Merkel Gives Greece 12 Days to Reach Financing Accord
Source: Bloomberg
by Gregory ViscusiBrian Parkin
8:37 AM EDT
May 19, 2015
German Chancellor Angela Merkel and French President Francois Hollande gave Greece until the end of May to reach a deal on its aid program, urging faster talks to end the standoff over the country’s financing.
Merkel and Hollande, standing side-by-side after meeting in Berlin on Tuesday, said they would impress the message on Greek Prime Minister Alexis Tsipras when they all attend a European Union meeting in Riga, Latvia, this week.
“We do expect that decisive progress now be made in the relevant forums, particularly in the so-called Brussels Group” comprising official creditors and Greek representatives, Merkel said at a joint news conference. Hollande said that “it’s in everyone’s interest that Greece stays in the euro zone, so it’s in everyone’s interest to have a lasting accord.”
The united stand by the leaders of the two biggest euro-area economies adds pressure on Tsipras to make a deal as the four-month standoff between Greece and its lenders rattles markets and raises questions about its future in the euro. The timeline was echoed by EU President Jean-Claude Juncker, as policymakers begin to coalesce around the end of May as a key date.
Read more: http://www.bloomberg.com/news/articles/2015-05-19/merkel-hollande-urge-greek-talks-hasten-to-end-may-deal
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