The eurozone debt crisis is exposing an unshakable link between governments and tumultuous markets with central banks often in the high-drama role of last-minute saviours when things go terribly wrong, analysts say.
Shaken, politicians are often quick to blame market turmoil on shifty speculators obeying mysterious masters conspiring for the fall of the eurozone.
But in this prolonged match between politics and high finance, economists and marketplace analysts offer a different explanation.
Rene Defossez, strategist at Natixis bank said the highs and lows on stock exchanges have more prosaic reasons, ones that often involved action by governments.
He pointed to the insistance this week by the European Commission to keep eurobonds on the agenda as one reason investors have not lost faith. Despite firm opposition by powerhouse Germany, markets are in favour of a new debt bond that spreads risk across the eurozone.
Soothing words that the future of Greece still lies within the eurozone by German Chancellor Angela Merkel and French President Nicolas Sarkozy also went over well, Defossez said.
Mostly it was dramatic action taken in concert by the world's top central banks that sent many investors cheering.
"The markets want to be sure that a stable monetary zone is under construction, Defossez said.
Central banks can act fast against crisis, as has often been the case since the fall of Lehman Brothers three years ago. Governments meanwhile can take months to wade through the undergrowth.
Defossez said markets function as referees and tend to unload bad debt but jump at the chance to buy European debt if given reasons to do so. Eurobonds would do this, he said.
Defossez dismisses conspiracy theories, namely widely read reports in France of an "Anglo-Saxon" project to sabotage the euro.
British funds "have no intention to kill Europe where they have always bought debt" and "no one wants a eurozone implosion," said Defossez.
Marc Touati of Assya Compagnie said states were railing against markets because they "gave away the stick they are being beaten with" by losing control of runaway deficits that are financed by investors.
"Making markets the scapegoats is a little easy," Touati said. "This crisis is the result of a decade of political errors by European leaders who failed to make the eurozone a high growth zone, to reduce debt and deficits or harmonise taxes or the labour market."
And its a bit much to demand more regulation of those providing you financing. "States are caught in their own trap," Touati said.
Nicolas Veron, an economist at Bruegel think tank stressed the interdependence between market actors and politicians but also underlined the mutual incomprehension that marked their relations.
"It's incorrect to say that markets only think in the short term. They have the capacity to anticipate five, 10 or 15 years, much more than politicians who only see to the next election," he said.