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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/may/22/greece-bailout-reform-deal-riga-summit-live
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| Greece says reform deal can come in 10 days, but Merkel is cautious - live updates | Greece says reform deal can come in 10 days, but Merkel is cautious - live updates |
| (35 minutes later) | |
| 9.14am BST09:14 | |
| German business morale has fallen slightly this month, in the latest sign that Europe’s largest economy is in a soft patch. | |
| The business climate index calculated by IFO, the Munich-based research institution, fell to 108.5 from 108.6 in April. | |
| Economists reckon we shouldn’t panic: | |
| Here’s ING’s Carsten Brzeski: | |
| Given the long recovery the German economy has already gone through, it is only more than normal that growth rates at some point in time will be lower than in the rest of the Eurozone, which in turn has been suffering from weak growth now for several years. | |
| CHART: Today's IFO completes picture of euro-area business surveys for May. Don't panic, levels remain high. pic.twitter.com/iWteoxYV7S | |
| 8.57am BST08:57 | 8.57am BST08:57 |
| David Cameron began his push for EU reform with a meeting with Poland’s PM, Ewa Kopacz. | David Cameron began his push for EU reform with a meeting with Poland’s PM, Ewa Kopacz. |
| It was a “friendly but tough’ chat, according to the Polish side - a taste of the reception Cameron will get in Riga? | It was a “friendly but tough’ chat, according to the Polish side - a taste of the reception Cameron will get in Riga? |
| "PMs #Kopacz-#Cameron talks at #RigaSummit - main topic: EU single market - friendly, but tough" via @trzaskowski_ pic.twitter.com/1iXFPFSTYd | "PMs #Kopacz-#Cameron talks at #RigaSummit - main topic: EU single market - friendly, but tough" via @trzaskowski_ pic.twitter.com/1iXFPFSTYd |
| 8.49am BST08:49 | 8.49am BST08:49 |
| The financial markets are getting tired at the apparent lack of progress towards a Greek deal, says Jeremy Cook, chief economist of World First: | The financial markets are getting tired at the apparent lack of progress towards a Greek deal, says Jeremy Cook, chief economist of World First: |
| Despite the Greek government’s constant assertions that a deal is just around the corner it is looking like they may have been kidding themselves as well as the markets. | Despite the Greek government’s constant assertions that a deal is just around the corner it is looking like they may have been kidding themselves as well as the markets. |
| We can but hope for some positive noises from the non-Greek participants later in the day. For now, they are the only ones to believe. | We can but hope for some positive noises from the non-Greek participants later in the day. For now, they are the only ones to believe. |
| 8.41am BST08:41 | 8.41am BST08:41 |
| After staying up till 1am talking last night, Angela Merkel and Alexis Tsipras are seated side-by-side again this morning: | After staying up till 1am talking last night, Angela Merkel and Alexis Tsipras are seated side-by-side again this morning: |
| Alphabet (#Germany #Greece) bringt sie zusammen: #Kanzlerin #Merkel + #MP @Tsipras sitzen b #Rigasummit nebeneinander pic.twitter.com/GuRECElAlb | Alphabet (#Germany #Greece) bringt sie zusammen: #Kanzlerin #Merkel + #MP @Tsipras sitzen b #Rigasummit nebeneinander pic.twitter.com/GuRECElAlb |
| 8.36am BST08:36 | 8.36am BST08:36 |
| When he took office, Alexis Tsipras vowed that he wouldn’t wear a tie to these events until he’d secured a new Greek deal. | When he took office, Alexis Tsipras vowed that he wouldn’t wear a tie to these events until he’d secured a new Greek deal. |
| Five months on, he’s sticking to his guns - despite the risk of being grappled by EC president Juncker. | Five months on, he’s sticking to his guns - despite the risk of being grappled by EC president Juncker. |
| Στυλιστικά tips από τον Ζαν Κλοντ Γιούνκερ στον Πρωθυπουργό κατά την προσέλευση στη Σύνοδο Κορυφής #Tsipras #Juncker pic.twitter.com/CGltiNWGUS | Στυλιστικά tips από τον Ζαν Κλοντ Γιούνκερ στον Πρωθυπουργό κατά την προσέλευση στη Σύνοδο Κορυφής #Tsipras #Juncker pic.twitter.com/CGltiNWGUS |
| Donald Tusk doesn’t look terribly amused.... | Donald Tusk doesn’t look terribly amused.... |
| 8.33am BST08:33 | 8.33am BST08:33 |
| No pressure, Mr Cameron: | No pressure, Mr Cameron: |
| PM starts Renegotiation: We need immigration control, to return powers to Westminster from fishing to energy, & cut £60m a day cost, or Out | PM starts Renegotiation: We need immigration control, to return powers to Westminster from fishing to energy, & cut £60m a day cost, or Out |
