Best outcome from Brussels meeting on Greece crisis? No breakdown in talks

Best outcome from Brussels meeting on Greece crisis? No breakdown in talks
Best outcome from Brussels meeting on Greece crisis? No breakdown in talks

"There's a fundamental gap between the IMF, who notes correctly that the Greek debt is unsustainable, and the European creditors who do not wish to renegotiate the debt," James Galbraith, economics professor at University of Texas, told CNBC's "Street Signs" on Monday.

"The IMF would like the Europeans to buy them out, but the Europeans need the IMF to enforce the economic program on the Greeks. In addition to that, the IMF is utterly unwilling to face the reality that its program is a disastrous failure; instead it keeps saying the problem is only that it hasn't been applied with sufficient zeal," he said.

However, German finance minister Wolfgang Schaeuble has projected that the IMF will participate in the bailout package, saying that the fund had, in 2015, said it would be involved if Greece fulfilled its reform targets.

The latest development on Greece's debt problems comes amid an increasingly volatile political environment in Europe, which threatens the stability of the eurozone.

"For the countries that have joined the euro, the euro is presented as the ultimate goal, the way of the future, the single future. If a country were to leave the euro, it would be a sign that it ain't necessarily so, in other words, it breaks the taboo," said Stein.

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