In reality, without the euro and the accompanying bailouts, the Greek, Irish and Portuguese banking systems would by now have collapsed – and the domino effects would have profoundly affected not only the eurozone banking system but Britain's.
The global (not just eurozone) banking system faces insolvency.
The large repayment shows how the ECB's intervention is successfully healing the Eurozone financial system.
The ECB has hinted it is poised to pump funds into the eurozone financial system, but has given few clues as to how the plan could take effect.
The BES troubles may pass, but the real moral of this week's tale is that confidence in the eurozone banking system looks dangerously weak.
So, in theory, there's nothing to worry about, even if strains in the eurozone banking system are becoming more apparent.
On the flipside, if there were some nasty unintended consequences, including a shock to the eurozone banking system, Britain's economic recovery could potentially be undermined.
By increasing the amount of quantitative easing and the type of bonds it is prepared to buy up, the ECB is also signalling it wants to get more money pumped around the eurozone financial system.
If not, the summit of all 28 leaders, including David Cameron and heads of government of other non-euro countries, would instead convene to deal with the consequences of a Greece cut loose from the eurozone financial system.
Draghi and the ECB have been discussing the possibility of using the bank's balance sheet to pump money into the eurozone banking system, by acquiring government debt from financial institutions, since the summer.
