The growing probability of a Greek default and its impact on the country’s membership of the eurozone is likely to cause jitters on bond and stock markets and may raise the yield or interest rate payable on the bonds issued by governments in so-called peripheral eurozone countries.

Alan McQuaid of Merrion Stockbrokers joined Breakfast Business to discuss the possible ramifications for Ireland if Greece leaves the eurozone.

He says that Ireland is likely to be considered less vulnerable than countries like Spain, Italy and Portugal if there is a major panic in European markets.

While yields will rise in the coming days he predicts that nothing "too dramatic" will happen to Irish bonds - he also says that the ECB will move quickly if it spots "market distortions," through its QE bond buying programme.

Ireland's budgetary position has improved - but Mr McQuaid adds that markets can be "fickle" and if there was a major crisis investors could decide that Ireland is vulnerable.

The country's banking sector is still living with "legacy issues" from the Irish crash, and they are more exposed than the State as we head in to this period of uncertainty.

Another peripheral threat is the damage that a euro or EU exit by Greece would do to the Union in the long-run.

Mr McQuaid comments that Greece leaving could help Eurosceptics to persuade British voters to follow them - leaving Ireland in an awkward position between the UK and the EU.