BRUSSELS: ‘ EU tells Greece’s Tsipras – time’s up, no more gambling ‘

#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.

EU tells Greece’s Tsipras – time’s up, no more gambling

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#FTSE ‘ Royal Mail, RBS share sales dominate as FTSE edges higher ‘

#AceFinanceNews – #FTSE Market Report:June.11: LONDON (Reuters) – Gains in Royal Bank of Scotland shares bolstered Britain’s top equity index on Thursday on news it would be returned to private hands sooner than expected, while shares in Royal Mail fell after the government sold half its stake at a discount.

The blue-chip FTSE 100 index was up 17.70 points, or 0.3 percent at 6,847.97 by 1120 GMT, still 3.6 percent below a record high hit in April and 4.2 percent up on the year.

Royal Mail was the biggest FTSE loser, down 4 percent after the British government said it would sell half of its remaining stake in the company, leaving it with about 15 percent of the postal service.

The stock fell to 496 pence from 516.5 pence after the government sold the shares at 500p each, a discount to Wednesday’s close.

Royal Bank of Scotland gained 1.6 percent after finance minister George Osborne said Britain would start selling its 32 billion pound ($49.51 billion) stake in the bank. The sale plan represents a milestone in terms of RBS’s recovery from the financial crisis but also means Osborne has given up on his original intention to sell the shares for a profit.

Royal Mail, RBS share sales dominate as FTSE edges higher

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Article: Shares rise on markets as the taxpayer loses money

#AceFinanceNews – Featured Update: June.11: Well the only people to gain as planned by the chancellors actions are the shareholders and increased dividends at year end.

Royal Bank of Scotland shares rise after Osborne’s Mansion House speech
http://www.theguardian.com/business/2015/jun/11/royal-bank-of-scotland-shares-rise-after-osborne-mansion-house-speech

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