The agreement also states that financial support to Spain's banks will be funded by the EFSF until the new bailout fund, the ESM, comes on line next month.

CNN: European leaders reach key deal on banks

Another implication of the Israeli-PLO agreement concerns expectations of sizeable new U.S. financial support intended to help assure its success.

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Cyprus Finance Minister Michalis Sarris, in Russia to discuss financial support, said talks were "very constructive" but that there was no agreement on potential loans.

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And given the importance of maintaining American support for talks to liberalise trade in financial services, to expand the North American Free-Trade Agreement and to bring China into the World Trade Organisation, an upsurge of Japan-bashing and anti-import rhetoric in Washington would quickly affect the rest of the world.

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To mitigate the association agreement, the EU has put forward so-called "banana accompanying measures", which give financial support to regions that may be affected by new trade liberalisation rules.

BBC: MEPs back Latin American trade agreement

To mitigate the trade agreement, the EU has put forward so-called "banana accompanying measures", which give financial support to regions that may be affected by new trade liberalisation rules.

BBC: EU trade agreement with Peru and Colombia backed by MEPs