Professor Willem Buiter, Citigroup's chief economist, gave some interesting evidence to the UK House of Lords’ European Union economic and financial affairs sub-committee today, as it looked to understand the eurozone debt crisis.

For just over an hour, the committee Buiter was asked on his views on the stability of the euro as a viable currency; the likelihood of a Greek default; and whether European banks need recapitalisation in order to deal with the crisis.