Since the 2008 financial crisis, investors have learnt to expect bad things when bank shares plunge. This time last year banks took the first act of the Greek drama very badly. They then suffered still more as a recessionary double dip loomed; the US and eurozone financial sectors tumbled 21 per cent from April to?August.

This year the tale has been more protracted with the financial sector peaking in February. In the eurozone, financial sector shares are now down 18 per cent from their highs: in the US, 14 per cent.

Other indicators do not look robust either. Investment-grade corporate bonds have seen their creditworthiness fall sharply to their worst level since November, according to credit default swap indices. Junk bonds are also suffering. On Friday, Merrill Lynch’s US high-yield benchmark spread over Treasuries fell back to where it started the year.