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Grexit cannot be excluded if no reforms: Dombrovskis

07 July 2015, 13:55 CET
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(BRUSSELS) - The EU wants Greece in the eurozone but it could be forced out if it does not produce a credible reform package to satisfy creditors, EU Commissioner for the euro Valdis Dombrovskis said Tuesday.

"It is not our aim but if trust is not rebuilt; if (there is) no credible reform package (then) it cannot be excluded," Dombrovskis said when asked if the European Union wanted Greece to leave the single currency zone.

Dombrovskis spoke ahead of an meeting of Eurogroup ministers -- where Greece's new finance minister Euclid Tsakalotos will make his first appearance -- which is due to be followed later Tuesday by an emergency summit of eurozone leaders.

"We await comprehensive, concrete and credible proposals from Tsakalotos in order to start discussions," said the EU's Economic Affairs Commissioner Pierre Moscovici as he arrived.

Eurogroup President Jeroen Dijsselbloem said ministers would take things "step by step", but would begin by listening to Tsakalotos.

"We are prepared to do whatever it takes to strengthen the eurozone to stay together," he said.

Slovak Finance Minister Peter Kazimir said he was "sceptical" that a deal would be found.

"Prolonging these discussions would be detrimental, we need to take courageous decisions one way or the other," he added.

On Sunday, Greeks rejected reform terms for a new EU-IMF bailout in a historic referendum that was a political victory for radical leftist premier Alexis Tsipras but infuriated Europe.


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