Greece drama continues in G7 meeting

Alexis Tsipras, bailout, debt obligation, ECB, Greece, Grefault, IMF8 June,, Lagos — The Greek drama continues after the country made a sudden move to take the option of bundling all of its four IMF payments together and postpone the entire repayment to the 30th of June. As Greece drama continues in the G7 meeting, Greece faces a week of urgent diplomacy to free up bailout aid and avert a potential default as world leaders press for a final resolution to the standoff.

Also, the resumption of talks between the Greek government and creditors is due to resume this week. During the G-7 meeting, U.S. President Barack Obama expressed concerns about the impasse, as he sought for and to avert the risk of wider economic reverberations. Canadian Prime Minister Stephen Harper “emphasized the importance of addressing the Greek debt crisis,” according to a statement released by his office after a working session on the world economy. “There was unanimity of opinion in the room that it was important for Greece and their partners to chart a way forward that builds on crucial structural reforms” and returns to growth, White House spokesman Josh Earnest told reporters at a briefing on the president’s 45-minute meeting with Merkel.

“There is obviously a deadline looming,” Earnest said. Obama “is certainly hopeful that Greece and their partners will be able to chart this path without undue volatility.”

The Greek Prime minister, Alexis Tsipras is due to attend a meeting of European Union and Latin American leaders on June 10-11, when Merkel and French President Francois Hollande will also be present.

“All of us were of the opinion that a whole lot of work still lies ahead,” Merkel said in an interview from the summit at Schloss Elmau broadcast on ARD television. “We want to make every possible effort, but we aren’t there yet.”

As the situation heats up, the European Commission President Jean-Claude Juncker expressed his frustration towards Athens as he adopted uncharacteristically blunt language to signal that he was losing patience with Greece. Juncker, said at the G-7 that Tsipras had misrepresented aspects of the negotiations in Parliament in Athens on Friday.

“I don’t have a personal problem with Alexis Tsipras,” Juncker told reporters at the G-7 summit. “But friendship, in order to maintain it, has to observe some minimal rules.” The comments from Juncker were in response to Tsipras speech to lawmakers in Athens that the “clearly unrealistic” demands being made of Greece and said he hoped the latest offer from creditors to unlock bailout funds was “a bad negotiating trick.”

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