It would be far better to recognise reality and start an orderly restructuring of Greek debt now.

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On the other hand, forcing a Greek exit would likely produce a much larger default on the debts that Greece owes the rest of the Eurozone than an orderly restructuring within the Euro.

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The least costly outcome now looks like an orderly debt restructuring, which might mean higher borrowing costs for other countries.

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An orderly debt restructuring for a country within the euro zone would not be the end of the world, or indeed of the single currency.

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On this plan, the EFSF could then be a proper European Monetary Fund, with one side managing adjustment programmes and (where necessary) orderly debt restructuring, and the other side using ECB liquidity to support confidence in solvent but troubled governments, by buying their bonds on the secondary market.

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Indeed, membership of the euro could help make debt-restructuring more orderly, since it would remove currency risk from the equation.

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And it needs mechanisms for dealing with failure, such as an orderly system for sovereign-debt restructuring.

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