The words ‘chaos’, ‘economic’ and ‘problem’, are all of Greek origin. And so, the country that gave us Plato, mythology and perfection comes full circle and gives us the biggest problem which our continent has faced since National Socialism.

Ever since Europe reacted with shock at the fact that Greece admitted it fudged figures to get into the eurozone, this newspaper has been wary and adopted the position that it was only a matter of time before Greece was booted out of the eurozone, or left of its own accord.

It was always going to turn out like this. Only weeks ago, this newspaper was present along with international media at the European Council meeting, and again, we sounded the klaxon. Something did not quite ring right, and that was perhaps encapsulated by Greek Prime Minister George Papandreou, when he said: “It is clear now that this is a European problem, not a Greek problem.” We asked our well-informed sources in Brussels whether or not Greece was still cooking the books, and the reluctant answer was, yes.

But to go and pull a stunt like this was absolute madness. The truth is that Greece is a burden, it contributes a mere 2% of the EU’s Gross Domestic Product, yet at the same time it accounts for 4% of our debt. Greece is deadwood, and the quicker we are shot of it, the better. The truth is that Europe’s credibility will take a knock, but the die is now cast, Greece must decide whether it wants in, or it wants out. At the time of going to print, this was still unclear, however, what was clear was that France and Germany were really ratcheting up the pressure. If Greece does install a caretaker government, it has already said that it would implement the agreement which triggers the next €100bn bailout.

But, what happens after that is anyone’s guess. Maybe Greece would then turn around, give us a two-fingered greeting and run off with all the cash. After this week’s disgraceful behaviour, one would not discount it.

Greece will run out of cash by mid-December, that much is clear. And for the first time, bookies have issued odds which now lean towards Greece leaving the eurozone – there is no indicator clearer than a bookie’s odds.

There is, of course, a bigger question at stake. The European Commission has already taken a look at the rule book and has told Greece that exiting the eurozone would mean that it would also have to leave the European Union. Either way, the situation is looking extremely dire and it will impact on the rest of Europe, as well as Greece itself. But now is the time to decide. The markets have taken a hammering, and as a result, so have the economies of Europe. Italy’s borrowing costs have jumped to record highs and at present, there is no ‘firewall’ in place.

Meanwhile the G-20 meeting continues and more pie in the sky continues to be discussed. If we cannot fix what is going on in our backyard by getting rid of a belligerent member of our own club, how can we ever hope to solve the world’s financial woes?