01:53 GMT08 August 2020
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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    The future of the Eurozone could be in danger if the Eurogroup and Greece fail to reach an agreement to settle the Greek debt crisis, President of the European Parliament Martin Schulz said Monday.

    MOSCOW (Sputnik) — Athens owes about $270 billion to its primary international creditors. The European leaders are currently continuing the marathon talks aimed at establishing the terms of additional financial aid to Greece.

    "…Brussels is on the cutting edge, and that is why the Eurozone could fall apart," Schulz said in an interview with the German Deutschlandfunk radio.

    Schulz said that negotiations in Brussels were difficult, complicated and confrontational, and expressed hope that the sides would be able to agree on a bailout deal.

    On Sunday, the Eurogroup held a summit on the Greek issue, and arrived at a compromise agreement that recommended EU leaders propose to Greece a temporary exit from the Eurozone in case the sides fail to reach an agreement.

    Greece has long been trying to unlock additional financial aid in order to avoid defaulting on its $350 billion debt.

    In late June, Greece broke off negotiations by rejecting a bailout agreement proposed by its money lenders and announcing a nationwide referendum on the issue.

    On Thursday, Athens presented a revised economic reform plan that included some of the creditors' key requirements.

    Greece's Gordian Knot: Syriza Tackles Austerity (404)


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    debt crisis, euro, Eurozone, European Parliament, Martin Schulz, Greece
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