The crisis may come from Greece again, perhaps because Pasok leader George Papandreou cannot or will not deliver on the "great sacrifices" he unveiled yesterday, a cut of 16pc in effective public wages, and a further rise in VAT to 23pc; or because the policy of cutting the primary deficit by 10pc to 12pc of GDP in three years will tip the country into a death spiral. Athens said public debt will reach 140pc by 2014 even after the cuts.