German Chancellor Angela Merkel on Monday warned that time is running out for a deal with Greece's creditors, and insisted that solidarity with European partners and the International Monetary Fund would be contingent on Greece's initiative to implement reforms.
Merkel added that the Greek financial crisis was one of many issues discussed in the meeting, which she attended on Monday along with Jean-Claude Juncker, the president of the European Commission, or EC, and managing director of the IMF, Christine Lagarde.
Merkel reiterated that all summit attendees want Greece to remain in the Eurozone, but reminded that there are rules that govern the union and that European and international solidarity must be matched by member countries' own efforts.
Merkel argued that measures taken by the troika (EC, IMF and the European Central Bank, or ECB) proved to be effective in the cases of Ireland, which thrived after applying a tough reform program, Spain and Portugal, which created jobs despite ongoing high unemployment rates.
Merkel pointed out that the situation in Cypress also leads to a path of "success".
The German chancellor confirmed her intention to meet again with Greek Prime Minister Alexis Tsipras in Brussels on June 17 under the auspices of the EU summit meeting with the Community of Latin American and Caribbean States, or CELAC.
In her view, the proposal presented to Athens by the three creditor institutions is "a breakthrough" that must be negotiated.