Greece's economy is contracting at an annual rate of 6.2% and the slump is now in its fifth year as the nation could be heading towards its worst recession.

National Institute of Economic and Social Research director Jonathan Portes compared its situation with that of Argentina in the 1990s, and with Finland after the collapse of the Soviet Union.

He told Today's Simon Jack that Greece's economic problems were "pretty unprecedented" but said one option was for an "internal devaluation" to cut wages and price itself back into international markets.

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