No Progress in Greek Issue During G7 Summit

• 06.09.2015, 22:25
•  Europe,  World

During the recent G7 summit held in Bavaria, Germany, among many other issues, like the crisis in Ukraine, sanctions against Russia, the fight against Islamic state, the possibility of Britain to leave the EU and many others, Greek issue was also discussed. However, no concrete measures were taken for solving the crisis in the country, and according to experts, no significant progress has been made.

The matter is that it is already 5 years that Greece is in a deep financial-economic crisis, which has even sharpened during the last year. The Greek authorities have been negotiating all this time with the European Union and the International Monetary Fund about the money-lending programs, which could save the country of the ultimate bankruptcy and default. Moreover, there was a threat for Greece of leaving the Eurozone and coming back to its national value Drahma. Some experts even talked about the possibility of Greece leaving the EU in general, about the possibility of the so-called GREXIT.

However, the G7 Summit organizer and German Chancellor Angela Merkel urged his colleagues to keep some "solidarity" to Greece, while the latter in its turn should be implementing all the promised reforms as soon as possible.

"Greece will face a serious choice and will have to show more serious approach towards reforms," the US President Barak Obama declared at the press conference following the summit.

 Greece has already received 240 billion euros by its creditors throughout all these years and is still going to get some 7.2 billion euros by June 30.

The Greek government told that even if there is an opportunity to extend the time of receiving financial aid, it will not resolve their real economic problems. It would be much better if instead of putting deadlines, they would try to focus on more substantive issues.

However, as it was expected by the analysts, the Greek issue failed to reach any new solution during the G7 Summit. The participants just once again stressed that Athens will continue to receive financial aid in case of submitting a new plan for further reforms.