William Rhodes, former head of Citigroup, warns that the moment for saving the eurozone may already have passed:
"You only have so much time in a crisis before the losses become uncontrollable, as Latin America learned the hard way. But the Europeans thought they were different and refused to recognise the losses. Now they are facing contagion.
"You can't just rely on austerity, you also have to show citizens that there is light at the end of the tunnel.
"What's spooking markets is that Europe's leaders say they will do this and that but fail to give a date, and that kills credibility."
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