Merkel Demands Action From Greece to Cement Euro Membership

German Chancellor Angela Merkel demanded urgent action from the Greek government to cement its position as a member of the single currency.

Merkel said that fellow Group of Seven leaders meeting in Schloss Elmau, southern Germany, shared her goal of keeping Greece in the currency bloc and also backed her insistence that Prime Minister Alexis Tsipras must deliver an economic program that can satisfy the country’s creditors.

“There isn’t much time left, that’s the problem,” Merkel said at a press conference on Monday following the G-7 meeting. “Every day counts now.”

Greece and its creditors are wrangling over the measures required to unlock as much as 7.2 billion euros ($8 billion) of aid from its bailout program and avert a chain reaction that could see the nation pushed out of the euro. A solution to the negotiations should be reached before June 14 but further high-level meetings will only happen if there is a chance of a deal, a French government official told reporters on the condition of anonymity.

“A faster resolution is in Greece’s interest,” French President Francois Hollande told reporters after the meeting. “If we want to move forward, it would be necessary to have technical talks, in the hours and the days to come, so that the proposals that aren’t working for the Greeks are replaced by alternative proposals.”

Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam