Although confident that Greece would elect a government on 17th June willing to abide by loan conditions imposed by the EU, he has expressed grave doubts about the German economy suggesting that it will soon be too weak to provide further support.

He said, "The crisis is likely to come to a climax in the autumn. By that time, the German economy will also be weakening, so that Chancellor Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities.”

He said leaders did not understand "the nature of the crisis” and had applied the wrong remedy focusing on sovereign debt levels instead of the dangers of a banking collapse and lack of competitiveness".

Joining a chorus of other commentators he said "You cannot reduce the debt burden by shrinking the economy, only by growing your way out of it."