Greece deal must be reached by 15 June, says European commissioner

Greece deal must be reached by 15 June, says European commissioner

But that didn't happen, meaning the negotiating parties will once again have to wait for another meeting of eurozone finance ministers in the hopes of achieving a deal.

The meeting was the first for Le Maire, who was named to his post last week by Macron, a pro-EU centrist. The loans are essential to Athens repaying 7.3 billion euros of loans set to mature in July.

But Macron's position put him at odds with Germany where Greek debt relief - following three different bailouts since 2010 - is seen as a vote loser ahead of general elections in September. Without the money, Greece would struggle to meet its obligations and would again face another brush with bankruptcy, as it has done on various occasions over the past seven years, most recently in the summer of 2015.

The so-called Eurogroup meeting began after finance ministry deputies earlier in the day failed to resolve the outstanding issues, as disagreements between the International Monetary Fund and Germany over Greece's economic outlook and required debt relief persisted, according to two European Union officials with knowledge of the talks, who asked not to be identified because the discussion was private.

Still officials tried to put a courageous face on the stalemate.

"Germany should have an interest in not isolating itself too much", Schaefer said.

Last week, as the Greek parliament passed the bill, prime minister Alexis Tsipras said that "debt relief [would] correspond to the sacrifices of the Greek people".

The European Commission, one of the overseers of the bailout, sought to downplay fears that Greece was heading for another financial crisis.

"We've not reached an overall agreement on that part of the discussion". "Now it is up to its partners to do the same".

The deadlock on the debt issue prevented an agreement on the so-called second review of the bailout programme despite Greece having met the creditors' requirements.

However, Germany and the Netherlands, among other creditors, have consistently stated they will not keep bailing out Greece if the International Monetary Fund pulls out.

More debt relief is also necessary for the European Central Bank to consider Greek bonds in its asset purchases program, which would ease the country's access to bond markets.

Without a deal, a desperately needed loan payment to Athens can not be made.

The IMF board is split on whether Greece can meet fiscal targets and has urged eurozone creditors to provide Greece with debt relief.

And if a deal is not made at this meeting, markets may start to panic that Greece will not be able to make vital payments.

"Everyone must make a step", said Le Maire.

They delayed a deal over longer-term debt relief measures for Greece until their next meeting on June 15. That would bridge the gap until bailout funding from the European Stability Mechanism, the country's main EU creditor, expires in August 2018.

Greece's debt mountain stands at a towering 180 percent of annual output, and the country is now back in a recession despite emerging from its economic depression in 2014.

Related Articles

  • Manchester United Became the UEFA Europa League Champion

    Manchester United Became the UEFA Europa League Champion

    Mourinho has maintained his 100% win record against Ajax, winning all seven matches against the Dutch side. Mourinho has won league titles in four countries and the Champions League twice.

    Zverev stuns Djokovic to win Rome Masters

    Djokovic revealed that the men have been in regular conversation in recent weeks, speaking before every match the Serb played in. Next up is his defence of his title in the French capital, and Djokovic added: "He (Agassi) will not stay the whole tournament".

    Wayne Rooney has 'more or less' decided his Man Utd future

    "We focused on the football match, which I think we played really well and the boys deserve this moment". We were really, really sad because you think of life and football - you have no choice.
  • Subpoenas for former National Security Adviser Michael Flynn keep piling up

    Subpoenas for former National Security Adviser Michael Flynn keep piling up

    Burr left open the possibility that they could hold Flynn in contempt if he would not comply with their demands. The Justice Department has said Sessions had more than 25 conversations with foreign ambassadors a year ago .
    Cyber domain is Russian playground — Ex-CIA chief

    Cyber domain is Russian playground — Ex-CIA chief

    Prior to that, Brennan was a top counterterrorism and homeland security adviser to President Barack Obama. Flynn is considered a key witness in the investigation, because of his ties to Russian Federation .
    Cleveland Cavaliers vs. Boston Celtics - 5/23/17 NBA Pick, Odds, and Prediction

    Cleveland Cavaliers vs. Boston Celtics - 5/23/17 NBA Pick, Odds, and Prediction

    Driving to the basket whenever he wanted, Irving made six layups, two three-pointers and a free throw in a dizzying span of 4:48. Well, we got to see something we were anxious about back in April: the disappearance of LeBron's supporting staff.
  • Melania Trump appears to swat Donald Trump's hand away

    Protesters also rejected Trump's portrayal of the Palestinian faction Hamas, which governs the Gaza Strip, as a "terrorist" group. Trump claimed that his meetings with both Abbas and Israeli Prime Minister Benjamin Netanyahu pointed to efforts toward peace.

    Trump condemns 'evil losers' as world leaders offer condolences

    For Israelis, all of Jerusalem , including the Old City and its eastern suburbs, is their "eternal and indivisible" capital. One pointer to a potential difference with Israel's Prime Minister, Benjamin Netanyahu came at the museum.
    Manchester United Win Europa League, Dedicate Victory to Bombing Victims

    Manchester United Win Europa League, Dedicate Victory to Bombing Victims

    Would you play for another Premier League club? 'Other players are in really good form and deserve to keep their places. Of course you want to play, you want to be on the pitch.
  • Trump shoves fellow Nato leader aside on his first summit

    But the European capitals that have been shaken by Trump's doubts may soon find a degree of reassurance. What do you think of the video? "We're doing a lot, '" Tillerson told reporters on Air Force One.
    Jared Kushner Reportedly 'Under FBI Scrutiny' in Russia Probe

    Jared Kushner Reportedly 'Under FBI Scrutiny' in Russia Probe

    But he said that there were information about the contacts between Russians and a United States person with the Trump campaign. But Coats did not deny Trump had made such a request. "We've taken the actions we feel are appropriate right now".

    Hayes: Not 'Controversial' for Trump to Ask NATO Members to Meet Obligations

    A plan to reaffirm the pledge made three years ago "means nothing more or less than that", she said. He said unity must be found around values like freedom and human rights and dignity.