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    Grexit Inevitable Unless Breakthrough Made in Greek Debt Talks

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    Financial crisis in Greece (197)
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    After another failed attempt on Thursday to bridge the gap between the international creditors’ reform demands and the Greek government's proposals, Eurogroup finance ministers convened an emergency meeting for Saturday.

    MOSCOW (Sputnik) – Greece’s withdrawal from the Economic and Monetary Union of the European Union (EMU) will be unavoidable if no advancement is made in the debt talks in the next five days, the European Commissioner for Digital Economy and Society said Friday.

    "A 'Grexit' is not our goal but would be unavoidable if there is no solution in the next five days," Guenther Oettinger told the radio station Deutschlandfunk in an interview.

    President of the European Council Donald Tusk ruled out earlier in the day another eurozone leaders’ meeting taking place beyond Saturday, saying he expected the Eurogroup "to conclude this process."

    Both the French and German leaders stressed the crucial nature of the upcoming meeting to avoid a Greek default and exit from the EMU.

    "We will do everything up until [June] 30 so that the Greeks show they are prepared to reform," Oettinger stressed.

    Tsipras himself speculated on Wednesday that the creditors’ "odd stance" seems to indicate either a lack of interest in reaching a deal or there may be surreptitious forces at play.

    Greece’s latest bailout program from one of its three biggest creditors, the International Monetary Fund (IMF), expires at the end of the month.

    The country is due to repay $1.8 billion by June 30 and agree to a new deal with the IMF, the European Central Bank and the European Union to unlock an additional $8 billion.

    Topic:
    Financial crisis in Greece (197)

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    Tags:
    debt payment, Grexit, European Union, Guenther Oettinger, Greece
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