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Greece will not go bankrupt in July, says member of the opposition New Democracy

Louisa Gouliamaki | AFP | Getty Images

With Greece at odds with its creditors and growing fears that it may default on its debt, a member of an opposition party believes Athens will strike a deal to remain a member of the euro zone.

"At the end, logic will prevail, nobody would like to let Greece after all these efforts and all these loans to be bankrupt in July," Adonis Georgiadis, vice president of the conservative party New Democracy, told CNBC on Wednesday.

Greece and its European creditors are at an impasse over measures that the Syriza-led government should legislate in order to be granted some debt relief.

Without the agreement on those measures, both sides are unable to conclude the so-called second bailout review – originally scheduled for last October. Consequently, European lenders cannot disburse new funds, which Athens needs to comply with repayment deadlines in July.

"(Prime Minister) Tsipras has a big responsibility to close the review as fast as possible," Georgiadis told CNBC. "If he will not close the review, our economy will face problems," he added.

Recent forecasts have shown that Athens could grow as much as 2.7 percent in 2017 after returning anemic growth figures last year. But any doubts over the sustainability of the 86 billion euro ($90 billion) bailout could dent confidence and lead to a downward revision in such forecasts.

Greece has been supported financially since 2010. All other euro countries that received help have concluded their bailout programs.

"Mistakes have been made from both sides," Georgiadis noted. "From our side because we have never really implemented all the reforms and from the lenders side because they didn't understand exactly how the economy was working and the things we could really do and what we couldn't do," he said.

Grexit talk is over: New Democracy VP

Conservative New Democracy edges up in polls

Voters' dissatisfaction with the current Syriza-led government has become evident. New Democracy, which has led the country during previous bailouts and which has often been blamed for Greece's poor economic performance, is now leading polls.

Georgiadis told CNBC that if New Democracy was back in power the party would not make the country so reliant on the state.

"You have to expect that (Kyriakos Mitsotakis, leader of New Demcoracy) will transfer the country to the most business friendly Greece ever was. If you want to buy Greece, buy Greece now because it's cheap," Georgiadis said.

Must find solution to crisis: New Democracy VP

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