Patience is wearing thin among the EU block’s 18 leaders and money is becoming increasingly scarce in Greece.
Greek MEP Eva Kaili told Sputnik Radio time is running out before a 'catastrophic' exit of the Eurozone.
"Right now, we don’t have time to lose and the patience of the European Parliament is not holding out very well. Countries are already talking about the Grexit – so we have to avoid the worst case scenario."
"People did not vote to exit the EU – but they don’t want the austerity measures presented. We need a signed agreement today or tomorrow – no later.
"But we will have to accept the cruel measures if we want to stay in the EU."
European Union Chief Valdis Dombrovskis says that a Grexit "cannot be excluded."
Greesistance or Crisis? Debt, the Greek Destiny
Resisting thus far the demands of the Troika, Prime Minister Alexis Tsipras says Greece should "celebrate the victory of democracy and continue the national effort to reach an agreement."
Greek citizens voted overwhelmingly to reject and resist the austerity terms of a bailout in a referendum declaring that they "deserve better" and "cannot accept a non-viable solution" to the countries debt crisis.
But if the Greek banks run out of cash and resort to printing its own currency, Greece could soon be on course as becoming the first European state to leave the euro and dismantling the European monetary union.
According to Alexander Douglas, lecturer in the philosophy of economics at University of London, Greece was always destined for debt. Douglas told Sputnik:
"People like to talk about Greece’s history and culture, which supposedly explain why the Greek government finds it hard to collect taxes. But Greece would have ended up in a debt crisis regardless, for the simple reason that it’s a net importer."
"Within a monetary union, net importers end up increasingly in debt to net exporters, unless there’s some sort of fiscal transfer system in place."
"How could it be otherwise? You pay for your imports by selling your exports. So if you import more than you export, you can’t pay in full, you get into debt, and the exporters accumulate your IOUs.
"A net importer could be the very model of fiscal virtue. Greece’s government could spend all its days singing hymns to the virtue of frugality. It would still end up in debt.
"The system is set up to close off any other possibility."
In a recent interview, Douglas told Sputnik that "the Greek debt is unpayable [in financial terms], but so are the sovereign debts of many Eurozone nations."
Greek Prime Minister Alexis Tsipras is to give a speech at the European Parliament in Strasbourg tomorrow where it is expected a new proposal will be handed to the Troika: the ECB, IMF and European Commission.
Maybe purple carpet will be rolled out instead.