He said the EU parliamentarian, Eleftherios Synadinos, would later get a chance to state his case. Schulz has in the past fined EU lawmakers who use racist language.
Synadinos made his controversial remarks during a debate that took place Wednesday morning at the plenary in Strasbourg, France, on a refugee summit that the EU held with Turkey earlier this week.
Synadinos in Greek described Turks as "spiritual barbarians, impious, cheaters and dirty," Schulz said.
Synadinos went on to say that "a Turk is like a dog that acts fiercely but runs away when he has to fight the enemy" and argued that "the fist and decisiveness" is the only way to handle Turks.
Greece and Turkey have historically had a hostile relationship, but have cooperated during the refugee crisis. Schulz called Synadinos` comments "unacceptable" and said they violated the EU`s values and principles.
The Greek lawmaker left the plenary of his own accord after Schulz dispatched ushers to accompany him.
The parliament president also quashed a protest by French far-right parliamentarian Bruno Gollnisch, telling him: "If you don`t calm down, you will get a tranquilizer."
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