1st LD Writethru: Grexit even temporary Grexit not an option: EU's Schulz

"We must reach an agreement today and I believe we will, as the future of Europe is at stake,"Martin Schulz, president of the European Parliament told reporters Sunday afternoon after delivering a speech to the ongoing Euro summit on Greek debt issue.

"Grexit even temporary Grexit is not an option," he said.

The president said a strong majority in the European Parliament is determined to keep Greece in the eurozone. "A Grexit would be a lose-lose situation for all, with unpredictable, possibly catastrophic consequences."

However, Schulz underlined that Greece must be the first to help itself. Otherwise, any solution will not be sustainable.

He added a European solution is about reaching a compromise, one in which the different expectations of all parties are met.

"I urge all of you to act with responsibility and solidarity. This is not a time for divisions. It's time for unity," he said.

The leaders of 19 eurozone member countries are gathering here on Sunday to discuss Greece's bailout program as resumed finance ministers' meeting ended without an agreement.

Without a debt deal in the coming hours, Greece faces financial collapse and Grexit. Greek banks have been closed for the past two weeks and are running out of cash while the country's economy is suffering from capital controls.

Besides, Greece has been in arrears to the International Monetary Fund since July 1 and faces a 3.5-billion-euro debt repayment to the European Central Bank on July 20. (1 euro = 1.12 U.S. dollars) Endit