| 8.30am BST08:30 | 8.30am BST08:30 |
| The summit is getting underway. | The summit is getting underway. |
| European Parliament president Martin Schulz says it’s a “crucial” opportunity to bring more stability to the former Soviet states. | European Parliament president Martin Schulz says it’s a “crucial” opportunity to bring more stability to the former Soviet states. |
| #EasternPartnership Summit about to start. Crucial meeting for better, safer & more predictable future for the region & all continent | #EasternPartnership Summit about to start. Crucial meeting for better, safer & more predictable future for the region & all continent |
| Our Europe editor, Ian Traynor, doesn’t share his optimism: | Our Europe editor, Ian Traynor, doesn’t share his optimism: |
| #RigaSummit last one was a disaster (vilnius). this one just depressing. an exhibition of fear weakness timidity | #RigaSummit last one was a disaster (vilnius). this one just depressing. an exhibition of fear weakness timidity |
| 8.23am BST08:23 | 8.23am BST08:23 |
| #EaP #RigaSummit HoD familyphoto with @alexstubb representing Finland pic.twitter.com/YAByfgZ3qM | #EaP #RigaSummit HoD familyphoto with @alexstubb representing Finland pic.twitter.com/YAByfgZ3qM |
| 8.22am BST08:22 | 8.22am BST08:22 |
| PM will visit Paris and Berlin next week to meet Chancellor Merkel and President Hollande to kickstart EU renegotiation process in earnest | PM will visit Paris and Berlin next week to meet Chancellor Merkel and President Hollande to kickstart EU renegotiation process in earnest |
| 8.15am BST08:15 | 8.15am BST08:15 |
| Cameron: I'm determined to reform the EU | Cameron: I'm determined to reform the EU |
| David Cameron arrived in Riga, banging the drum for a renegotiated settlement with the EU. | David Cameron arrived in Riga, banging the drum for a renegotiated settlement with the EU. |
| There will be lots of noise and ups and down in the months ahead, the UK prime minister predicted. | There will be lots of noise and ups and down in the months ahead, the UK prime minister predicted. |
| “You’ll hear one day this is possible, the next day something else is impossible... | “You’ll hear one day this is possible, the next day something else is impossible... |
| “But one thing throughout all of this will be constant and that is my determination to deliver for the British people a reform of the EU so they get a proper choice in that in/out referendum that we’ll hold before the end of 2017. | “But one thing throughout all of this will be constant and that is my determination to deliver for the British people a reform of the EU so they get a proper choice in that in/out referendum that we’ll hold before the end of 2017. |
| This is Cameron’s first chance to lobby EU leaders face-to-face about reforms since winning the general election a fortnight ago. | This is Cameron’s first chance to lobby EU leaders face-to-face about reforms since winning the general election a fortnight ago. |
| This referendum will now dominate UK politics, as my colleague Martin Kettle explains: | This referendum will now dominate UK politics, as my colleague Martin Kettle explains: |
| This will be a parliament of two halves: before the EU referendum and after it. Everything in British politics now hinges on the European issue, including the union with Scotland. But Europe’s hour has now arrived. Europe will be the centrepiece of the speech from the throne on Wednesday. | This will be a parliament of two halves: before the EU referendum and after it. Everything in British politics now hinges on the European issue, including the union with Scotland. But Europe’s hour has now arrived. Europe will be the centrepiece of the speech from the throne on Wednesday. |
| The referendum bill will be published within hours. Cameron and his negotiators are in Riga talking to EU leaders this week. Germany is signalling cooperation within bounds. And all the signs are that the government wants the referendum early, possibly as soon as September 2016 – which is only 16 months away. All other legislative and political business, with the exception of the Scottish devolution plans, will be fitted around the needs of the referendum..... | The referendum bill will be published within hours. Cameron and his negotiators are in Riga talking to EU leaders this week. Germany is signalling cooperation within bounds. And all the signs are that the government wants the referendum early, possibly as soon as September 2016 – which is only 16 months away. All other legislative and political business, with the exception of the Scottish devolution plans, will be fitted around the needs of the referendum..... |
