While the IMF stalls on its rescue package for Greece, many in the market are beginning to question whether the country would not in fact be better off out of the euro altogether.

But for Steven Cordell, manager of Cazenove’s Pan Europe fund, that is a scenario that should be avoided at all costs.

‘Unless the Greeks are turkeys voting for Christmas then I don’t see an exit for them out of the Euro.’

‘The Greek state employs something like two thirds of the population so the number of losers would be massive.’

He says the reaction of the military is also a significant factor to consider when discussing any potential break away from the Euro for Greece.