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Chancellor warns of Greece 'risk' to global economy | |
(35 minutes later) | |
George Osborne has warned the standoff between Greece and the eurozone "is fast becoming the biggest risk to the global economy". | George Osborne has warned the standoff between Greece and the eurozone "is fast becoming the biggest risk to the global economy". |
The chancellor was speaking after his meeting with Greek Finance Minister Yanis Varoufakis on Monday. | The chancellor was speaking after his meeting with Greek Finance Minister Yanis Varoufakis on Monday. |
He urged Mr Varoufakis "to act responsibly" in any bailout negotiations with Europe. | He urged Mr Varoufakis "to act responsibly" in any bailout negotiations with Europe. |
Mr Osborne added the standoff presented "a rising threat to our economy at home". | Mr Osborne added the standoff presented "a rising threat to our economy at home". |
But the chancellor said the the eurozone must also come up with "a better plan for jobs and growth". | But the chancellor said the the eurozone must also come up with "a better plan for jobs and growth". |
Ahead of the meeting, Mr Osborne said he welcomed the opportunity to "discuss face-to-face with Yanis Varoufakis the stability of the European economy and how to boost its growth". | Ahead of the meeting, Mr Osborne said he welcomed the opportunity to "discuss face-to-face with Yanis Varoufakis the stability of the European economy and how to boost its growth". |
Greece's finance minister is seeking to renegotiate Greece's huge debt obligation in the face of opposition from Germany, Europe's largest economy and Greece's biggest creditor. | Greece's finance minister is seeking to renegotiate Greece's huge debt obligation in the face of opposition from Germany, Europe's largest economy and Greece's biggest creditor. |
The economist-turned-finance minister, who is on a tour of European capitals, says his priority is the well-being of all Europeans and has ruled out accepting more bailout cash. | The economist-turned-finance minister, who is on a tour of European capitals, says his priority is the well-being of all Europeans and has ruled out accepting more bailout cash. |
European tour | European tour |
After talks with his French counterpart over the weekend, Mr Varoufakis said a new debt deal was needed within months. | After talks with his French counterpart over the weekend, Mr Varoufakis said a new debt deal was needed within months. |
French Finance Minister Michel Sapin said his country was ready to help Greece settle with its creditors. | French Finance Minister Michel Sapin said his country was ready to help Greece settle with its creditors. |
Mr Varoufakis is to travel to Rome next on his trip around Europe's capitals and financial hubs. | Mr Varoufakis is to travel to Rome next on his trip around Europe's capitals and financial hubs. |
His comments follow remarks on Saturday by new Greek Prime Minister Alexis Tsipras, who said he was confident Greece could reach a deal with creditors. | His comments follow remarks on Saturday by new Greek Prime Minister Alexis Tsipras, who said he was confident Greece could reach a deal with creditors. |
Greece's anti-austerity Syriza party won last month's general election with a pledge to write off half the country's debt. | |
Greece still has a debt of €323bn - about 175% of gross domestic product - despite some creditors writing down debts in a renegotiation in 2012. | |
German Chancellor Angela Merkel has ruled out debt cancellation, saying creditors had already made concessions. | |
Austerity measures imposed in an effort to manage the debt have prompted outrage in Greece and led voters to reject the previous government. | |
The European Commission, the IMF and the European Central Bank - the so-called "troika" - agreed a €240bn (£179bn) bailout with the previous Greek government. | |
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, including the cancellation of the previous government's programme of privatisations. |
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