Greeks are protesting up and down the country at the price their country will have to pay in return for an €100bn bailout and the writing off of 50% of its debt.

It was clear from the start that the Greek people were not at all happy with the prospect of tax hikes, redundancies and massive cuts to spending. In their eyes, they see it as the humiliation of Greece, simply to save the rest of the countries of Europe and the euro.

On the other hand, EU members want to see Greece sort out their finances, because it is quite literally ruining trading, currency value and the eurozone’s economy. But the latest plan to hold a referendum on whether or not to accept the package by George Papandreou is mind boggling. There are a couple of explanations. If Greece does not get this bailout, that’s it, she goes bankrupt and defaults and there is not a thing anyone can do about it. The fallout resulting from such a catastrophic event would be unquantifiable.

Yet, Mr Papandreou is facing the prospect of a snap election and a vote of no confidence. So, what is he doing? Is he holding his own people to ransom? Is he blackmailing the people of Greece into voting yes, so he can save his skin? If Greece’s current government is toppled, then the deal would be out of the window anyway, so this could well be the reason.

On the other hand, could Greece actually be pushing Europe to actually kick them out of the eurozone. As mad as that sounds, it could actually be the only solution left. If Greece does leave the euro, it will give it back one major tool which could help it out of this mess, and that would be its own currency, the drachma, which it could value or devalue as it sees fit. On the other hand, the ramifications within the EU and the status which Greece enjoys would be damaged forever. Greece’s expulsion would also have a huge effect on the eurozone currency and that would make the country a pariah within the euro club for many years to come.

Whatever the case may be, one can be sure that Mrs Merkel and Mr Sarkozy will definitely be chewing off the Greek Prime Minister’s ear during the G-20 meeting in France this week. Talks were supposed to focus on how to stimulate the world’s economy, but it is increasingly looking like Greece will dominate the agenda. There are two choices left for Europe now. It either allows Greece to run amok and throw everything that everyone sacrificed so much to give them, back into Europe’s collective face, or it bites the bullet and discusses the quickest way to get rid of this belligerent economy.

Greece’s debt is toxic. Its public policies are toxic and its way of doing politics (though similar to ours) are also toxic. It is time to ditch them. The people do not want these measures and quite frankly, the people of Europe are now getting sick and fed up of this constant charade and dances in the shadows. Cut them loose, before it’s too late.