In Mr Fichtner's view some banks might fail, but it would not put at risk the European banking system.

BBC: Smoke and mirrors and the euro crisis

Mr Fichtner disputes the central argument that restructuring would imperil Europe's banking system.

BBC: Smoke and mirrors and the euro crisis

Ferdinand Fichtner, a senior research associate at the prestigious German Institute for Economic Research in Berlin, said this week that a Greek default was both inevitable and necessary.

BBC: Smoke and mirrors and the euro crisis