Detox programmes for drug addicts are never pleasant, and the withdrawal of public sector support from the capital markets, illustrated by the Bank of England’s halt to its quantitative easing, is no less so.

European bourses have been rocked by Greek protests against government austerity measures, disappointing results from a Portuguese treasury bill auction and fears that Spain's credit rating will be cut. Today's comments by Spanish Finance Minister Elena Salgado that his country's situation is not like Greece only served the make its situation worse.