German Chancellor Angela Merkel says a compromise between eurozone policymakers and Greece over its bailout terms is possible.
Merkel told reporters that “Europe’s credibility depends on us sticking to rules” according to BBC News.
She added: “Europe always aims to find a compromise and this is the cornerstone of Europe’s success.
“Compromises are made when the advantages outweigh the disadvantages and Germany is prepared to compromise.
“However, we also have to make clear that Europe’s credibility depends on us sticking to rules.”
Following the recent Greek general election, where the left-wing Syriza party secured victory, its finance minister Yanis Varoufakis has been travelling Europe in a bid to drum up support to have the terms of its International Monetary Fund bailout quashed. Varoufakis argues the austerity programme is crippling the nation’s economy.
So far the efforts have been futile and this week Greece and other eurozone leaders failed to reach an agreement following long discussions on Wednesday.
However both parties have said a deal is possible. Following this week’s talks Eurogroup President Jeroen Dijsselbloem said the debate had been “constructive”.
Greek prime minister Alexis Tsipras said he was “very confident” a solution could be found to what he labelled the EU’s “humanitarian crisis”.
Not everyone is as confident though as earlier this month former Federal Reserve boss Alan Greenspan said a Greek exit from the eurozone is “inevitable” and it will have far-reaching consequences for the global economy.