Greece-EU face-off in bailout talks darkens future of eurozone

The current face-off between Greece and the European Union (EU) in bailout talks has cast a shadow over the future of the eurozone, after leaders of the European single currency member states failed to reach a deal on the Greek debt crisis.

Months-long bailout talks between the Greek government and its creditors broke down Saturday over economic reforms demanded by the creditors.

Eurogroup financial ministers have rejected Greece's request for an extension so that it could put the creditors' proposals to a popular vote on July 5, saying any financial support to Greece will end on June 30 as agreed in February.

As the critical deadline is drawing near, Greece faces the risk of immediate financial meltdown after five years of painful sacrifices to overcome the crisis.

However, as the clock to default risk is ticking, the two sides seemed to be still at loggerheads and have no intentions to compromise.

For Greece, the debt-laden country has drawn some benefits from its previous face-off with the EU since the European debt crisis.

In addition, Athens appears to be sure that Brussels doesn't want Greece, which boasts an ancient civilization regarded by other European countries and even the whole West as a paradigm, to leave the eurozone.

Nevertheless, Brussels and Germany, the largest creditor of Greece, have apparently lost patience and are not willing to be kept at bay by Athens any more.

As a matter of fact, the present situation is not as dangerous as the 2010 breakout of the European debt crisis, which involved Greece, Ireland, Portugal and other EU nations. If Greece had collapsed, a domino effect would have impacted the whole euro zone.

But today, since Ireland and Portugal have already gotten out of the crisis, Greece's default alone will not cause an unbearable effect to other member states of the European single currency.

On Sunday afternoon, the EU released its latest draft proposals offered to Greece, which was however rejected by the Greek government later, following the Greek parliament's approval of a referendum on them on July 5.

The draft proposals outlined measures the creditors have urged Greece to adopt on fiscal policy, reform on pension, tax and value-added tax, among others.

The Greek government's hardline stance indicated that the country was heading to a rift with lenders, which could have severe repercussions on the Greek economy, the country's European course and eurozone.

Meanwhile, the Greek society seemed divided between a harsh deal and stay in the eurozone after the referendum call.

Surveys conducted recently before the referendum call showed that 60 percent of Greeks supported stay in the eurozone at any cost, while the rest opposed.

With the June 30 deadline approaching, intense negotiations are being held within the EU, so as to avoid Greece's bankruptcy and a possible exit from the eurozone.

Although European Commission President Jean-Claude Juncker has said Greece's stay in the eurozone is an "only option" for the country, it remains to be seen whether the system of the European single currency will be left intact.