EU leaders urged to prevent Greece’s exit from eurozone
The head of the European Council has called on leaders of the European Union (EU) to prevent Greece from leaving the eurozone amid a deadlock between Athens and its international creditors on the Greek bailout program.
Donald Tusk made the remarks on Saturday following a meeting of eurozone finance ministers in the Belgian capital, Brussels, during which they refused to extend Greece's bailout funds ahead of a looming Greek debt default.
"Greece is and should remain euro area member," Tusk stated in a message posted on Twitter, adding that he is "in contact with leaders to ensure integrity of euro area of 19 countries."
In another development on Sunday, Austrian Finance Minister Hans Jorg Schelling also told Die Presse newspaper that Greece's exit from the single currency bloc "appears almost inevitable," adding that the move would only be possible under permission of other eurozone member states.
Meanwhile, French Prime Minister Manuel Valls warned of a "real risk" of the Mediterranean country leaving the eurozone if the Greek people vote against the EU's bailout proposals in an upcoming referendum.
Athens has been unable to borrow on international markets over the past few years. It has presented a list of reforms needed to restart bailout loan payments, but the creditors have described Greece's proposals as insufficient and called for tougher austerity measures.
On June 27, the Greek parliament passed a bill approving Prime Minister Alexis Tsipras' motion to hold a referendum on July 5 on whether their government should agree to the lenders' demands in return for bailout funds to the debt-ridden country.
In 2010 and 2012, Greece received two bailouts worth a total of €240 billion (USD 272 billion) from its creditors following the 2009 economic crisis.
SSM/HSN
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