The Venice Festival celebrated the Greek-born French director Costa Gavras for his creative contributions to the development of contemporary cinema.

The Oscar-winning director released his new film on the Greek government debt crisis.

The 76-year-old filmmaker honored the 86-year-old director, who is best known for his films "Z" and "Missing" on Tuesday evening.

The Venice Film Festival also showcased the new Gavras film "Adalts in the Room", based on a book by former Greek Finance Minister Yiannis Varovakis, and highlights the negotiations for the 2015 Greek bailout package.

"There are a lot of confusing policies in Europe," Costa Gravas told a news conference. It has to arrange one day not in the same way it has arranged in the past few years, ”he said, pointing to fears of rising populism.

"I hope that all of that will change."