The eurozone is skating on thin ice. It is dancing on the edge of a volcano. But an entity capable of such feats is surely capable of anything.

At 4 'o' clock this morning, the 17 leaders of the eurozone countries achieved a deal to sort out the region. It involved a 50% writedown in Greece's debt; a boost for Europe's bailout fund to take it to €1 trillion and an agreement on a capital-raising initiative for Europe's troubled banks.