Greek Crisis Still Needs Solution – EU Commission Head Juncker

The Greek crisis is yet to be resolved, Jean-Claude Juncker said.

BRUSSELS (Sputnik) – The problem of Greece's financial and economic recovery still needs to be addressed, President of the European Commission Jean-Claude Juncker said Wednesday.

“There is yet no final solution to the Greek crisis,” Juncker said at a session of the European Commission.

He added that European countries are "only at the beginning of a new, long journey” to solve the existing crises in Greece and in the Eurozone as a whole.

Greece is currently undergoing a deep economic crisis, struggling to repay its multi-billion debt to international creditors, including the European Central Bank, the International Monetary Fund and some Eurozone countries.

In August, following months of negotiations, the Eurogroup approved a third bailout package for Greece, worth 86 billion euro ($96 billion at the current exchange rate), requiring in return additional reforms and austerity measures, including tax increases and pension cuts.

The European Stability Mechanism cleared the first tranche, of nearly $30-billion, to Athens on August 20, in order to enable it to service its existing debt.