GUE/NGL MEP Dimitrios Papadimoulis has taken part in a European Parliament debate this afternoon on last week's informal European Council conclusions.

The Greek MEP said: “The response that the European Union, the Eurogroup, the Commission and the European Central Bank are going to give to the issues raised by the Greek government will act as a mirror;  it will reflect how the Eurozone will tackle its own problems due to the unilateral  austerity policies, which have failed.”

He pointed out that in the past few years, investment had plummeted in the Eurozone resulting in economic stagnation and deflation, as well as the risk of another recession looming on the horizon.

“The Eurogroup has decided to give Greece some breathing space,” he said. “This means it can make sure that the rules are being adhered to and that we can respect democracy. Of course we accept to honour our commitments. Of course we accept European solidarity to fight against corruption and tax evasion.”

On the Juncker investment programme, he said it was important to make sure that “funds were channelled to those countries who needed them most, especially those with the highest unemployment rates”.

And on Ukraine, MEP Papadimoulis referred to the peace agreement as “a small sapling that might dry out”.

“We must continue to boost these peace efforts,” he said.