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The Standaard editor-in-chief Bart Sturtewagen writes that today Greece has joined the same circle as Zimbabwe, Somalia and Sudan. Although it isn’t the first time the country has gone bankrupt, the fact it is now part of the European currency union changes everything.

The fact that a member of the eurozone is on the brink of default is a disgraceful defeat for all leaders concerned. The euro is not a market instrument only in the hands of the principle of supply and demand. It is the most concrete manifestation of the desire of hundreds of millions of Europeans to throw their lot with one another. The way it was messed about the last months and years, harms the credibility of the entire European project.