The latest meeting of eurozone finance ministers in Brussels showed just how complicated and crucial the international environment has become for Greece. Every citizen of this country – except for those who have their own reasons to wish for a return to the drachma – are aware of what is at stake.

Even those who believe that tough-guy posturing could have yielded greater rewards for Athens during the Eurogroup negotiations, have failed to grasp the seriousness of the situation. Thankfully, the vast majority of foreign officials acknowledge that Greece has done all that it could and that there is no room for further cuts – and, finally, that there is need for a generous writedown of Greek debt.

That said, European officials must also have the courage to take the decisions mandated by these historic times. They failed to do so on Wednesday. A fresh failure on Monday would have tragic repercussions for Greece and the European Union.