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Compared to the past, the euro area is really better geared to tackle the new Greek crisis, but if the situation deteriorates further, it will enter uncharted waters.

This stark warning was made by Mario Draghi, who called for extensive discussions with the aim of solving the problems regarding the Greek debt. At the same time, he urged Athens to present proposals, which will ensure fairness, development, economic and financial stability.

Asked about the dangers of contagion, the head of the ECB said: "At the moment, we have a lot of tools available, which, although designed for other purposes, can certainly be used in times of crisis, if necessary." According to The Financial Times, these tools are the so-called Outright Monetary Transactions (OMT), which have never been used, and the quantitative easing embarked on by the ECB in January. "Now we are better prepared than in 2012, 2011 and 2010", said Mario Draghi.

However, the ECB president did not hesitate to issue a warning. "We are certainly drifting into uncharted waters if the crisis deepens, but it is too early to make any assumptions about this", said Draghi after his meetings in Washington overshadowed by new fears related to the risk of Greek bankruptcy and exit from the eurozone.

The US Treasury Secretary, Jack Lew, voiced similar concerns on Friday. He warned that a new deepening of the crisis in Greece would cast a shadow of uncertainty on the European and world economy. Lew also put pressure on Athens to present immediately a detailed reform plan. As he pointed out, although the economic situation in Greece has changed significantly since 2012, it is impossible to predict how the markets will react to a possible bankruptcy.

According to the Financial Times, senior IMF officials have also expressed deep concern over the fact that key Greek ministers failed to take seriously the technical talks. The paper also added that there are no intentions to extend funding to Greece without substantial progress on the reforms.

Signs of progress in Paris

Meanwhile, the Brussels Group meetings continue today in Paris, with signs of progress already noticeable. At least this is what the decision to hold a special videoconference Eurogroup meeting on Wednesday, 22 April, shows. This is two days before the crucial meeting of the group in Riga, Latvia.

The Paris talks were held in an atmosphere of ‘moderate clash’, according to the Mega information channel. A source of the TV channel from the Greek negotiating team has expressed optimism that there would be some result before the meeting of the finance ministers.