A lot of unrest with the PIGS at present.

Greece is one of those countries rudely nicknamed the "PIGS" economies. Portugal, Ireland, Italy, Greece and Spain have all had their credit ratings cut recently, and this makes borrowing more difficult and foreign investment even less likely.

While many economists  regard this as nonsense, they do think Greece is in a poor economic state and it will get worse before it gets better.

The European Commission's recent report suggested that, although there would be no recession, growth would be sluggish, driven exclusively by domestic demand. In particular, the pillars of the Greek economy - shipping and tourism - will be "vulnerable".

But the chairman of the government's council of economic advisers, Dr George Sfakianakis, is almost upbeat. He says Greece "is in a relatively better position than almost any other country in Europe.

"The fundamentals of the financial system in Greece are very healthy. We have no risk of any bank failing. Still, in order to safeguard the competitiveness of the Greek financial system we have implemented a rescue plan, because without it there would be a comparison between Greek banks not being protected and banks in Europe being protected. We think this is going to enhance liquidity in the economy.

"It was not a case of saving banks, but it was about ensuring that there is adequate credit in the economy, so that enterprises and households keep their standards."

He admitted that the credit downgrading was a negative verdict from the markets, but suggested that the publication of tomorrow's latest growth and stability forecasts would reassure an international audience.

But what about the euro?

"Despite the competitiveness problem it means there is no question of a devaluation. You see what happened in Hungary and Latvia, where they had to call in the IMF because they did not have the single currency. I do not believe in devaluations - they lead to a vicious circle of inflation and further devaluation. The Euro has helped Greece very much."

Better in than out would seem to be the general concensus.