There is no point in maintaining a “bailout” deal for Greece if the deal cannot in fact be honoured by Athens. If that is the case the deal solves nothing as it does not restore any credibility to the Euro. So, it’s no surprise to see Eurozone Ministers have been pondering further moves to relieve Greece of its burden of debt in some way, for example by agreeing lower interest rates on the bail-out.

It’s a fine line as any move that looks like a partial default will only intensify market pressures on the Euro and on Greece. With Italy queuing up to be the next country requiring a bail-out, it may be time to reform the currency totally. Otherwise the Eurozone is just throwing money away on bail-outs which the markets don’t believe are going to work and simply store up fresh problems for the Euro and those members of the currency with unsustainable debts.