It looks just about possible that creditors are going to be paying something like their share of the euro zone debt disaster after all.

This could be a little patch of justice in an unfair world, but like most justice it promises long term benefits but short term pain, both for those dispensing and receiving it.

Firstly, people with money and a choice are going to – indeed already are – voting with their feet, choosing not to lend to the ailing governments on Europe’s periphery.

Secondly some of these creditors to Ireland, Greece and Portugal and their banks will very likely find that their share of the damage exceeds their capital, an inconvenient reality for both the banks involved and the sovereign hosts who will have to pick up the pieces.

The EU summit last week ended with a set of policies that told creditors directly that their heads will be on the block when the European Stability Mechanism (ESM), a bailout conduit, kicks in.