Debating the enhanced tension and uncertainty in the Eurozone ahead of tomorrow's crucial EU summit, ALDE group leader, Guy Verhofstadt called for EU leaders finally to grasp the bull by the horns and establish full economic and fiscal union, a debt mutualisation fund and a pact for growth.

"The summit tomorrow will be the 18th special Summit since the start of the crisis in December 2009. 18 lost chances to find a solution. 18 missed opportunities. This crisis is not about Greece. This crisis is a political crisis demonstrating an inadequate governance of the Eurozone and insufficient leadership in Europe."

"To save the Euro, we need a genuine economic and fiscal union, a system for mutualising and reducing debts across Europe and a pact for growth centred on the resources of the EU. Member States no longer have have any money. Only through the EU can resources be created for large investments across the EU. "

"We can do more by utilising project bonds and increasing EIB capital. We are - the whole world is - waiting on the Commission to come forward as soon as possible with proposals for a redemption fund. Such an initiative will have a positive effect on the markets and it will be impossible for any EU leader, including Chancellor Merkel, to refuse."