Grexit, Brexit, overshadow EU summit in Riga

[unhappycamper]

http://www.dw.de/grexit-brexit-overshadow-eu-summit-in-riga/a-18466985

EU leaders have gathered in the Latvian capital of Riga for a partnership summit with former Soviet countries. But so far Britain's insistence on an EU referendum and Greece's economic crisis have dominated talks.

Grexit, Brexit, overshadow EU summit in Riga
22.05.2015

On Friday, Greece's problems were still receiving the most attention in Riga, where EU leaders had gathered to participate in the EU-Eastern Partnership Summit to review economic and political ties with Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.

German Chancellor Angela Merkel spoke to the press about her meeting with Prime Minister Alexis Tsipras and France's president, Francois Hollande, a day earlier in the Latvian capital. "It was a very friendly and constructive exchange," Merkel told reporters. "But it is clear, the work with the three institutions has to go on. There is still a lot to do," she added, implying that Athens would have to reach an accord with its three creditors, the International Monetary Fund (IMF), European Central Bank (ECB) and the European Union (EU).

Discussions on Greece right now are focused on the last installment of 7.2 billion euros ($8.2 billion) out of a total of 240 billion euros in bailout funds. The EU has made a release of the money conditional to Athens' implementing reforms like reducing wages and introducing pension cuts.

A possible 'Brexit'

Another EU problem seemed to overshadow the summit in Riga after British Prime Minister David Cameron said he was determined to renegotiate Britain's membership with the EU and give Britons a proper choice on a reformed EU in a referendum by 2017. He said Britain could stay back in the EU provided certain reforms - which he hasn't spelled out - were implemented.

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The 'new' trade agreements need to be in place before the EU decides to reform or disintegrate.