As the euro crisis staggers on Greek EU commissioner Maria Damanaki has raised the prospect of her country being forced out of the euro zone if it does not quickly assert control over its wayward public finances. She said that "Either we agree with our creditors on a programme of tough sacrifices and results, undertaking our responsibilities to our past, or we return to the drachma. Everything else is of secondary importance."

However, the spokesman for economics commissioner Olli Rehn immediately dismissed the suggestion that Greece might return to the drachma. "The scenario of Greece leaving the euro has not been and is not on the table in the euro group of ministers," he said. Given the now infamous quote by Jean-Claude Juncker, Luxembourg PM and Head Euro-Zone Finance Minister that "When it becomes serious, you have to lie" that statement must be viewed with some scepticism.

Greece is facing "austerity" whatever is allowed to happen next. They past performance; the EU forces it on them, with a minimal amount of debt restructuring, or thirdly they take the nuclear option and kiss the EU and the euro goodbye.