Until very recently, I’ve been almost instinctively gloomy about Greece. It seemed to me that the combination of unpayable debts, deflationary cuts in spending and a febrile national political culture was the perfect formula for further political and economic trouble.

But maybe the Greeks will surprise us. The first stages of economic reform seem to have been pushed through with impressive speed and resolution. Late last week, parliament voted to increase Greece’s pension age – an important step both for controlling spending and for improving the country’s image in the rest of Europe. Read more