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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.

Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

Well, as I said, you know the issue of Greek debt, they've grasped the principle of debt reduction. I think most people would argue that probably more needs to be done on that front, and they've just begun to take the first steps to accepting that there's going to have to be much closer economic integration in Europe.

If we were the problem, it would be very convenient - kick Greece out, everything's fine. What would happen to Spain, what about Portugal, what about Italy, what about the whole of the euro zone? We need more cooperation and less simplification and prejudice.

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.

I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.

Taken as a whole, Europe's share of world output is projected to fall by almost a third in the next two decades. This is the competitiveness challenge - and much of our weakness in meeting it is self-inflicted. Complex rules restricting our labour markets are not some naturally occurring phenomenon.

Many have wondered if Greece's economy would get so bad that it would eventually break away from the Eurozone - a move that could encourage other countries to follow and therefore splinter the currency union.

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.

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.