To avoid a ‘Grexit’, Europe must come up with a fair deal. This is still possible.

Today, we urge the up-coming European Summit to agree on a fair deal to be struck at eleventh-hour, in order to avoid a Greek default and Grexit. Eurozone governments, the European Institutions, the International Monetary Fund (IMF), and of course the Greek government all must cooperate, with a willingness to facilitate the necessary compromises. A solution will have to address the very grave social and economic crisis in Greece. In order to allow a Greek economic recovery, it must combine an end to the imposed austerity, together with debt relief and the implementation of necessary reforms in the country. To attain such a result would give a new sense of unity and solidarity to the European Union (EU).

It is not true that the EU and the Eurozone could handle a potential Grexit lightly, and if that were the path taken, we would enter into a case of “terra incognita”. If European integration becomes reversible in a single case, the capability and the willingness to uphold it in other cases will be undermined, should the going get tough. Our common house would be more under threat than it already is, suffering from a wave of nationalism. Europe must stay together to build a good future that not only includes a return to better economic development, sustainable growth and new jobs, but also the ability to stand up to multiple challenges from both outside and within, among which strengthening democracy is of particular importance.

We appeal to common sense and to the great responsibility that our leaders owe, both towards the previous generations who have built the European project, and towards the future generations that should still be able to enjoy European unity, which is today at stake.