Greece’s euro exit: is it only a matter of time?

Greece’s tragic economic plight is once again centre stage of the eurozone’s debt crisis. At the latest EU summit in Brussels on Monday January 30, Lucas Papademos – the country’s technocratic prime minister – insisted significant progress had been made on paving the way for a crucial 130 billion euro bailout.

For that to happen, however, Athens’ private creditors, banks and bond holders, which include the EU, International Monetary Fund and European Central Bank, must agree to write-off a significant portion of what they are owed.

EU and IMF officials have made it clear that will only take place if Greece implements further reform – notably another 2 billion euros in public spending cuts. If the Greek government cannot meet its creditors new demands the fear is it will not be given the cash it needs ahead of a big bond auction in March.

To get further insight into the latest concerns surrounding Greece, euronews spoke to Jean Quatremmer, the Brussels correspondent for French newspaper Liberation. To see the full interview, click on the link above.

Copyright © 2012 euronews