Tsipras: Greece needs debt relief

The Greek Prime Minister has said his country needs debt relief.

Speaking at an emergency parliament meeting yesterday Alexis Tsipras said it was "absurd" for Europe to ask for more reforms in return for more money.

Earlier this week Greece postponed its latest €300m payment to the IMF.

It has chosen to bundle its four outstanding instalments into one payment at the end of the month.

Senior lecturer in European Law at UCD Dr Gavin Barrett said leaving the Eurozone could prove difficult for Greece if it defaults.

"Currency unions are easier to get into than to get out of, and we really don't know the consequences of (an exit by Greece)," he said. "There would be an awful lot of pain involved for Greece…They don't have a very competitive economy."