President Shimon Peres stressed on Thursday that the Israeli-Palestinian peace process had reached a critical point, and the breakdown of the current round of diplomatic efforts could create an "irreversible" situation.

"This is a time for historic decisions and not political decisions," Peres said during a meeting in Jerusalem with Middle East Quartet envoy Tony Blair. "We must understand that we are limited in time and the wrong decisions will lead to the point of no return."

Blair in turn agreed with the president expressing his hopes that both sides were determined to take the opportunity during this "dramatic moment" to come to a peace agreement.

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