04:08 GMT22 October 2020
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    Italian Prime Minister Matteo Renzi claims that Greece will continue talks with its creditors after the Sunday referendum, which is unlikely to lead to the country exiting the Eurozone over its debt problems.

    MOSCOW (Sputnik) – Greece will continue talks with its creditors after the Sunday referendum, which is unlikely to lead to the country exiting the Eurozone over its debt problems, Italian Prime Minister Matteo Renzi told the Rai 1 TV channel.

    "Greece will not leave the euro. It will do all it can to reach an agreement [with the lenders]," Renzi said.

    Greece's overall debt is estimated at over $350 billion, most of which is owed to the European Central Bank (ECB), the European Union and the International Monetary Fund (IMF).

    On Tuesday, Greece missed a deadline to repay around 1.5 billion, or $1.7 billion, to the IMF.

    Greece’s lenders refused to extend the Tuesday deadline after Greek Prime Minister Alexis Tsipras rejected the bailout terms offered by Eurozone finance ministers, calling a referendum for Sunday on whether Athens should accept the lenders’ new bailout proposal, which includes austerity measures, such as pension cuts and tax increases, that are highly unpopular among the Greek population.

    Renzi talked with US President Barack Obama on Wednesday discussing the situation in Greece and both sides agreed that Athens needs to work on reaching a compromise with its lenders and stay within the Eurozone.

    Renzi told Rai 1 television that regardless of the outcome of the referendum Greece would have to return to the negotiating table to discuss a new bailout program.

    Tsipras has said that a "no" vote in the Sunday referendum would not necessarily mean an imminent split with Europe or exit from the Eurozone.

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    Tags:
    loan agreement, default, bailout, debt, The European Central Bank (ECB), International Monetary Fund, Eurozone, Matteo Renzi, Italy, Greece
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