Jun 09

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World leaders in Germany for the G7 Summit

Catch up on what’s happening at the G7 summit in Germany and do a quick vocabulary quiz to see if you remember the key words from the text.

G7 summit: Merkel says time is running out for Greece deal

German Chancellor Angela Merkel has warned that time is running out for a deal to keep Greece in the eurozone.

Speaking after the G7 summit in Germany, she said Europe would show solidarity but only if Greece “makes proposals and implements reforms”. Earlier, Greek Finance Minister Yanis Varoufakis said it was time to stop finger-pointing and find an agreement.

Other topics on the agenda at the G7 summit were climate change, countering extremism and the war in Ukraine.

It was held at the picturesque Schloss Elmau hotel in the Bavarian Alps and was attended by the leaders of the US, UK, Japan, France, Canada and Italy.

Ms Merkel, who hosted the event, said the Greek crisis had been a central part of discussions. She reiterated her desire for Greece to remain part of the eurozone, but said: “There isn’t much time left. Everyone is working intensively. Every day counts now.” The European Commission is asking for further reforms to Greece’s economy, including tax increases and cuts in civil servants’ salaries and pensions, before the next €7.2bn (£5.2bn) tranche of bailout money can be released.

But Greece has robustly rejected these proposals without some form of debt restructuring agreement in return. At the weekend, Mr Varoufakis was quoted as saying the Commission’s latest demands were “borderline insulting”.

Greece debt talks – main sticking points

  • International creditors want pension cuts, slimmer civil service, VAT reform, fewer tax rebates and more private sector investment, reports say

  • Mr Tsipras has ruled out increased VAT on energy and reduced supplementary payments for poorer pensioners

  • Athens wants lower primary budget surplus targets, but both sides appear close to agreement. According to reports, creditors want a budget surplus of 1% of GDP this year and 2% next, while Greece has proposed 0.8% for 2015 and 1.5% for 2016


Read the full story on the BBC


This text is full of really useful and powerful verbs – let’s do a quick vocabulary quiz for practice.


to warn – to caution, inform, alert

to implement – to carry out

to counter – to act against, respond to, resist

to reiterate – renew, repeat, restate

bailout (adj. from the verb bail out) – relief, rescue

to reject – refuse, turn down

to insult – to hurt, show no respect for, disrespect

to increase – to raise, make more of

to reduce – to decrease, make less of

tax rebate – deduction, reduction, reimbursement from taxes paid

budget surplus – when the government´s revenue is more than its spending



time is running out – there is not enough time

finger-pointing – blaming someone for something

in return – as part of an exchange, i.e., If you help me move, you can have my parking space in return.

sticking points – a point or problem on which it is difficult to reach an agreement


Permanent link to this article: http://www.euenglish.hu/2015/06/world-leaders-in-germany-for-the-g7-summit/

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