David Cameron has said that the global economy is at risk from another recession. This came less than a week after the Bank of England said that the UK economy is likely to grow at a healthy 3.5 percent this year and it could even weather the storm from weak growth across the Channel.
After European Central Bank chief Mario Draghi managed to mend fences and get his colleagues to sign up to his 1 trillion euros or so target to push into the ailing euro zone economy, Paris hosts its version of the Jackson Hole central bankers meeting.