Brandon Davies, a senior non-executive director at Gatehouse Bank and Premier European Capital, told the audience at the Fathom Consulting Monetary Policy Forum on Wednesday that default on the Greek national debt was unavoidable.

"There is going to be a default in Greece," he said. "The question is, how big?"

Danny Gabay, a director of Fathom Consulting who previously worked for the Bank of England, agreed. "Default is more or less inevitable among the three countries currently involved in