Analysts have warned that a restructuring of Greece’s debt is inevitable following a further ratings downgrade from S&P and Moody’s, warning that there is a "61% to 75%" chance of a Greek debt default over the next two to five years.

Gary Jenkins, head of fixed income research at Evolution told clients in a note on Tuesday that is "it only a matter of time before the EU bows to the inevitable and arranges some kind of debt restructuring."