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Back then, Washington's public statements were measured, and sought to soothe market fears.
Officials of the European Union and the International Monetary Fund hoped that Thursday's deal would soothe market anxiety by easing the terms of Greece's debt repayments enough to avoid default, as well as by building a war chest for safeguarding the larger Italian and Spanish economies against possible contagion.
Normally that would tend to soothe market nerves, but this time around it's juxtaposed against investor reaction to Fed action this week that was more-hawkish than some may have hoped.
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The ECB can soothe markets by buying bonds, but beyond a certain point such purchases threaten its independence.
Wachovia, the country's fourth-biggest lender, also sought to soothe markets about its finances on July 15th, and watched its shares sink further.
And each time the periods of calm become shorter.On August 2nd Mario Draghi, the ECB's president, made another attempt to soothe markets by outlining a new framework for buying bonds in the secondary market.
In an effort to soothe markets, Ben Bernanke, the chairman of America's Federal Reserve, tried to dampen speculation that interest rates would be cut next year in order to boost economic growth, which would put more pressure on the greenback.
Instead it amounts to a placeholder, an effort to soothe markets and preserve the status quo while the Fed seeks greater clarity about the health of the economic recovery.
On Tuesday, the Chinese central bank tried to soothe markets by saying that it had already injected funds into some financial institutions, which caused overnight interbank rates to fall to 5.7 percent, down from a record high of 13.4 percent on Thursday.
The decision by finance ministers in the euro zone to create a European Stabilisation Mechanism as a permanent system for resolving future sovereign-debt difficulties did little to soothe markets, at least at first.
They are just trying to stabilize and soothe markets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com