The ink is hardly dry on the second Greek bailout within less than two years and analysts and commentators are already looking towards a third package as the sheer depth of the growth-destroying austerity measures that accompany the €130bn “rescue” become apparent.

Senior EU officials have been briefing that the latest programme – which includes significant gaps even now – is designed to “restore Greece’s competitiveness and growth” and differs from the first one, which manifestly failed, with a greater emphasis on this objective.

Growth and jobs is now the new mantra of the EU. It was the core element of the letter sent to next week’s EU spring summit by Dave and eleven fellow heads of government – stealing a march on Merkozy who normally control the market in missives.

“Without the rebound and growth of the economy… not even the immediate fiscal targets can be met, nor can the debt become sustainable in the long-term,” is what Antonis Samaras, leader of Greece’s New Democracy (centre-right) party and probably next premier, said on a visit to Cyprus.

There was a similar message from the normally insightful Guy Verhofstadt, former Belgian premier and leader of the Liberal group (ALDE) of MEPs: “The present package of measures focussing so heavily on wage cuts and new taxes is just alienating ordinary Greeks to the EU whilst creating resentment and frustration in the creditor countries towards Greece and its political class. Even with these austerity cuts, Greece is still expected to have a debt in the region of 120% of GDP by 2020.”

We now know that, after 30% wage cuts so far and a further 15% forecast between now and 2014, Greeks will have to suffer further savage reductions in their living standards to make this package work. Not much growth in prospect here.

Verhofstadt enthusiastically backed Cameron’s “growth agenda” for next week’s summit (despite pointing out that the EU always talks this talk) – and there’s little doubt that the EU agenda is shifting in that direction.

With the Greek crisis “resolved” – at least for a few more months – Europe’s leaders are under immense pressure from the “street” to start delivering on jobs and growth.