European Parliament head Martin Schulz on Monday said Europe’s future hangs in the balance after euro zone leaders argued late into the night with near-bankrupt Greece at an emergency summit.

Schulz told Deutschlandfunk radio that the European project is on a knife edge. Turning to an idea floated by the German Finance Ministry for Greece to temporarily exit the euro, Schulz said: “This five-year exit idea is off the table. We don’t need to talk about that anymore.”

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