Grexit No More? EU Economic Commissioner Says Athens to Stay in Eurozone

Greece is no longer a risk to leave the eurozone, as talks between Athens and its creditors are taking place with favorable conditions, EU Commissioner on Economic and Financial Affairs Pierre Moscovici said Wednesday.

MOSCOW (Sputnik) – Greece owes about $270 billion of its $350-billion total debt to its main creditors — the European Central Bank, the International Monetary Fund and eurozone nations.

"Grexit is behind us… The talks are taking place in good conditions. We are working together," Moscovici told Europe 1 radio in an interview.

Following months of negotiations the eurozone agreed on July 13th to provide $95 billion to Athens over thee years in exchange for austerity reforms. Greece is now in talks with its lenders over the final agreement, eager to finalize the negotiations by August 12.

If the sides had failed to reach a bailout deal, the country would have defaulted and exited from the European Union, as well as the eurozone, according to the Greek Central Bank.