22:44 GMT +321 July 2018
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    Greek Prime Minister Alexis Tsipras during the plenary meeting of the 19th St. Petersburg International Economic Forum 2015.

    Greek Economic Crisis Reflects EU Problems - Tsipras

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    The economic crisis in Greece is a reflection of European Union problems, Greek Prime Minister Alexis Tsipras said Friday.

    ST. PETERSBURG (Sputnik) — The European Union needs to return to its initial declarations and principles of solidarity and justice as the path of austerity is counterproductive, Tsipras noted.

    "The so-called Greek problem is not a Greek problem, it is a European problem," Tsipras said, adding that the problem is the Eurozone itself and its structure.

    "The question is, whether the European Union will be able to become a region of development again," Tsipras said.

    Athens is currently attempting to negotiate a $270-billion debt relief terms with its international creditors. Its current bailout program expires on June 30.

    Greece's overall debt stands at about $350 billion, of which $270 billion is owed to the European Commission, the European Central Bank and the International Monetary Fund.

    On Thursday, EU Commissioner on Economic and Financial Affairs Pierre Moscovici said that the failure to reach an agreement in talks between Greece and international creditors before the deadline could lead to catastrophic consequences.

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)

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    European Union, debt, Eurozone, Alexis Tsipras, Greece
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