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Alex Brazier, one of Bank of England’s senior officials stated today the fact that Greece finds itself in the impossibility of paying its enormous debt and will remain so. The executive director for financial stability, strategy and risk and also, member of the Financial Policy Committee has stated today the idea that the leaders of the country would endure a real “political pain” when trying to cover the whole debt mountain, which currently runs to 176 pc of GDP.

Bank of Greece representatives declared on Monday, that the country is back into deficit within the first two months of the year. In comparison to the same period of last year, when it registered a €139m surplus, numbers for January and February of 2015 show a shortage of €684m.

The country’s current debt payment schedule is to be extended to 2054, as its politicians have agreed with Europe representatives to a relaxation of the austerity conditions imposed to the population. Yet, if a deal of extending loans to Greece would fail to become real, this could imply the country being left out of the Eurozone.

Mr. Brazier, who, along with his membership in the Financial Policy Committee, has the role of ensuring financial stability in the UK, believes that, with a strict program of dealing with the deficit, together with structural reform, Greece could find itself on an ascendant path in its struggle towards recovery, while still remaining in the Euro area.

However, a potential exit from the Eurozone would have minimal effects on UK, as bank liabilities are very low (£2bn), the bank official stated.