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Failure to Reach Deal on Greek Debt Crisis to Turn Into European Crisis

© REUTERS / Yannis BehrakisThe failure to reach a deal in the ongoing talks between Athens and its creditors would mean a crisis not only for Greece.
The failure to reach a deal in the ongoing talks between Athens and its creditors would mean a crisis not only for Greece. - Sputnik International
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The failure of negotiations on Greek debt would lead not only to crisis in Greece, but to crisis in the whole of Europe, the head of the Greek delegation to the Parliamentary Assembly of the Council of Europe told Sputnik on Thursday.

STRASBOURG (Sputnik) — The failure to reach a deal in the ongoing talks between Athens and its creditors would mean a crisis not only for Greece, but also for the entire Europe, Dimitris Vitsas told journalists.

"We made very consensual proposals. But the creditors said they cannot even discuss those proposals. So they have to think. Because it is not the Greek crisis, it is a European crisis, policies of austerity crisis. And they have to deal with the European Union itself," Dimitris Vitsas said.

He said it is a crucial day of "most crucial and dangerous negotiations," as the Greek Prime Minister Alexis Tsipras is at the last-ditch bailout talks in Brussels.

"I see the way that hedge market and hedge funds fall over the past week. That means not only the Greek economy will have a problem, but also global bankers and markets will have a problem. So it is not only us who have to think," Vitsas added.

Greece’s debt is estimated to be around $350 billion.

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Greece is currently in talks with its three main lenders, the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), on a new bailout deal in exchange for reforms. The current deal expires on June 30, but the negotiations have not yielded any results yet.

On Wednesday, Greek government sources claimed that Athens had rejected its lenders’ reform proposals.

Earlier this month, the Bank of Greece said in a report that failure to reach an agreement on the debt issue would lead Greece to a default, possibly triggering the country’s exit from the eurozone and the European Union.

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