Nick Clegg: eurozone foundations are 'weaker than anyone could have predicted' Mr Clegg maintained that, on its own, Greece is not a problem, but the knock-on effect of a euro exit would cause an "unravelling" that would be "impossible to predict." However, he hoped this would not happen: "The Greek people have to decide what their future is. We hope they decide to stay in the euro. If they want to stay, they have to abide by the [bailout] package they agreed to. The view was echoed by Germany's deputy finance minister on Sunday. "We are hopeful when they have elections on June 17 the situation will emotionally calm down," Steffen Kampeter said. But I don't see any alternative but to go on with reforms, stabilizing the public budget, and investing in future growth in Greece. Last week Bank of America Merrill Lynch warned that the fallout from a Greek exit from the EMU would cause UK GDP to shrink 2pc, forcing the Bank of England to restart its quantitative easing programme to the tune of £200bn. The bank's prediction came shortly after first-quarter GDP was revised down to -0.3pc, deepening the UK's double-dip recession. "A strong eurozone is good for us," Mr Clegg told the BBC programme on Sunday. But what [the Coalition] has done [with austerity measures] means the UK now has breathing space to switch up a gear, do our bit to support demand. We need to be resolute on public finances and help damaged banks restore their balance sheets. He added that eurobonds, the system promoted by France but rejected by Germany in which countries pool their debt, "can only be part of the bargain," saying economic reforms are also needed. Mr Clegg also maintained that there is "no question of the UK joining the euro [at this time]." The interview came after the Business Secretary told ministers to show "humility" when dealing with their eurozone counterparts. Speaking at the end of a trade visit to Germany, Mr Cable said that hectoring from across the Channel is "badly received and not appropriate."