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German finance minister dampens hopes of Greece bailout deal

Germany is pessimistic on the prospects of reaching a deal on Greece’s bailout in talks scheduled for next week, the FT reports.

Germany’s finance minister has virtually ruled out a deal from the summit attended by eurogroup finance ministers, due to be held in Riga, Latvia on 24 April.

“Nobody expects that there will be a solution,” German finance minister Wolfgang Schäuble says.

The comments come almost a month after German politicians lent their support to a temporary extension to Greece’s debts, designed to allow for continued negotiations.

However, Greece has until 12 May to find a solution, when it is due to make a €747m payment to the International Monetary Fund. 

The economically embattled country currently owes €240bn (£179bn), on the back of its bailout package with the Troika of the IMF, European Central Bank and European Commission.

The failure of the Greek government to install reform plans further hit the economy last month, when Greece’s short-term bond yield jumped to near 25 per cent.

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