EU commissioner warns 'Grexit' unavoidable if Athens doesn't reach solution in five days

greece
(Image credit: Oli Scarff/Getty Images)

A pall is settling over talks with Greece, which again failed to reach a deal with international creditors yesterday. Despite the turmoil it would inflict on international markets, a default would mean Greece's exit from the eurozone. Germany's EU commissioner Guenther Oettinger has even threatened that the "Grexit" is "unavoidable if there is no solution in the next five days."

There are also rumors that Greece's creditors could be planning to extend the the country's bailout by five months and disburse 1.8 billion euros in order to allow Athens to pay back the International Monetary Fund by the deadline next Tuesday.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.