| David Cameron faces sudden death over Europe. He cannot fail | Martin Kettle http://t.co/pgGyI2fqID (@martinkettle) | David Cameron faces sudden death over Europe. He cannot fail | Martin Kettle http://t.co/pgGyI2fqID (@martinkettle) |
| 8.01am BST08:01 | 8.01am BST08:01 |
| 7.52am BST07:52 | 7.52am BST07:52 |
| Merkel: Still a lot of work to do | Merkel: Still a lot of work to do |
| Angela Merkel has arrived at the EU summit in Riga, and made it clear that last night’s meeting with Alexis Tsipras did not deliver a big breakthrough. | Angela Merkel has arrived at the EU summit in Riga, and made it clear that last night’s meeting with Alexis Tsipras did not deliver a big breakthrough. |
| Greece must keep working “very, very intensively” with its creditors, she told reporters when asked about the three-way meeting with Francois Hollande. | Greece must keep working “very, very intensively” with its creditors, she told reporters when asked about the three-way meeting with Francois Hollande. |
| “It was a very friendly, constructive exchange, but it’s also clear that there must be more work with the three institutions. There is a lot to do.” | “It was a very friendly, constructive exchange, but it’s also clear that there must be more work with the three institutions. There is a lot to do.” |
| “France and Germany have offered Greece and the Greek Prime Minister that whenever there are questions to be discussed, whenever there is help to be given, to do so but the conclusion needs to be found with the three institutions and there needs to be very, very intensive work.” | “France and Germany have offered Greece and the Greek Prime Minister that whenever there are questions to be discussed, whenever there is help to be given, to do so but the conclusion needs to be found with the three institutions and there needs to be very, very intensive work.” |
| So once again, Athens’ optimism isn’t really shared by the rest of the eurozone. | So once again, Athens’ optimism isn’t really shared by the rest of the eurozone. |
| 7.41am BST07:41 | 7.41am BST07:41 |
| Europe would be riven with currency wars if it wasn’t protected by the euro, says European Commission president Jean-Claude Juncker as he arrived at the Riga summit. | Europe would be riven with currency wars if it wasn’t protected by the euro, says European Commission president Jean-Claude Juncker as he arrived at the Riga summit. |
| *JUNCKER SAYS CAN'T SIMPLY THROW GREECE OUT OF EURO: WIWO | *JUNCKER SAYS CAN'T SIMPLY THROW GREECE OUT OF EURO: WIWO |
| If we didn't had the #euro, there'd be currency wars in Europe: Juncker ~@wiwo | If we didn't had the #euro, there'd be currency wars in Europe: Juncker ~@wiwo |
| 7.38am BST07:38 | 7.38am BST07:38 |
| Dombrovskis: Greece Must Present Comprehensive Reform Package | Dombrovskis: Greece Must Present Comprehensive Reform Package |
| The Greek negotiations must speed up, declared Valdis Dombrovskis, European commissioner for the euro, as he arrived in Riga. | The Greek negotiations must speed up, declared Valdis Dombrovskis, European commissioner for the euro, as he arrived in Riga. |
| Dombrovskis put the onus on Greece to show its creditors a proper, detailed, reform plan. | Dombrovskis put the onus on Greece to show its creditors a proper, detailed, reform plan. |
| EU’s Dombrovskis Says Progress In Greece Talks Needs To Step Up -- BBG - Greece Must Present Comprehensive Reform Package | EU’s Dombrovskis Says Progress In Greece Talks Needs To Step Up -- BBG - Greece Must Present Comprehensive Reform Package |
| EU’s Dombrovskis: Not Discussing Debt Writeoff For Greece | EU’s Dombrovskis: Not Discussing Debt Writeoff For Greece |
| 7.37am BST07:37 | 7.37am BST07:37 |
| Meeting yesterday with Chancellor #Merkel and President @fhollande. #Greece pic.twitter.com/pjhz0SLkc0 | Meeting yesterday with Chancellor #Merkel and President @fhollande. #Greece pic.twitter.com/pjhz0SLkc0 |
| 7.35am BST07:35 | 7.35am BST07:35 |
| Greek spokesman: Deal can be sealed in 10 days | Greek spokesman: Deal can be sealed in 10 days |
| There’s a mood of optimism from Athens this morning following last night’s meeting between Tsipras, Merkel and Hollande. | There’s a mood of optimism from Athens this morning following last night’s meeting between Tsipras, Merkel and Hollande. |
| Government spokesman Gabriel Sakellaridis has just declared that the Greek administration expects to reach a cash-for-reforms deal with its creditors in the next 10 days. | Government spokesman Gabriel Sakellaridis has just declared that the Greek administration expects to reach a cash-for-reforms deal with its creditors in the next 10 days. |
