He said he "hoped" the eurozone would not break up, and there would be "dramatic consequences" if it did - but he did not rule it out.
If the eurozone were to break up, he said, that would initially be very disruptive to markets and would make the price of gold rise as a safe haven.
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Though Blair declined to put odds on the potential for a break-up, he said he thinks leaders will do what it takes to ensure the survival of the currency in its present form.
He also said that the recently announced break-up of the UK Border Agency, which will once again be placed under direct ministerial control at the Home Office, was a good start but must not be simply "a re-branding exercise or a short-term fix to try to contain the campaigning zeal of UKIP", he said.
He said there was almost no support for the break-up of the SFO.
He said he saw Mr Seddon in the water trying to break the windows of the car, before he climbed up on top of the vehicle to kick back against the windows with his heels.
"It would be easy to let up and take a break, " he said.
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He said president Obama was not talking of a full-scale break-up of the banks but wanted to "separate retail deposit-taking from large-scale proprietary trading, large internal hedge funds and large internal private equity funds and I agree with him".
"My divorce and the break-up of my marriage left me very heavily in debt, " he said.
But he said No 10 had refused to say whether Mr Cameron used the phrase "make up or break up" during the 45-minute conversation.
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"The first individual to break the ice often ends up in a bit of an atmosphere of failure, " he said.
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