Greece warns of 'devastating results' without debt relief

European lawmakers supportive of Greece's left-wing government are urging the European Commission to act swiftly on debt relief for the bailed out eurozone member, warning that delays would produce "devastating results" for its economy.

In a letter on Thursday to EU Finance Commissioner Pierre Moscovici, 36 lawmakers from Greece's ruling Syriza party and European allies parties urged the EU to press eurozone bailout lenders to start negotiating new terms on the whopping $347.5bn Greek national debt. That would entail longer maturities and a smoother repayment schedule.