But it hasn’t done much to help. And analysts are unimpressed: “Once again a single eurozone country has enforced a unilateral measure in an uncoordinated fashion,” said Mitul Kotecha at Credit Agricole (BBC).

Germany has temporarily banned short selling of debt issued by eurozone countries. The ban includes so-called ‘naked CDS’ on eurozone debt, and naked short sales of shares in 10 financial institutions, including Deutsche Bank, Allianz and Commerzbank.

Unfortunately for Germany, the ban will not have an extensive effect on trading, since most of the transactions are done from London.

The euro fell 1.6% to a fresh 4-year low of $1.2162 on the announcement.

Petrol, fire anyone?