'Greece will be a bankrupt nation if it carries on as it is'

Athens-born economist Vicky Pryce said that Greece had "embraced austerity", but needs to reduce bureaucracy and welcome foreign investors to the country, in order to see any growth.

This weekend sees a series of emergency talks over the crisis, with eurozone finance ministers due to meet on Saturday to address the Greek plans.

Speaking to the BBC's Mark Lobel, Ms Pryce said a solution to the debt crisis had to be found on Sunday, otherwise Greece would exit the euro.