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Greek Prime Minister Alexis Tsipras speaks with the media as he arrives for an EU summit in Brussels, Thursday, June 25, 2015 (AP photo by Virginia Mayo).

As Time Runs Out, All Sides Moving Toward Compromise on Greek Bailout

Thursday, June 25, 2015

Another round of bailout talks today between Greece and its creditors, the so-called troika of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), ended without a deal. Next Tuesday Greece is scheduled to make a $1.8 billion loan repayment to the IMF at the same time its bailout program is due to expire. If there is no agreement, an additional $8.1 billion in bailout funds will remain frozen; Greece will default on its loans; and the country could be forced to leave the eurozone.

European finance ministers are scheduled to reconvene Saturday for a last-ditch effort to reach a compromise. German Chancellor Angela Merkel, whose country is Greece’s biggest creditor, said today that there must be a debt deal with Greece before markets open Monday. Merkel also wants the Greek parliament to vote on the bailout deal before the other eurozone parliaments, which must approve any deal, have their votes. ...

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