German Chancellor Angela Merkel pledged her allegiance to support the Greece economy and uplift the country on Tuesday to eliminate the possibility of Greece dropping out of the eurozone.
“There has been not much progress in talks with Greece,” Merkel said along with the Luxembourg Prime Minister Xavier Bettel, in a press conference following their meeting in which they said they focused on the Greece economy and emphasised on an effective bailout.
The country is heavily indebted to the EU and the International Monetary Fund (IMF), almost 240 billion euros, since the eurozone economic crisis seriously has hit the country’s economy from 2009 to the present.
The failure of negotiations would lead Greece to default, one of the most likely scenarios which might also mark a historic blow to the EU's most ambitious project, the common currency usage, euro.
Athens stated that it was ready to continue colicky talks, but the EU and IMF officials refused to maintain the negotiations since they were “not authorised to negotiate further.”
Greek side also insisted that it will never capitulate in the demands for more pension and wage cuts on which the talks were knotted during the past several months of talks.
Finance ministers of the eurozone member states will meet on Thursday to talk about the struggling Greece economy. Greece must agree to endure heavy reforms which include huge cuts to government spending and must produce a budget surplus as agreed, or it will not be able to receive the next 7.2 billion euros ($8.1 billion) in bailout aid from the IMF, the European Central Bank (ECB) and the EU.
“I am ready to do everything for Greece to remain in the eurozone,” Merkel said, adding: “I have dedicated myself to do so.”
However, the European Commission President Jean-Claude Juncker blamed the Greek government on Tuesday for misrepresenting the proposals made by international creditors to the Greek people.
"I don't care about the Greek government; I do care about the Greek people," Juncker said at a conference in Brussels.
"The debate in Greece and outside Greece would be easier if the Greek government would tell exactly what the Commission ... is really proposing. I am blaming the Greeks [for telling] things to the Greek public which are not consistent with what I've told the Greek prime minister," Juncker said.
At the same time, PM Bettel announced that Greece’s financial crisis should be solved with a real solution.
Greece has a deadline of June 30 to repay 1.6 billion euros to the IMF.