The report of troika, namely the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF), on Greece will be crucial for the eurozone country, a German economist said in an interview with Xinhua.

Greece's fate in the eurozone depends on what the Greek government is doing at the moment, said Heiko Peters, an economist with Deutsche Bank.

According to Peters, the troika report will provide details about Greece's implementation of austerity measures and reforms as conditions for two bailouts that have kept Greece solvent.

He said the reforms committed by Greece have hardly gained progress since the May elections, which failed to produce a government. "At the moment, they are not really implementing the reforms. That's a main problem," Peters told Xinhua.

Peters saw little possibility for the troika to offer a compromise on the second bailout deal, for which the Greek government is reported to ask for an extension. Giving Greece two more years needs additional fund of over 10 billion euros (12 billion U.S. dollars) from the creditors, according to Peters' estimates.

The ECB announced on Friday that it would suspend accepting Greek government bonds as collateral in monetary policy operations.

It said in a statement that the governing council of the ECB would assess the potential eligibility of Greek government bonds following the conclusion of the ongoing troika review.

The announcement raised concerns over Greece's implementation of austerity measures and reforms, which, according to the creditors, are crucial to keep the debt level of the country sustainable.

Analysts said it was not impossible for the troika to cut off the bailout loans, leading to a Greek default and exit from the euro. However, ECB President Mario Draghi said in a recent interview with a French newspaper that the eurozone is not in danger of breakup.

Peters attributed the lingering debt crisis to unsustainable domestic consumptions in some eurozone countries in private or government sectors. There was a housing boom in Ireland and Spain, and high government spending in Greece and Italy, he said.

Due to big rises in their labor costs among other factors, their export-oriented sectors lost competitiveness, he said.

With regard to the solution of the debt crisis, Peters said, "I think at the moment there is not one solution that can fix all the problems at one time."

Amid the global economic slowdown, it would take a longer time -- a decade or longer -- for the countries to rebalance their economies, he added.

Representatives from the troika on Thursday started talks with the Greek government to review the progress made by Greece in the implementation of austerity measures and reforms.

The IMF said in an earlier statement that it is supporting Greece in overcoming its economic difficulties.