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Greece economy: Finance Minister Varoufakis in key France talks Greece Finance Minister Varoufakis: 'Europe comes first'
(about 2 hours 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. The economist-turned-finance minister seeking to renegotiate Greece's huge debt obligations says his priority is the well-being of all Europeans and has ruled out accepting more bailout cash.
From Paris, Mr Varoufakis will travel to London and Rome for more talks. After talks with his French counterpart, Yanis Varoufakis said a new debt deal was needed within months.
On Saturday, new Greek PM Alexis Tsipras said he was confident Greece could reach a deal with creditors. Michel Sapin said France was ready to help Greece settle with its creditors.
Mr Tsipras' left-wing Syriza party won last Sunday's election with a pledge to have half the debt written off. Greece's leftist anti-austerity Syriza party won last Sunday's election with a pledge to write off half the debt.
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. Greece still has a debt of €315bn - about 175% of gross domestic product - despite some creditors writing down debts in a renegotiation in 2012.
Beginning his first swing around European capitals and finance hubs in Paris, Mr Varoufakis is to travel next to London and Rome for more talks.
His comments follows remarks on Saturday by new Greek PM Alexis Tsipras, who said he was confident Greece could reach a deal with creditors.
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' 'Ending the addiction'
In Paris, Mr Varoufakis is meeting Mr Sapin as well as French Economy Minister Emmanuel Macron. At a news conference in which Mr Sapin reiterated that "there is no question of cancelling the Greek debt", Mr Varoufakis said Greece and its partners had to proceed "with one objective in mind - the prosperity of the average European citizen".
A joint statement is expected shortly. He added that he wanted a new plan for fiscal stimulus in place by the end of May, with repayment of existing debt tied to Greece's ability to restore growth.
Ahead of the talks, Mr Sapin told France's Canal Plus TV that Greece could not expect a straight debt write-off. He ruled out Greece receiving a new tranche of the bailout package.
"No we will not annul, we can discuss, we can delay, we can reduce its weight, but not annul," he said. "It's not that we don't need the money, we're desperate because of certain commitments and liabilities that we have," 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. "We have resembled drug addicts craving the next dose. What this government is all about is ending the addiction."
Greek economy in numbers
Mr Varoufakis said he would visit several European capitals, including Berlin, as he sought agreement on Greece's debts.
He added he would negotiate separately with the European Commission, the IMF and the European Central Bank but not with officials representing all three - the so-called "troika", which he described as a "committee of technocrats".
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. Austerity measures imposed in an effort to manage the 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 numbers
'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.
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.
"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 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."
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. Greece's current programme of loans ends on 28 February. A final bailout tranche of €7.2bn was still 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.