Now it is back at the front line of gargantuan bail-out packages, wrangling over government spending and tax reform, and attempts to stop sovereign defaults further disturbing the jittery global financial system.

ECONOMIST: The Russian default

Green group leader Rebecca Harms said that there needed to be wide ranging reform of Europe's banking system such as banning hedge funds and introducing a financial transaction tax, a call echoed by Lothar Bisky, the leader of the far-left group.

BBC: European Parliament