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Merkel, Hollande say Greece must reform to secure credit

Tuesday, July 07, 2015 - 01:36

Germany's Angela Merkel and France's Francois Hollande say Greece must come up with new reform proposals ahead of a summit of the euro zone's heads of state and government in Brussels. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) Greek Prime Minister Alexis Tsipras launched a desperate bid to win fresh aid from skeptical creditors at an emergency euro zone summit on Tuesday (July 7), before his country's banks run out of money. But German Chancellor Angela Merkel said on arrival there was still no basis for reopening negotiations with Athens. "After the expiry of the second program and after a more than clear 'no' in the Greek referendum there is still no basis for negotiations in the ESM (European Stability Mechanism) program framework. We still believe that solidarity at a European level and responsibility at a national level, what each side is offering, are inseparably linked. In other words, without solidarity there is no possibility to help, without solidarity and without reforms it's not possible to go where we want to go," Merkel told reporters, before adding it was a matter of days to save Greece from collapse. With Greek banks down to their last few days of cash and the European Central Bank tightening the noose on their funding, Tsipras tried to convince the bloc's other 18 leaders, many of whom are exasperated with five years of crisis, to authorize a new loan swiftly. If Greek banks run out of money and the country has to print its own currency, it could mean a state leaving the euro for the first time since it was launched in 1999, creating a precedent and fueling doubts about the long-term viability of an incomplete European monetary union. French President Francois Hollande said the goal was still for Greece to remain in the euro zone. "To reach that goal Greece must do make serious, credible proposals. We are waiting for them, they have already announced them, they must be fleshed out. That's the issue for tonight," Hollande said. Euro zone finance ministers met ahead of the summit and complained that their new Greek colleague Euclid Tsakalotos, while more courteous than his abrasive predecessor Yanis Varoufakis, had brought no new proposals to a preparatory meeting before the summit. A Greek bank closure in force was prolonged until Thursday at least, and cash withdrawals remain limited to 60 euros a day, with 20 euro notes running out.

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Merkel, Hollande say Greece must reform to secure credit

Tuesday, July 07, 2015 - 01:36