The immediate headline reaction was that this speech would make it much more difficult for Greece to come to an agreement with its European partners and thus the risk of Greece leaving the Eurozone was now higher than ever.

Gary Jenkins

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It comes down to: if you change the terms and conditions of a contract, have you created a new contract or do you have the same contract with minor amendments?

Wednesday's inflation data might determine the extent of the ECB's action, confucius said it was good to live in interesting times, although Mr Draghi might well be thinking 'yes but not quite this interesting...' as yet again Greece threatens to upset the European apple cart.