Europe’s leaders must end this reckless standoff with Greece | Guy Verhofstadt

There's so much more at stake than just euros. We need a cooling-off period in order to deliver and a real, sustainable solution on Greek debt

The possibility of a Greek exit from the eurozone has never been more likely. We shouldn't be under any illusions - this would be a catastrophe for Greece's eurozone creditors, the Greek state and the European Union.

Like it or not, we are all in this together. If we continue on our current trajectory, everyone stands to lose from what now resembles a reckless, self-destructive standoff. The Greek economy is on the verge of complete collapse. This would not only be devastating for the people of Greece, it will guarantee that creditors never see their money again. We must remember that Germany has lent approximately a80bn. This is an astonishing figure, close to a quarter of Greece's budget for 2016. Yet the sad irony is, the longer the current impasse continues, the greater pressure Angela Merkel will face within her own party to reject any solution that is accepted by the Greek government.

Greek people remain the victims of governments who have protected the clientelist system at their expense

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