The Euro has continually climbed against the £ over the past four years; ten years ago 1 euro was worth 66p today it is close to 88p.
In the same time Europe has expanded to include previous rogue Soviet states with rogue-like accountability in its Banking systems. Plus, there have been defaults in Ireland, Portugal and Greece with Italy and Spain not far behind as the euro comes under intense pressure.
And yet, and yet, the euro holds fast.
How can this be? Italy's banking and financial institutions if not on a par with Greece's are nevertheless opaque.
If the Italian bond market runs into trouble these next few days and weeks no one will be that surprised.
But if the euro's value survives it will be a miracle.