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The Greek government is working on a package of economic reforms that have been demanded by the Eurozone, led by Germany, in return for a four-month extension to its bail-out.

Greek finance minister Yanis Varoufakis claims his government has stood its ground whilst Dutch finance minister Jeroen Dijsselbloem, head of the Eurogroup, says that Athens had pledged to honour all its debts.

Romano Prodi is the former president of the European Commission, he told Today: ‘There are a lot of countries like Ireland and Spain who made a lot of sacrifices and think Greece should do the same, so Germany was backed by most countries.’

‘We must be satisfied by the fact that there will be negotiations to save the Euro.’

‘We now have a guide for the future of the Euro… Germany has positioned itself as the clear leader.’