Crowds have once again been gathering outside the Greek parliament, voicing their opposition to any further budget cuts in exchange for new funding from the IMF and the EU.

The difference is that now they emerge in pressure on bond yields and ballooning current-account and budget deficits, rather than in dramatic foreign-exchange crises.

The "convergence criteria" set out in the treaty called for would-be joiners to meet targets for inflation, bond yields, exchange-rate stability, budget deficits and public debt.