AND so the drama continues. Last weekend it was Spain’s turn to get an eye-watering bailout for its beleaguered banks – yet few of us here in the City believe the €100bn rescue will bring the eurozone debt crisis any closer to a resolution.

Barring Greece – where exit from the euro and a return to the drachma could ultimately be decided at a second election on June 17, I am told that speculation about a Spanish bailout and imminent action from the European Central Bank to prop up the eurozone’s banks is growing by the day.