Greece crisis: Tsipras meets Putin, says Greece's problem is Europe's problem

Tspiras told an audience in Russia that austerity measures will not resolve the crisis

Greek Prime Minister Alexis Tsipras shakes hands with Russian President Vladimir Putin during a session of the St. Petersburg International Economic Forum (SPIEF 2015) in St. Petersburg on June 19 (AFP/Getty Images)

The Greek prime minister Alexis Tsipras has used a visit to Russia to make an impassioned speech against austerity, saying that budget cuts will not resolve the crisis.

The speech followed an address by the Russian President Vladimir Putin at the St. Petersburg International Economic Forum. Tsipras urged the European Union to follow its own path.

"The problem we are facing is deeply rooted in the process I have described. The EU should pursue its own path. The EU should go back to its initial principals of solidarity and social justice. Ensuring strict economic measures will lead us nowhere. The so-called problem of Greece is the problem of the whole European Union," he said, according to PA.

He is also reported to have said that he believes Russia has a big role to play in Greece.

Here comes Tsipras at #SPIEF. "Why am I here, not in Brussels? I am here because I believe (Russia) has a big role to play..." In Greece?

— mark rice-oxley (@markriceoxley69) June 19, 2015

Meanwhile, in Brussels, another week of panicked headlines from Greece has ended in no deal for the country, which must secure a further cash injection from its eurozone lenders if it is to make a critical €1.5 billion repayment to the IMF on June 30 – or go bust.

Fears of a run on the banks has prompted more talks to be called as soon as possible. Eurozone finance ministers are meeting on Monday 22 June, before a meeting of the eurozone leaders on Monday night to discuss the Greek crisis.

In the meantime the ECB is providing extra liquidity, or cash, to the Bank of Greece to help it to continue operating after almost €1 billion was withdrawn from Greek banks in a day on Thursday.