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Greek debt: Talks to resume as deadline beckons

Greek debt talks are resuming after creditors accused the country's Prime Minister Alexis Tsipras of failing to compromise.

Greece faces a 1.6 billion euro debt repayment to the International Monetary Fund on Tuesday, and is thought to require a new deal to avoid default and a possible withdrawal from the eurozone.

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Merkel: 'Time is short' to reach a deal with Greece

German Chancellor Angela Merkel has said that "time is short" for a deal to be reached with Greece but confirmed that EU leaders have all "strongly backed" a commitment to reach an agreement.

Angela Merkel Credit: Wiktor Dabkowski/DPA/ PA

Speaking after a Eurogroup meeting to discuss the issue of Greece's finances today Merkel said "intensive work" was needed as negotiations continue but European leaders do want Greece to stay in the Euro Zone.

According to reports citing the head of the Eurogroup, a resolution to the country's debt crisis could be reached "later this week" and Merkel said that it was "clear that financial sustainability is part of Greece negotiations".

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