In this paper, we study the discrete classical phase space of loop gravity, which is expressed in terms of the holonomy-flux variables, and show how it is related to the continuous phase space of general relativity. In particular, we prove an isomorphism between the loop gravity discrete phase space and the symplectic reduction of the continuous phase space with respect to a flatness constraint. This gives for the first time a precise relationship between the continuum and holonomy-flux variables. In our construction, the fluxes not only depend on the three-geometry, but also explicitly on the connection, providing a natural explanation of their non-commutativity. It also clearly shows that the flux variables do not label a unique geometry, but rather a class of gauge-equivalent geometries. This allows us to resolve the tension between the loop gravity geometrical interpretation in terms of singular geometry and the spin foam interpretation in terms of piecewise flat geometry, since we establish that both geometries belong to the same equivalence class. This finally gives us a clear understanding of the relationship between the piecewise flat spin foam geometries and Regge geometries, which are only piecewise-linear flat. The Regge geometry corresponds to metrics whose curvature is concentrated around straight edges, while the loop gravity geometry corresponds to metrics whose curvature is concentrated around not necessarily straight edges.
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