Dr Sotirios Paroutis, Associate Professor of Strategic Management at Warwick Business School

Maybe it is time for the institutions that have actually called for and helped implement austerity-oriented policies to also realise the need to develop a credible plan for growth.

The troika have asked for 15,000 public jobs to be cut, but the ERT crisis which now threatens the collapse of the Greek government shows just how hard that is going to be.

With unemployment at 27 per cent already, people need to see signs of growth and a credible plan after three years of austerity and six years of recession.

Greece needs to follow Ireland's example and cut corporation tax to attract companies and create jobs and long term growth. There are green shoots, like the acquisition by the State Oil Company of Azerbaijan of a 66 percent stake of Greece΄s gas transportation system operator, but they need to be encouraged and not swamped by more cuts.