Greece has come a step closer to exiting the eurozone after failing to reach an agreement during its last attempt to do so in debt talks with its international lenders on Sunday. Upon this, Greek Finance Minister Yanis Varoufakis said he is ruling out a “Grexit” as it would not benefit the debt stricken country.
Varoufakis told a German newspaper on Monday that the only way the debt burdened country could move forward was through debt restructuring. “That's the only way possible that we can guarantee and also afford to repay so much debt," he said, adding that the participation of German Chancellor Angela Merkel is vital during negotiation talks.
We do not “want any more money," the eurozone members have already given "far too much." "An agreement could be reached in one night. But the chancellor would have to take part," he said.
Greece has so far been unable to seal a deal on its long-standing debt negotiations with international creditors. The EU, unable to hide its frustration, has said that Greece has failed to offer anything new to secure the funding it needs to repay 1.6 billion euros to the IMF. Failure to make the payment could mean it defaulting on it loans, thereby threatening the country’s future in the eurozone.