German EU commissioner says 'GREXIT' unavoidable if no solution found in 5 days
Published time: June 26, 2015 05:47
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"We will do everything up until the 30th for the Greeks to show they are prepared to reform," Oettinger, the EU commissioner for digital economy and society, told Deutschlandfunk radio. "A 'Grexit' isn’t our aim but would be unavoidable if there is no solution in the next five days," he said.
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The new Greek government is engaged in tough negotiations with foreign creditors on the restructuring of the country’s debt. It came to power on a promise to stop the painful austerity policies of its predecessors, advocated by the creditors and which resulted in social and economic problems in Greece. But Athens is short of the money and is unable to pay the national debt, which makes exiting the eurozone and defaulting a possible scenario.