Predictions that the euro zone will face little more than a shallow recession in 2012 increasingly seem to be wildly optimistic.
But if no agreement can be reached on how to enact such plans, the euro zone will face a "severe and fundamental challenge, " he added.
Assuming bondholders stand firm, then euro-zone governments face a straight choice: Either they step in to take a share of the losses for the first time in the crisis or they allow Greece to default, something they have fought hard to avoid for the past two years.
WSJ: Agenda: Greek Situation Is Most Serious of Latest Euro Crisis
Only if the country were formally deemed insolvent by all other euro-zone members would bondholders face losses.
There is a risk that some euro-zone commercial banks could face heavy losses on their exposure to the Greek economy.
Even with a newly expansionary ECB and governments delivering on reforms, the euro zone is certain to face further testing times this year.
But Fulham are only above the drop zone on goal difference and face a trip to eighth-placed Portsmouth on Sunday.
While the country's economic engine has kept humming despite the ongoing euro-zone crisis, startups here face difficult conditions for securing funding, as well as plenty of competition for resources in a market where brand-new Berlin-based tech companies are considered on trend.
They face a police exclusion zone to stop them entering the capital and many will have to use public transport to attend the rally.
Resistance to any run up by the buck may face some headwinds in the zone between 1.0425 and 1.0440.
Despite their win against City, Wolves remain in the Premier League relegation zone and travel to Old Trafford to face Manchester United next Saturday.
On the face of it, the euro zone combines both these cultures of debt.
Blackburn refused to lie down however, and having won a face-off in the opposing zone, were able to force the puck over the line, to set up a grandstand final minute's play.
To use an apt football analogy, just a month ago George Allen was in the open field gliding towards the end zone with the ball under his arm and a smile on his face.
But despite having shared a single market with one currency for nearly a decade, the euro zone has never established the polticial and regulatory integration that would allow it to face a crisis of such proportions as one.
That was made clear Sunday, when at least 18 people were killed in a face-off between members of a local cartel and a Mexican cartel in a frontier zone between Mexico and Guatemala.
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