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Greek debt talks 'must intensify' EU says time for Greek 'happy ending'
(about 3 hours later)
The leaders of Greece, France and Germany have agreed to intensify negotiations with Athens' creditors, but there was little sign of progress. EU Commissioner Pierre Moscovici has said a Greek debt deal is close but needs a "happy ending", as Greek Prime Minister Alexis Tsipras pushes for an agreement in Brussels.
After late night talks in Brussels, Greek Prime Minister Alexis Tsipras said all the sides would work to "bridge" remaining differences. After a late-night meeting with French and German leaders, Mr Tsipras said they had decided to intensify talks.
EU Commissioner Pierre Moscovici said a deal was close but it was now necessary to move to a "happy ending". He was due to meet European Commission head Jean-Claude Juncker on Thursday.
Greece faces default at the end of June if it fails to repay €1.5bn to the IMF. Greece is seeking a cash-for-reform deal, to avoid defaulting on a €1.5bn debt repayment to the IMF.
The EU and IMF want further economic reforms before they release €7.2bn (£5.3bn) of bailout funds to Athens. But the EU and IMF are unhappy with the extent of economic reforms the Athens government is offering in exchange for the release of a final €7.2bn (£5.3bn) in bailout funds.
The president of Germany's Bundesbank, Jens Weidmann, emphasised that time was running out for a deal, and that "the risk of insolvency is increasing by the day".
And ratings agency Standard and Poors pushed Greece's credit rating into junk territory, warning that without a deal it could default on commercial debt within a year.
But Greek stocks soared on Thursday, reacting to the positive comments from Brussels even though there was little obvious progress.
Earlier this week, Athens submitted a revised reform plan to the EU and IMF, after Mr Tsipras rejected a set of reforms put forward by EU Commission President Jean Claude Juncker.Earlier this week, Athens submitted a revised reform plan to the EU and IMF, after Mr Tsipras rejected a set of reforms put forward by EU Commission President Jean Claude Juncker.
It is believed Athens has conceded ground on VAT reforms, pensions and the country's primary surplus target.It is believed Athens has conceded ground on VAT reforms, pensions and the country's primary surplus target.
Mr Tsipras is expected to hold further talks with Mr Juncker later on Thursday.
Eurozone warningEurozone warning
"We decided to intensify efforts to resolve the differences that remain and to move towards a solution," the Greek prime minister told reporters after his meeting with German Chancellor Angela Merkel and French President Francois Hollande."We decided to intensify efforts to resolve the differences that remain and to move towards a solution," the Greek prime minister told reporters after his meeting with German Chancellor Angela Merkel and French President Francois Hollande.
"The European leaders realised that we must offer a viable solution and the chance for Greece to return to growth," Mr Tsipras added."The European leaders realised that we must offer a viable solution and the chance for Greece to return to growth," Mr Tsipras added.
Ms Merkel and Mr Hollande left the talks without making public comments, however a German government statement said the three leaders had agreed that the negotiations "must be intensified". Mrs Merkel told reporters later they had had a "very intense exchange of views" and that every day counted.
The statement also said the meeting in Brussels was constructive.
EU Economic Affairs Commissioner Pierre Moscovici told French radio on Thursday that the talks with Greece had progressed in recent weeks to the extent that "we're now ready for landing".EU Economic Affairs Commissioner Pierre Moscovici told French radio on Thursday that the talks with Greece had progressed in recent weeks to the extent that "we're now ready for landing".
"I really like Greek tragedy, but I think now we really have to move on to the happy ending.""I really like Greek tragedy, but I think now we really have to move on to the happy ending."
In his comments, Mr Tsipras indicated he had stuck to his demand for some debt relief for Greece, the BBC's Damian Grammaticas in Brussels reports. A major sticking point in the talks appears to be Mr Tsipras's demand for some debt relief for Greece, the BBC's Damian Grammaticas in Brussels reports.
But European leaders will not countenance writing off debts before Greece commits to reforms. So there appears to have been little achieved and only a few more days for all sides to find a solution, our correspondent adds. European leaders will not countenance writing off debts before Greece commits to reforms, our correspondent says.
Last week, Greece "bundled up" a €300m payment to the IMF, delaying the payment until the end of June when a total of €1.5bn is due to be paid. Mr Tsipras's left-wing Syriza party came to power in January on an anti-austerity platform. It fulfilled one of its campaign pledges on Thursday when state broadcaster ERT resumed broadcasts, exactly two years after it was replaced by a smaller-scale operation called Nerit.
Mr Tsipras has warned earlier that a failure to reach a deal on Greece's bailout by the end of June would be the beginning of the end for the eurozone. Nerit's channels were replaced on Thursday by ERT's programming.
Last week, Greece postponed until the end of June a €300m payment to the IMF, deciding to bundle up four payments amounting to €1.5bn.
Mr Tsipras has warned that a failure to reach a deal on Greece's bailout by the end of June would be the beginning of the end for the eurozone.