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    A worker adjusts flags ahead of the meeting between Greek Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker at the EU Commission headquarters in Brussels, Belgium, June 3, 2015.

    Spanish Finance Minister Hopes Greece Debt Deal Will Be Reached

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    Financial crisis in Greece (197)
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    Spain’s Minister of Economy and Competitiveness expressed his hope for a positive outcome of the Greek crisis.

    MADRID (Sputnik) – Athens and its international creditors will eventually reach a deal on the Greek debt crisis settlement, Spain’s Minister of Economy and Competitiveness Luis de Guindos said Monday.

    "The essence of the agreement is that it will be beneficial for everyone, especially for Greece itself. The country’s second bailout program expires on Tuesday, so we've got 48 hours. I'm sure that we will settle the issue," de Guindos told Spain’s Expansion newspaper.

    The minister added that Greece’s Sunday decision to limit cash withdrawals and introduce restrictions on various financial transactions was critical to the situation, but should not be upheld for a long time since the banking system is the backbone of the economy.

    Greece is currently in talks with the International Monetary Fund, the European Union and the European Central Bank to resolve the country’s debt issue in exchange for austerity measures in the form of economic and social reforms.

    Athens has so far rejected every proposal by its international lenders and announced a national referendum on July 5 for voters to decide whether to accept the new bailout deal offered by the creditors.

    A failure to sign a new agreement on the debt may lead Greece to a default and potential exit from the Eurozone.

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    Financial crisis in Greece (197)

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    crisis, bailout, debt, Luis de Guindos, Spain, Greece
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