By Channel 4 News
World leaders are calling for the international monetary fund to be called in to sort out Greece's collapsing economy.
It would be a humiliating step, but what Greece faces today, Britain went through in 1976 and with the world's economy still fragile and vulnerable to after-shocks, could it happen again?
For a short while, the Dutchman Dr Johannes Witteveen sat at the Cabinet table in No 10 and held Britain's future in his hands.
Now retired and living in The Hague, he told Channel 4 News the IMF may have to come to the rescue again unless Britain makes cuts.
He said: "It is clear the structural deficit is too high."
Channel 4 News's political editor Gary Gibbon said: "IMF bailouts have been in the news, with some European leaders wanting the money men from Washington brought in to sort out Greece.
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