Yet events risk spinning out of control much sooner if there is a collapse of confidence. Analysts warn that deposit flight was already running at €400m a day earlier this week and may now set off a fast-moving chain of events, leading to the sort of deposit lockdown seen in Argentina during the peso crisis in 2001, followed by a parallel currency or IOUs, and a temporary nationalisation of the banking system - if the European Central Bank cuts off the liquidity lifeline.