“Stock market indices in Portugal, France and Spain are up by about 30 per cent. That’s pretty impressive for economies running on empty but is completely outshone by Greece, where the main index is now 64 per cent higher than in June 2012. There’s a temptation to look at the direction of travel and conclude that, even for the eurozone’s weaklings, the point of maximum danger is history. This is what EU leaders and the European Central Bank would like us to believe. At the core of this ‘recovery’ is a bluff that has yet to be called. In August last year, the European Central Bank’s president, Mario Draghi, promised to do ‘whatever it takes’ to defend the euro.”