All the latest economic and financial news, as EU leaders gather in Riga for a summit overshadowed by the Greek debt crisisGreek spokesman: Deal can be sealed in 10 daysAngela Merkel: There’s still a lot to doIntroduction: EU Summit in Riga 7.52am BST Angela Merkel has arrived at the EU summit in Riga, and made it clear that last night’s meeting with Alexis Tsipras did not deliver a big breakthrough.Greece must keep working “very, very intensively” with its creditors, she told reporters when asked about the three-way meeting with Francois Hollande. “It was a very friendly, constructive exchange, but it’s also clear that there must be more work with the three institutions. There is a lot to do.”“France and Germany have offered Greece and the Greek Prime Minister that whenever there are questions to be discussed, whenever there is help to be given, to do so but the conclusion needs to be found with the three institutions and there needs to be very, very intensive work.” 7.41am BST Europe would be riven with currency wars if it wasn’t protected by the euro, says European Commission president Jean-Claude Juncker as he arrived at the Riga summit. *JUNCKER SAYS CAN'T SIMPLY THROW GREECE OUT OF EURO: WIWOIf we didn't had the #euro, there'd be currency wars in Europe: Juncker ~@wiwo 7.38am BST The Greek negotiations must speed up, declared Valdis Dombrovskis, European commissioner for the euro, as he arrived in Riga.Dombrovskis put the onus on Greece to show its creditors a proper, detailed, reform plan.EU’s Dombrovskis Says Progress In Greece Talks Needs To Step Up -- BBG - Greece Must Present Comprehensive Reform PackageEU’s Dombrovskis: Not Discussing Debt Writeoff For Greece 7.37am BST Meeting yesterday with Chancellor #Merkel and President @fhollande. #Greece pic.twitter.com/pjhz0SLkc0 7.35am BST There’s a mood of optimism from Athens this morning following last night’s meeting between Tsipras, Merkel and Hollande. “We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed”.“Inclusion in this European Central Bank quantitative easing programme falls within the framework of priorities of the Greek government.”GREECE WON'T COMPROMISE ON LABOR REFORMS, PENSIONS: SPOKESMAN 7.35am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.We’re watching events in Latvia today, where EU leaders are attending the Eastern Partnership summit Riga. En marge du Sommet du Partenariat Oriental à Riga, @fhollande s'est entretenu avec A.Merkel et A.Tsipras #Riga2015 pic.twitter.com/jxmG6DMhhfAfter almost two hours of talks the three “agreed on the need for the Greek authorities to keep working with the three institutions”, the aide said, referring to Athens’ “troika” of creditors - the European Union, the European Central Bank, and International Monetary Fund. A Greek government source added that Merkel and Hollande “understood the need for a long-term deal” and said they were prepared to “personally contribute, if needed, to conclude the agreement soon.” Continue reading...
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