Who’s really to blame for the Greek crisis?

How important is Greece to Europe? The real answer is still that nobody really knows. But time doesn't stand still, and we are now moving closer to some very real debt repayment deadlines.

Athanasios Orphanides, former member of the European Central Bank (ECB) Governing Council, told me last week that he thinks the bank is currently in an impossible position.

Greece debt crisis
Ulrich Baumgarten | Getty Images

He argues that while it's popular to blame the Greek government (which he says is partly justifiable) for the country's current issues, the main reason for the failure of the Greek program over the past five years can be traced back to May 2010.

Back then, the German government forced an "unworkable" program on Greece to protect banks from losses, Orphanides argued.

He said that Greece has been caught in a debt trap since then, and it's now looking worse for the Hellenic Republic than ever before.

For instance, Greek government bond yields are on the rise (the yield on the 10-year is currently at trading around 13 percent), indicating that investors think there is a high risk of a Greek default. By contrast, the yield on German 10-year Bunds is at just 0.07 percent.

Alberto Gallo, head of European Macro Credit Research at RBS, told me that he thinks a Greek exit from the euro zone – or "Grexit" -- is unlikely, with 80 percent of Greeks wanting to remain in the euro.

Situation in Greece is 'deteriorating': Dijsselbloem
Situation in Greece is 'deteriorating': Dijsselbloem   

But he warned that chance of a "Grexident" is rising.

Read MoreGreece's fate hangs in balance amid contagion fear

"Greece could very well have a cash shortfall: it can either choose to pay the IMF (International Monetary Fund), or it can choose to pay public pensions and payrolls. But it can't pay them both," he said.

"We could soon have a period where Greece is not in default…but where it isn't solvent either."

U.S. bond trade building

European bond yields in countries such as Germany have hit record lows on the back of the ECB's bond-buying program and a flight to perceived safety when volatility is felt elsewhere.

But Peter Rosenstreich, chief foreign exchange analyst at Swissquote Bank, told me that we could possibly have a flight to quality away from European debt and into its U.S. counterpart.

Read MoreLet's face reality, Greece is bankrupt: Marc Faber

Rosenstreich highlighted the widening spread between U.S. and German government bonds, saying: "The trade is just building itself. Why hold German debt when you can get 180-190 basis points in the U.S.?"

Orphanides didn't think the trend of negative bond yields would continue on the longer dated paper, however, and argued that -- depending on ECB action -- we could expect spreads between Germany and other countries to narrow.

Louisa Bojesen is the presenter of CNBC's European Closing Bell, M-F 4-5pm. Follow Louisa on Twitter @louisabojesen