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Eurogroup Recommends EU to Propose Greece to Temporarily Exit Eurozone

© AP Photo / Petros KaradjiasA woman looks at sandals from a shop as an a man passes by Greek and European Union flags in central Athens, Wednesday, July 8, 2015
A woman looks at sandals from a shop as an a man passes by Greek and European Union flags in central Athens, Wednesday, July 8, 2015 - Sputnik International
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Draft Eurogroup agreement includes a recommendation for the European leaders to propose Greece to engage in talks on a temporary exit from the eurozone with possibility of debt restructuring.

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
Eurogroup Estimates Greece Needs Up to $96Bln Annually
MOSCOW (Sputnik) — Eurozone finance ministers recommended the leaders of the European Union to propose Greece to temporarily exit the eurozone in case the sides fail to reach agreement on the Greek bailout program, RIA Novosti reported Sunday, citing a draft Eurogroup agreement.

Earlier in the day, the eurozone finance ministers met in Brussels to discuss the Greek debt crisis and find possible solutions to it.

"In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring," the conclusion part of the agreement reads.

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The July 5 referendum, in which the Greeks voted against the bailout deal, sparked a new wave of speculation about Athens’ possible exit from the eurozone.

On Thursday, Athens presented a revised plan that includes some of the creditors' requirements, including tax cuts and pension reforms.

Earlier on Sunday, French President Francois Hollande ruled out the possibility of a temporary Grexit.

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