Well, I'm clear that the market bounces on the main exchanges were merely relief that it was not worse - at least the other countries are doing something in a vaguely agreed manner.

Fairly obviously the absence of a (former) major player from Europe's top table adversely affects the prospects of defending the Euro. It's a shame that no-one is really addressing the real problem - of capital free from controls and free capital markets - but that is probably too controversial for right now.

The view from the USA appears to be that Cameron has made matters worse not better, and although we have a trade deficit with Europe it's smaller than our deficit elsewhere (and also smaller pro rata I think) so a diminution of European trade will harm the UK's overall balance of payments - and tariffs are not an easy answer due to other international commitments such as GATT.

So my immediate reaction is that Cameron has harmed not only Europe and the Euro, but also the UK.

Longer term, this appears to point ineluctably (referendum or no) to the UK leaving the EU - or at least the EU that matters, ie every other member country at present.   On balance I think that will be harmful too.