• Greece dangerous game stopped at the last minute
• ECB cuts rates and surprises markets
• The G20 paves the way for stronger IMF

Before the European rescue plan for exiting the crisis, which had been hammered out on 27 October, could be presented to the G20, the announcement a referendum in Greece sent shock waves around the globe.

The market's devastating response was nonetheless reversed as of the next day thanks to France and Germany's persuasive efforts to get Mr. Papandreou to abandon his referendum project and thanks to Italy's pledge to put its public finances in order and to seek IMF assistance with assessing its results. The ECB's decision to lower its key policy rate by 25bp at the first Governors Council meeting chaired by Mr. Mario Draghi also helped reassure the financial markets.

•  Download the full report