European Parliament President Martin Schulz says that the European Union is willing to meet Greece halfway on the cash-for-reforms deal.

MOSCOW (Sputnik) — The European Union is willing to meet Greece halfway on the cash-for-reforms deal, European Parliament President Martin Schulz told German newspaper Welt Am Sonntag.

"The European Union is ready to meet the Greek government halfway," Schulz said, adding Athens must also bear responsibility for the Eurozone.

The unresolved debt stalemate between Greece and its creditors – the International Monetary Fund, the European Commission and the European Central Bank – is expected to weight on the G7 summit of world leaders which kicks off in Germany on Sunday.

Relations between Athens and Brussels soured over the past months after the ruling Syriza party, which was elected in January to form the government, went along with its pre-election promises to end the painful austerity program and handed the bailout plan back to money lenders.

"The government in Greece must finally admit that they have a responsibility not only to the voters of their Syriza party but also to the entire country and, as part of the EU, to the Euro and Europe," Schulz stressed.

Greek Prime Minister Alexis Tsipras is going to meet with his key European creditors at an EU summit next week, in particular with the German and French leaders. He was reportedly due to Brussels for bailout talks on Friday. Instead, the premier opted to stay in Athens to brief the Greek parliament on the country’s debt policy and denounce creditors’ proposals.

Greece now has until the end of June to hammer out a bailout pact with international financial institutions before the current agreement runs out.