G7 Summit: Merkel Says Time Is Running Out For Greece Deal

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German Chancellor, Angela Merkel has warned that time is running out for a deal to keep Greece in the eurozone. Speaking after the G7 summit in Germany, she said Europe would show solidarity but only if Greece “makes proposals and implements reforms”. BBC was there:

European Commission President Jean-Claude Juncker had accused Greece of failing to deliver “promised” reforms. But on Monday, Greece’s finance minister said it was time to stop finger-pointing and find an agreement.

The European Commission is asking for further reforms to Greece’s economy, including tax increases and cuts in civil servants’ salaries and pensions, before the next €7.2bn (£5.2bn) tranche of bailout money can be released.

But Greece has robustly rejected these proposals without some form of debt restructuring agreement in return. At the weekend, Greek Finance Minister Yanis Varoufakis was quoted as saying the Commission’s latest demands were “borderline insulting”.

But speaking on a visit to the German capital Berlin on Monday, he told reporters: “It is time to stop pointing fingers at one another and it is time that we do our job… to come to an agreement.”

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