At the beginning of this week, Europe's top bankers marked the end of the summer holidays and the return to work by warning of Armageddon, the sky falling on our heads, and the end of the world as we know it.
If the euro zone breaks up, "we will have a recession which makes the 1930s look like nothing", Gerrit Zalm, the chairman of ABN Amro Group, told Dutch television. "The whole of Europe will crumble."
True, there were worries that a US regulator was suing several banks over the selling of toxic mortgage debt and that disappointing employment figures indicated America was heading to a recession. But could it be this bad?
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