Chancellor George Osborne said on Friday he thought it currently unlikely that Greece would exit the euro, warning people should not underestimate how traumatic the event could be if it did.

I wouldn't say at the moment it was likely, he told BBC radio when asked how likely Greece's departure was.

But clearly the rest of the euro zone have said to Greece that if it does not fulfil its part of the bargain then it is going to be faced with the choice of leaving the euro.

(Reporting by Avril Ormsby)