If the current financial and economic turmoil has its origins in the US economy and its subprime mortgage debacle, most economists would now agree that its locus has slowly but surely moved to the EU and the eurozone. Specifically, the market's attention has zoomed in on the weaker members of the pack in the form of Greece, Spain and Ireland.

Most recently, the situation in Greece and Spain has been the centre of attention and, especially in relation to Greece, the pressure has been mounting. The country now faces a tough administered reform package either pushed through by the EU or the IMF, its only alternative being an outright default that would have grave consequences not only for Greece, but also for the eurozone and the EU.