#AceFinanceNews – Featured Update:June.11:BRUSSELS (Reuters) – The European Union bluntly warned Greek Prime Minister Alexis Tsipras on Thursday that time was up and he should stop playing with his cash-strapped country’s future and instead take crucial decisions to avoid a devastating default.
European Council President Donald Tusk spelled out the message to the leftist Greek government in unprecedentedly forthright terms after four months of acrimonious negotiations on a cash-for-reform deal.
“There is no more time for gambling. The day is coming, I’m afraid, that someone says that the game is over,” Tusk told a news conference after chairing an EU-Latin America summit that was dominated by intense talks with Tsipras on the sidelines.
“It is very obvious that we need decisions, not negotiations,” he said, shortly before Tsipras went into a meeting with European Commission President Jean-Claude Juncker.
Tusk’s dramatic admonition reinforced warnings by powerful German Bundesbank President Jens Weidmann and EU Economics Commissioner Pierre Moscovici that time was running out to avert a Greek state bankruptcy and possible exit from the euro zone.
Their stern tone contrasted with more optimistic noises from EU officials involved in the detailed negotiations with Greece, who said there was now a good chance of a deal in time for euro zone finance ministers’ next meeting on June 18 in Luxembourg.
Late-night talks between Tsipras and the leaders of Germany and France produced no breakthrough, although all sides said they had moved closer on the procedure leading to an agreement.
“At the end of the talks there was absolute unanimity that Greece will work intensively and full steam ahead … in the coming days to solve all remaining issues,” German Chancellor Angela Merkel said.
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