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Tsipras, Merkel, Hollande Agree to Intensify Talks

Merkel Oland TsiprasThe meeting between Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande was concluded early on Thursday with the agreement to intensify talks and reach a deal before the end of June.
The three leaders met on the sidelines of a summit between European Union, Latin American and Caribbean country leaders. According to government sources, they agreed to bridge the gap in negotiations in order to reach a deal that will allow Greece to return to growth with social cohesion and a sustainable debt.
“I think that Europe’s political leadership has understood that a sustainable solution should be given to Greece as well as the chance to return to growth with social cohesion, security and a sustainable debt amid a perspective that would give back security and stability, not just in Greece but throughout Europe,” Tsipras underlined.
At the same time, the Greek Prime Minister secured a meeting with European Commission President Jean-Claude Juncker later today. Juncker had stated a day before the summit that he does not intent to meet with Tsipras because he was displeased with his attitude during last week’s meeting.
According to sources within the Greek government, the two men met briefly before the start of the summit and Tsipras promised that Athens will take additional measures that will bring 440 million euros to the 2015 budget and close the fiscal gap.
The same sources said that Juncker will have all his partners and witnesses from last Wednesday’s meeting and scold Tsipras for his attitude and recent statements. Nevertheless, the two men intend to put differences aside for the sake of the completion of the fifth review and the subsequent agreement.
European Commission officials in Brussels said that Greece’s deadline for an agreement is practically not June 30, when the bailout extension expires, but June 18, when the June Eurogroup is scheduled. And that is because the measures and reforms agreed should be voted in Greek Parliament and implemented.
Tsipras also intends to submit a proposal to extend the second Greek program for another nine months, with money from the European Financial Stability Facility (EFSF) and a new loan that will exchange the European Central Bank (ECB) bonds for financing through the European Stability Mechanism (ESM).
The Greek government hopes for a combination of financial tools that will enable it to overcome the hurdle of substantial loan repayments due in July and August.

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