The seizure that gripped European financial markets on Thursday can be partly traced to an unlikely place. Like the proverbial butterfly that flaps its wings and sets off a tidal wave on the other side of the world, Sarasota, Florida is at the centre of the US housing bust that sent shockwaves through global markets.

The Gulf coast community seems an improbable setting for a financial crisis. Pristine yachts bob lazily off an eight-mile barrier island as bronzed children play close to sea turtles in the sugary white sand.