Europe calmed by firm hand on edge of the abyss

At the start of the summer, Europe stood at the edge of the abyss.

The cost of borrowing to southern European sovereign states was soaring. Speculators were rubbing their hands in glee at what appeared to be a one-way bet. Commentators wondered what a collapse of the eurozone would feel like.

The legal consequences of a meltdown, its impact on business across the world, appeared awesome.