This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-19365265#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
The article has changed 7 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
Greek PM Antonis Samaras to meet Angela Merkel | Greek PM Antonis Samaras to meet Angela Merkel |
(about 3 hours later) | |
Greek Prime Minister Antonis Samaras will meet German Chancellor Angela Merkel later as he seeks more time for Greece to make spending cuts. | Greek Prime Minister Antonis Samaras will meet German Chancellor Angela Merkel later as he seeks more time for Greece to make spending cuts. |
He will then travel to France on Saturday for talks with President Francois Hollande. | He will then travel to France on Saturday for talks with President Francois Hollande. |
Mrs Merkel and Mr Hollande met on Thursday to discuss Greece and urged Athens to stick with the tough reforms. | Mrs Merkel and Mr Hollande met on Thursday to discuss Greece and urged Athens to stick with the tough reforms. |
The reform targets are a condition of Greece continuing to receive bailout loans. | The reform targets are a condition of Greece continuing to receive bailout loans. |
The "troika" of donor bodies monitoring the bailout - the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission - are due in Athens next month. | The "troika" of donor bodies monitoring the bailout - the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission - are due in Athens next month. |
Greece's continued access to the bailout packages depends on a favourable report from the trio. | Greece's continued access to the bailout packages depends on a favourable report from the trio. |
The early signals from Germany ahead of Friday's meeting suggested it was unlikely to be persuaded to give Greece more time for its reforms. | |
Volker Kauder, the leader of Mrs Merkel's conservative parliamentary group, told German television that neither the terms nor the content of Greece's rescue deal could be renegotiated and that a Greek exit would be no problem for the euro. | |
And finance ministry spokesman Martin Kotthaus said a clause in the Greek bailout deal - allowing more time for reform targets in the case of a worse-than-expected recession - was not legally binding. | |
'Breathing space' | 'Breathing space' |
Greece is currently trying to finalise a package of 11.5bn euros ($14.4bn; £9.1bn) of spending cuts over the next two years. | |
It is also being asked to put in place economic and structural reforms, including changes to the labour market and a renewed privatisation drive. | It is also being asked to put in place economic and structural reforms, including changes to the labour market and a renewed privatisation drive. |
The measures are needed to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. | The measures are needed to qualify for the next 33.5bn-euro instalment of its second 130bn-euro bailout. |
Greece needs the funds to make repayments on its debt burden. A default could result in the country leaving the euro. | Greece needs the funds to make repayments on its debt burden. A default could result in the country leaving the euro. |
In an interview published on Wednesday, Mr Samaras told Germany's biggest daily newspaper, Bild, that his country needed "a little breathing space" in order to kick-start growth and reduce its deficit. | In an interview published on Wednesday, Mr Samaras told Germany's biggest daily newspaper, Bild, that his country needed "a little breathing space" in order to kick-start growth and reduce its deficit. |
He is seeking an extension of up to two years for the painful steps, in order to provide Greece with the growth needed to improve its public finances. | He is seeking an extension of up to two years for the painful steps, in order to provide Greece with the growth needed to improve its public finances. |
Mrs Merkel has previously said that she and Mr Samaras will not make any decisions on the issue in their talks on Friday. | Mrs Merkel has previously said that she and Mr Samaras will not make any decisions on the issue in their talks on Friday. |
'Necessary efforts' | 'Necessary efforts' |
Although eurozone chief Jean-Claude Juncker has kept the door open for a change to the bailout terms, Germany and France have warned Athens that it should not expect any leeway unless it sticks to the reform targets. | Although eurozone chief Jean-Claude Juncker has kept the door open for a change to the bailout terms, Germany and France have warned Athens that it should not expect any leeway unless it sticks to the reform targets. |
On Thursday, Mrs Merkel said: "For me, it's important that we all stand by our commitments, and in particular await the [publication of] the troika report, to then see what the result is. | On Thursday, Mrs Merkel said: "For me, it's important that we all stand by our commitments, and in particular await the [publication of] the troika report, to then see what the result is. |
"But I will encourage Greece to follow the path of reform, which demands a lot of the Greek people." | "But I will encourage Greece to follow the path of reform, which demands a lot of the Greek people." |
Mr Hollande said he hoped Greece would remain within the eurozone, but added that "of course Greece must make the necessary efforts for this to happen". | |