European Parliament President Martin Schulz said an extension of the time frame for policy changes and budget cuts in Greece is “conceivable,” according to an interview with Tagesspiegel.

Politics “is always a dynamic process,” Schulz told the German newspaper. The president said agreements on measures reached between Greece and international financial institutions should be honored, Tagesspiegel reported.

-- With assistance from Jeff Black in Frankfurt. Editors: Srinivasan Sivabalan, John Viljoen

To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net

To contact the editor responsible for this story: Celeste Perri in Amsterdam at cperri@bloomberg.net