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Eurozone Could 'Fall Apart' Amid Greek Crisis - EU Parliament Chief

© REUTERS / Pawel KopczynskiA broken piggybank painted in the colours of the Greek flag lies amongst various euro coins in front of letters spelling the word 'GREECE' in this picture illustration taken in Berlin, Germany June 30, 2015
A broken piggybank painted in the colours of the Greek flag lies amongst various euro coins in front of letters spelling the word 'GREECE' in this picture illustration taken in Berlin, Germany June 30, 2015 - Sputnik International
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The future of the Eurozone could be in danger if the Eurogroup and Greece fail to reach an agreement to settle the Greek debt crisis, President of the European Parliament Martin Schulz said Monday.

A protester shouts slogans during a pro-European demonstration in front of the Greek parliament in Athens - Sputnik International
Eurozone Reaches Deal on Greek Debt, Ready for Credit Talks With Athens
MOSCOW (Sputnik) — Athens owes about $270 billion to its primary international creditors. The European leaders are currently continuing the marathon talks aimed at establishing the terms of additional financial aid to Greece.

"…Brussels is on the cutting edge, and that is why the Eurozone could fall apart," Schulz said in an interview with the German Deutschlandfunk radio.

Schulz said that negotiations in Brussels were difficult, complicated and confrontational, and expressed hope that the sides would be able to agree on a bailout deal.

Opening New Page in History: Greferendum Celebrations - Sputnik International
Opening New Page in History: Greferendum Celebrations
On Sunday, the Eurogroup held a summit on the Greek issue, and arrived at a compromise agreement that recommended EU leaders propose to Greece a temporary exit from the Eurozone in case the sides fail to reach an agreement.

Greece has long been trying to unlock additional financial aid in order to avoid defaulting on its $350 billion debt.

In late June, Greece broke off negotiations by rejecting a bailout agreement proposed by its money lenders and announcing a nationwide referendum on the issue.

On Thursday, Athens presented a revised economic reform plan that included some of the creditors' key requirements.

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