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If Euro Fails, Europe Fails: Merkel Urges Compromise as Greek Default Looms

© AFP 2023German federal chancellor Angela Merkel, talks with Greek prime minister Alexis Tsipras
German federal chancellor Angela Merkel, talks with Greek prime minister Alexis Tsipras - Sputnik International
Ahead of Greece's debt repayment deadline, German Chancellor Angela Merkel warned the European Union that losing its ability to compromise equated to dismantling Europe, underlying the need for everyone to pull their weight.

MOSCOW (Sputnik) — Merkel warned that "if the euro fails, Europe fails," as quoted by Germany’s N24 channel.

"It is existential for our ability to compromise that we stand united. But everyone must contribute."

Merkel was speaking at a celebration marking the 70th anniversary of the founding of the Christian Democratic Party (CDU), of which she is a member.

Greek Prime Minister Alexis Tsipras, left, speaks with European Commission President Jean-Claude Juncker as he arrives for a meeting prior to an EU summit at EU headquarters in Brussels - Sputnik International
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The jubilee was overshadowed by Greece's looming default on its debt to the International Monetary Fund (IMF), due on June 30. Greek authorities said previously that they had no money to make the payment.

Eurozone finance ministers refused on Saturday to extend the current bailout program beyond the end of June, after Greece dropped out of talks with its creditors and called a referendum on the bailout terms for July 5.

If Greece defaults, it could be forced to leave the single currency monetary union and possibly the European Union.

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