| “We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed”. | “We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed”. |
| That would take us to the end of May; when Greece must pay pensions and wages. | That would take us to the end of May; when Greece must pay pensions and wages. |
| Sakellaridis told Skai TV that this would allow Athens to meet all its payments in June (it also faces €1.5bn in repayments to the IMF next month), and even join the new eurozone QE programme. | Sakellaridis told Skai TV that this would allow Athens to meet all its payments in June (it also faces €1.5bn in repayments to the IMF next month), and even join the new eurozone QE programme. |
| “Inclusion in this European Central Bank quantitative easing programme falls within the framework of priorities of the Greek government.” | “Inclusion in this European Central Bank quantitative easing programme falls within the framework of priorities of the Greek government.” |
| But first they need that deal -- and Greece says it isn’t caving in on its “red-lines”... | But first they need that deal -- and Greece says it isn’t caving in on its “red-lines”... |
| GREECE WON'T COMPROMISE ON LABOR REFORMS, PENSIONS: SPOKESMAN | GREECE WON'T COMPROMISE ON LABOR REFORMS, PENSIONS: SPOKESMAN |
| Updated at 7.36am BST | Updated at 7.36am BST |
| 7.35am BST07:35 | 7.35am BST07:35 |
| The Agenda: EU leaders gather in Riga | The Agenda: EU leaders gather in Riga |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| We’re watching events in Latvia today, where EU leaders are attending the Eastern Partnership summit Riga. | We’re watching events in Latvia today, where EU leaders are attending the Eastern Partnership summit Riga. |
| Officially, the meeting is meant to build closer ties between the EU and Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine, and make progress towards de-escalating conflict in the region. | Officially, the meeting is meant to build closer ties between the EU and Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine, and make progress towards de-escalating conflict in the region. |
| Eastern Partnership summit, Riga, 21-22/05/2015 | Eastern Partnership summit, Riga, 21-22/05/2015 |
| But two issues are casting a shadow -- Greece’s bailout talks, and Britain’s push for renegotiation. | But two issues are casting a shadow -- Greece’s bailout talks, and Britain’s push for renegotiation. |
| The summit is starting now, following yesterday’s working dinner -- which preceded a meeting between Greek PM Alexis Tsipras, German chancellor Angela Merkel and French president Francois Hollande. | The summit is starting now, following yesterday’s working dinner -- which preceded a meeting between Greek PM Alexis Tsipras, German chancellor Angela Merkel and French president Francois Hollande. |
| En marge du Sommet du Partenariat Oriental à Riga, @fhollande s'est entretenu avec A.Merkel et A.Tsipras #Riga2015 pic.twitter.com/jxmG6DMhhf | En marge du Sommet du Partenariat Oriental à Riga, @fhollande s'est entretenu avec A.Merkel et A.Tsipras #Riga2015 pic.twitter.com/jxmG6DMhhf |
| As we covered last night in yesterday’s liveblog, the talks were apparently ‘friendly and constructive’, but without a major breakthrough. | As we covered last night in yesterday’s liveblog, the talks were apparently ‘friendly and constructive’, but without a major breakthrough. |
| AFP explains: | AFP explains: |
| After almost two hours of talks the three “agreed on the need for the Greek authorities to keep working with the three institutions”, the aide said, referring to Athens’ “troika” of creditors - the European Union, the European Central Bank, and International Monetary Fund. | After almost two hours of talks the three “agreed on the need for the Greek authorities to keep working with the three institutions”, the aide said, referring to Athens’ “troika” of creditors - the European Union, the European Central Bank, and International Monetary Fund. |
| A Greek government source added that Merkel and Hollande “understood the need for a long-term deal” and said they were prepared to “personally contribute, if needed, to conclude the agreement soon.” | A Greek government source added that Merkel and Hollande “understood the need for a long-term deal” and said they were prepared to “personally contribute, if needed, to conclude the agreement soon.” |
| EU leaders will be meeting all morning in Riga, with a press conference at 1.45pm local time or 11.45am BST. | EU leaders will be meeting all morning in Riga, with a press conference at 1.45pm local time or 11.45am BST. |
| We’ll be watching Riga, and tracking all the main events through the day... | We’ll be watching Riga, and tracking all the main events through the day... |