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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". |
| Earlier, Greek Finance Minister Yanis Varoufakis said it was time to stop finger-pointing and find an agreement. | Earlier, Greek Finance Minister Yanis Varoufakis 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. | 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. | 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. | 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." | 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. |
| At the weekend, Mr Varoufakis was quoted as saying the Commission's latest demands were "borderline insulting". | At the weekend, Mr 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." |
| 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. | 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. |
| Greece debt talks - main sticking points | Greece debt talks - main sticking points |
| Greece's debt dilemma explained in 90 seconds | Greece's debt dilemma explained in 90 seconds |
| Russia sanctions | Russia sanctions |
| The G7 also called for the decarbonisation of the global economy, pledging to move electricity generation towards renewable sources and nuclear by 2050, although they stopped short of setting binding targets. | |
| On Ukraine, Ms Merkel said G7 countries hoped Russia would comply with a ceasefire agreement signed in February by pro-Moscow rebels and the Kiev government. But she added that sanctions could be strengthened if necessary. | |
| 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." | 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." |
| 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. | Russia was excluded from the group of economic powers last year after Russia annexed Crimea. |