Greece should be given more time to restructuring its economy and stay inside the eurozone, a leading European think-tank said on Wednesday.

In a joint statement, a group of 50 prominent economists, non-office holding statesmen and parliamentarians appealed to European leaders and the public for not allowing Greece to fall down in the eurozone debt crisis, noting the potential catastrophic consequences.

Most of them are members of the European Council on Foreign Relations (ECFR), including former German Finance Minister Hans Eichel, former Italian Prime Minister Giuliano Amato and the German economist Peter Bofinger.

The European rescue packages have so far failed to offer some truly reliable and effective protection against the crisis, and the "Greece's euro-exit may take a breakup of the euro zone by itself, which in turn would have resulted in a deep recession and a new round of global financial crisis," they said, adding that the Europe's reputation would also be "irrevocably" tarnished consequently.

The statement also repudiated austerity drive pushed hard by the Germany, saying the harsh measures not balanced by pro-growth policies are doomed to stumble in the long run.

Prominent ECFR figures also urged leaders of eurozone countries to give "Greece the opportunity to return to a sustainable growth track within the eurozone."

The policy meant to contain the spread of the crisis must be shifted to a compromise in which Greece could be allowed to bring its public finances back into order, the statement said.

Meanwhile the debt-ridden country must get enough time to restore it credit by repaying its loans from the International Monetary Fund and the partner countries, according to the statement.

VietNamNet/Xinhuanet