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Greece economy: Finance Minister Varoufakis in key France talks Greece economy: Finance Minister Varoufakis in key France talks
(about 1 hour later)
Greek Finance Minister Yanis Varoufakis is holding talks with his French counterpart Michel Sapin, as the new government in Athens begins efforts to renegotiate Greece's huge debt.Greek Finance Minister Yanis Varoufakis is holding talks with his French counterpart Michel Sapin, as the new government in Athens begins efforts to renegotiate Greece's huge debt.
From Paris, Mr Varoufakis will travel to London and Rome for more talks.From Paris, Mr Varoufakis will travel to London and Rome for more talks.
On Saturday, new Greek PM Alexis Tsipras said he was confident Greece could reach a deal with creditors.On Saturday, new Greek PM Alexis Tsipras said he was confident Greece could reach a deal with creditors.
Mr Tsipras' left-wing Syriza party won last Sunday's election with a pledge to have half the debt written off.Mr Tsipras' left-wing Syriza party won last Sunday's election with a pledge to have half the debt written off.
Following days of debate and questions about how Greece planned to approach the issue, Mr Tsipras said in a statement issued to Bloomberg news agency that he had never intended to act unilaterally.Following days of debate and questions about how Greece planned to approach the issue, Mr Tsipras said in a statement issued to Bloomberg news agency that he had never intended to act unilaterally.
German Chancellor Angela Merkel has ruled out debt cancellation, saying creditors had already made concessions.German Chancellor Angela Merkel has ruled out debt cancellation, saying creditors had already made concessions.
'Delay, not annulment''Delay, not annulment'
In Paris, Mr Varoufakis is meeting Mr Sapin as well French Economy Minister Emmanuel Macron. In Paris, Mr Varoufakis is meeting Mr Sapin as well as French Economy Minister Emmanuel Macron.
A joint statement is expected shortly.A joint statement is expected shortly.
Ahead of the talks, Mr Sapin told France's Canal Plus TV that Greece could not expect a straight debt write-off.Ahead of the talks, Mr Sapin told France's Canal Plus TV that Greece could not expect a straight debt write-off.
"No we will not annul, we can discuss, we can delay, we can reduce its weight, but not annul," he said."No we will not annul, we can discuss, we can delay, we can reduce its weight, but not annul," he said.
Mr Varoufakis has repeatedly stressed that he will refuse to work with the "troika" of global institutions overseeing Greek debt - the European Commission, European Central Bank and International Monetary Fund.Mr Varoufakis has repeatedly stressed that he will refuse to work with the "troika" of global institutions overseeing Greek debt - the European Commission, European Central Bank and International Monetary Fund.
The troika agreed a €240bn (£179bn; $270bn) bailout with the previous Greek government.The troika agreed a €240bn (£179bn; $270bn) bailout with the previous Greek government.
Greece still has a debt of €315bn - about 175% of gross domestic product - despite some creditors writing down debts in a renegotiation in 2012.Greece still has a debt of €315bn - about 175% of gross domestic product - despite some creditors writing down debts in a renegotiation in 2012.
Austerity measures imposed in an effort to manage that debt have prompted outrage in Greece and led voters to reject the previous government.Austerity measures imposed in an effort to manage that debt have prompted outrage in Greece and led voters to reject the previous government.
Instead Greeks convincingly voted Syriza into power after an election campaign dominated by the party's message of change.Instead Greeks convincingly voted Syriza into power after an election campaign dominated by the party's message of change.
Greek economy in numbersGreek economy in numbers
'Confident of deal''Confident of deal'
Despite a feisty news conference in Athens on Friday between Mr Varoufakis and Jeroen Dijsselbloem, chairman of the eurozone finance ministers' group, Mr Tsipras said on Saturday that Greece would not act unilaterally.Despite a feisty news conference in Athens on Friday between Mr Varoufakis and Jeroen Dijsselbloem, chairman of the eurozone finance ministers' group, Mr Tsipras said on Saturday that Greece would not act unilaterally.
It would repay its debts to the ECB and IMF, and reach a deal with the eurozone nations that funded most of the bailout package, the prime minister said.It would repay its debts to the ECB and IMF, and reach a deal with the eurozone nations that funded most of the bailout package, the prime minister said.
"The deliberation with our European partners has just begun."The deliberation with our European partners has just begun.
"Despite the fact that there are differences in perspective, I am absolutely confident that we will soon manage to reach a mutually beneficial agreement, both for Greece and for Europe as a whole.""Despite the fact that there are differences in perspective, I am absolutely confident that we will soon manage to reach a mutually beneficial agreement, both for Greece and for Europe as a whole."
Mr Tsipras himself will next week hold talks in Italy and France, but has no plans to go to Germany as yet.Mr Tsipras himself will next week hold talks in Italy and France, but has no plans to go to Germany as yet.
Mr Dijsselbloem welcomed Mr Tsipras' comment, saying: "It is now up to the Greek government to determine its position on how to move forward.Mr Dijsselbloem welcomed Mr Tsipras' comment, saying: "It is now up to the Greek government to determine its position on how to move forward.
"Further decisions will be taken jointly in the Eurogroup in the coming weeks.""Further decisions will be taken jointly in the Eurogroup in the coming weeks."
In interviews in the German media published on Saturday, Mrs Merkel said she still wanted Greece to stay in the eurozone but did not "envisage fresh debt cancellation".In interviews in the German media published on Saturday, Mrs Merkel said she still wanted Greece to stay in the eurozone but did not "envisage fresh debt cancellation".
"There has already been voluntary debt forgiveness by private creditors, banks have already slashed billions from Greece's debt," she told Hamburger Abendblatt."There has already been voluntary debt forgiveness by private creditors, banks have already slashed billions from Greece's debt," she told Hamburger Abendblatt.
Greece's current programme of loans ends on 28 February. A final bailout tranche of €7.2bn still has to be negotiated but the new government has already begun to roll back austerity measures.Greece's current programme of loans ends on 28 February. A final bailout tranche of €7.2bn still has to be negotiated but the new government has already begun to roll back austerity measures.