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Germany: Varoufakis invites Merkel to deliver "Speech of Hope" to Greek people00:56

Germany: Varoufakis invites Merkel to deliver "Speech of Hope" to Greek people

Germany, Berlin
June 8, 2015 at 00:48 GMT +00:00 · Published

Greek Finance Minister Yanis Varoufakis called on German Chancellor Angela Merkel to deliver a "Speech of Hope" in an address at the Hans-Boeckler Foundation in Berlin on Monday. The Greek finance minister appeared to be referencing US Secretary of State James F. Byrnes' address in Germany in 1946 that signalled the revival of the German economy after World War II.

Varoufakis stated that this speech should "hint at a new approach to European integration," an integration that would start with Greece, a country according to the finance minister that is "a victim both of its own malignancies and of Europe's fault monetary design."

Before the speech, Varoufakis met with German Finance Minister Wolfgang Schauble in an unscheduled meeting, arranged due to the intensifying negotiations of Greek debt.

Greece is resisting calls from the institutions (formerly referred to as the Troika - comprising of the IMF, EU and ECB) to maintain austerity policies, with the ruling Syriza party winning a popular mandate to break with the policies. Both Greek Prime Minister Alexis Tsipras and Varoufakis have condemned the creditors' proposals, with Varoufakis calling them "borderline insulting" and Tsipras calling them "absurd." The line of the Greek authorities drew the ire of European Commissioner Jean-Claude Juncker, who accused Tsipras of misleading his MPs on the position of the institutions.

Since Syriza's election, Greek authorities and the institutions have been negotiating for five months to unlock the €7.2 billion ($8bn) of rescue funds it needs to pay the IMF. The bailout extension ends on June 30. If Greece fails to meet the deadline, it faces default and exit from the Eurozone.

Germany: Varoufakis invites Merkel to deliver "Speech of Hope" to Greek people00:56
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Greek Finance Minister Yanis Varoufakis called on German Chancellor Angela Merkel to deliver a "Speech of Hope" in an address at the Hans-Boeckler Foundation in Berlin on Monday. The Greek finance minister appeared to be referencing US Secretary of State James F. Byrnes' address in Germany in 1946 that signalled the revival of the German economy after World War II.

Varoufakis stated that this speech should "hint at a new approach to European integration," an integration that would start with Greece, a country according to the finance minister that is "a victim both of its own malignancies and of Europe's fault monetary design."

Before the speech, Varoufakis met with German Finance Minister Wolfgang Schauble in an unscheduled meeting, arranged due to the intensifying negotiations of Greek debt.

Greece is resisting calls from the institutions (formerly referred to as the Troika - comprising of the IMF, EU and ECB) to maintain austerity policies, with the ruling Syriza party winning a popular mandate to break with the policies. Both Greek Prime Minister Alexis Tsipras and Varoufakis have condemned the creditors' proposals, with Varoufakis calling them "borderline insulting" and Tsipras calling them "absurd." The line of the Greek authorities drew the ire of European Commissioner Jean-Claude Juncker, who accused Tsipras of misleading his MPs on the position of the institutions.

Since Syriza's election, Greek authorities and the institutions have been negotiating for five months to unlock the €7.2 billion ($8bn) of rescue funds it needs to pay the IMF. The bailout extension ends on June 30. If Greece fails to meet the deadline, it faces default and exit from the Eurozone.

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