Bankers and asset managers have adopted a "wait and see" attitude to news of Greece's second bailout and said that while there appears to be no immediate threat to Europe's peripheral markets, any back-tracking by Greece could trigger contagion.

The terms of the bailout were less favourable than expected for private investors - they are now being asked to accept a haircut of 53.5% on their bonds rather than 50% - but fears about a contagion effect elsewhere in the region have not been borne out.