Britain, France, Ireland, Spain, Portugal and others have all indicated their determination to keep deficits under control, with varying degrees of conviction.

Instead, Mr Collins advocates old-fashioned management virtues such as determination, discipline, calmness under pressure and strategic decision-making based on careful sifting of the evidence.

Any certification or determination by the Lender of a rate or amount under this Agreement is, in the absence of manifest error, conclusive evidence of the matters to which it relates.