We know the big American and British banks led the financial meltdown but they have been forced to write off their debts and hold far bigger reserves. Spain and Ireland followed the same course and took their medicine – all are now far more robust. The Italian banks who blame us for their problems took no such painful action and now sit with combined bad loans of over £300 billion. (No, this is not a typo!)Mind you, in the City many are convinced that the once mighty Deutsche Bank is sitting on a far bigger problem than that. Don’t assume that we are leaving a rock solid safe haven to fight on our own in the wastelands!

Chris Ingram 26/07/2016