Greece yesterday submitted a request for an extension of its existing loan agreement. But German Finance Minister Wolfgang Schaeuble replied that the Greek loan proposal was "not a substantial proposal for a solution".
Another round of talks between Greece and the European Union was scheduled to take place today.
If both sides do not sign an agreement, it could mean that Greece will leave the Eurozone.
The leaders of the Eurozone say that they do not want that Greece leaves the Eurozone. I think they are afraid which effect Greek exit from the Eurozone would have on the Eurozone. Greek exit could have a domino effect: other countries will follow.
If the leaders of the Eurozone accept all demands, it could also mean that other countries will try to get better conditions of their debt programmes.
It's likely that there will be found a compromise.
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