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G7 summit: Merkel says time is running out for Greece deal G7 summit: Merkel says time is running out for Greece deal
(about 1 hour later)
German Chancellor Angela Merkel has warned that time is running out for a deal to keep Greece in the eurozone.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".Speaking after the G7 summit in Germany, she said Europe would show solidarity but only if Greece "makes proposals and implements reforms".
European Commission President Jean-Claude Juncker had accused Greece of failing to deliver "promised" reforms. Earlier, Greek Finance Minister Yanis Varoufakis said it was time to stop finger-pointing and find an agreement.
But on Monday, Greece's finance minister said it was time to stop finger-pointing and find an agreement. Other topics on the agenda at the G7 summit were climate change, countering extremism and the war in Ukraine.
It was held at the picturesque Schloss Elmau hotel in the Bavarian Alps and was attended by the leaders of the US, UK, Japan, France, Canada and Italy.
Ms Merkel, who hosted the event, said the Greek crisis had been a central part of discussions.
She reiterated her desire for Greece to remain part of the eurozone, but said: "There isn't much time left. Everyone is working intensively. Every day counts now."
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.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.But Greece has robustly rejected these proposals without some form of debt restructuring agreement in return.
'Every day counts' At the weekend, Mr Varoufakis was quoted as saying the Commission's latest demands were "borderline insulting".
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."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."
Chancellor Merkel said the Greek crisis had been a central part of talks at the two-day G7 summit of economic powers in southern Germany. Ms Merkel is expected to meet with Greek Prime Minister Alexis Tsipras on the sidelines of a European Union-Latin America summit in Brussels on Wednesday.
She reiterated her desire for Greece to remain part of the eurozone, but said: "There isn't much time left. Everyone is working intensively. Every day counts now." Greece debt talks - main sticking points
She is expected to meet with Greek Prime Minister Alexis Tsipras on the sidelines of an European Union-Latin America summit in Brussels on Wednesday. Greece's debt dilemma explained in 90 seconds
Russia sanctions
On Ukraine, another topic of talks at the summit, Ms Merkel said G7 countries hoped Russia would comply with the ceasefire agreement signed in February, but added that sanctions could be strengthened if necessary.On Ukraine, another topic of talks at the summit, Ms Merkel said G7 countries hoped Russia would comply with the ceasefire agreement signed in February, but added that sanctions could be strengthened if necessary.
The summit is being held at the picturesque Schloss Elmau hotel in Kruen in the Bavarian Alps. US President Barack Obama echoed her comments, saying: "The G7 is making it clear that if necessary we stand ready to impose additional significant sanctions against Russia."
The leaders of the US, UK, Japan, France, Canada and Italy are attending the talks, hosted by Ms Merkel. He added that Russian President Vladimir Putin must decide whether he still wants to wreck Russia's economy in pursuit of a "wrongheaded desire to recreate the glories of the Soviet empire."
Russia was excluded from the group of economic powers last year after Russia annexed Crimea.