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The Greek debt issue, for example, is such a threat because if that country ever defaulted, it might cause some bank that's 'too big to fail' to actually fail.

The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.

Many people have been pontificating, and patronizing, and moralizing, and scapegoating, saying you Greeks, you are the problem. I would say we Greeks have a problem. We are not the problem.

As an observer of markets - whenever everyone focuses on one thing - like Greece and Europe - maybe they miss issues that are far more important - such as a meaningful slowdown in India and China.

Those who have a lot of money in Greece invest in housing abroad. It's all immoral. The Greek crisis is structural, but also political.

Markets are saying pretty much what I'm saying too: that Greece is doing what it can, but that Greece is not going to be able to carry the weight of all of Europe and the other problems that Europe has.

Despite the deep reforms we are making, traders and speculators have forced interest rates on Greek bonds to record highs.

There's no more place in the euro zone for well-meaning laxness when dealing with deficits and failings. If the demands on Greece aren't taken seriously, we'll get stuck in quicksand. In the worst case, this would make it acceptable for one tranche to not be paid out. It is in the Greeks own interest not to test that.

So you know, everyone points out Greece's default record, but the history of a lot of sovereign nations is not a good one when it comes to lending them money.

I think the facts reveal that the European partners have taken extraordinary measures to help Greece address its problems.