Every effort should be made by Greece and its EU partners to work together, former president of the European Parliament Pat Cox, has said.

Speaking at a special briefing on the future for Greece and Europe post-referendum, Mr Cox said: “My strong hope is that they can collectively find the wisdom to work together on a solution that is viable and acceptable to both sides.”

However, he noted a fear that there were so many moving parts politically, institutionally and to do with interests that they may not be able to do so and questioned whether talk of a humanitarian aid package for Greece was a sign a ‘Grexit’ is imminent.

The briefing, hosted by employers’ group Ibec and Financial Services Ireland, examined the developments in the Greek crisis and the potential impact of the crisis for both Ireland and the EU.

Mr Cox said Spain, Ireland and Italy had had a tiny case of schadenfreude when it came to Greece.

“For my own part, thinking in a family sense of my adult children and the prospects of my grandchildren, I thank god we live in Ireland,” he said. “As difficult as the adjustment has been . . . we probably followed the wiser course.”

Political isolation

Ibec said the turmoil in Greece over the last few months highlighted the folly of economic brinkmanship and political isolation.

Ibec chief executive Danny McCoy said that the turmoil and political grandstanding had led to further job losses and business closures, exacerbating Greece’s economic woes.

“The fallout from Greece’s isolation in Europe will directly impact the country’s ability to raise capital, attract investment, create jobs and improve living standards.”