European Commission Hopes for New Greek Reforms Plan - Juncker

European Commission President Jean-Claude Juncker said Sunday that he hoped Greece would come up with a new plan for economic reforms that would help the debt-ridden country get the financial aid it wants.

GARMISCH-PARTENKIRCHEN (Sputnik) – Greece has been locked in talks with its international creditors over the country’s outstanding debt as Athens look to avoid default and a possible exit from the Eurozone, known as Grexit.

"I hope the Greek alternative will reach us in the future. As before, I would exclude the idea of Grexit, but I do not want people to say that the commission is trying to pull the rabbit out of the hat," Juncker said during the G7 summit in Germany’s Bavaria.

Greece currently hopes to secure more financial aid in exchange for economic reforms before the bailout plan, first agreed by Athens and the European Commission in 2011, expires on June 30.

Earlier this month, Greece missed the first repayment deadline saying it would pay all four June installments it owes to the International Monetary Fund (IMF) at the end of the month.

Greece's national debt stands at around $350 billion, of which $270 billion is owed to its three biggest lenders, the IMF, the European Union and the European Central Bank.