Eurozone leaders in Bruxelles have agreed a rescue package that gives Greece a further 109 billion Euros, coming from the European Union, the International Monetary Fund and the private sector.

The UK have not been involved in this particular emergency package as George Osborne has been keen to point out.

The EU and IMF have sought and received the cooperation of the private sector in constructing this deal, which has given the Euro a boost and should underpin the equity markets upon the open in Europe, who have been worried about the fear of the crisis spreading and indeed a Eurozone member defaulting on it's financial obligations.

There are various schemes that the private sector can be involved in to minimise potential losses, including Debt Buy Back  but the phrase "selective default" may not go away just yet.

For now the fear of contagion will ease but the concern that Greece is a bottomless pit that the Eurozone Financial ministers are periodically throwing  a large fortune into, will not go away.