NEWS

Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis

US President Barack Obama spoke with Greek Finance Minister Yanis Varoufakis on the sidelines of an event at the White House honoring Greece's Independence Day with the former stressing the need for flexibility from all sides in ongoing reform negotiations between Greece and its creditors, according to sources.

The conversation between Obama and Varoufakis lasted for around 12 minutes, according to sources who said Varoufakis asked Obama to keep pressing European leaders so that a solution is found to Greece's problem. Varoufakis agreed with Obama that all sides need to show flexibility and also highlighted the need to remain focused on the goal and on the process that Greece is involved in with its creditors.

The event at the White House was also attended by US Vice President Joe Biden and Greek Archbishop Demetrios.

Varoufakis is to meet on Friday with US Treasury Secretary Jack Lew at 10.30 p.m. Greek time following a scheduled meeting at 6 p.m. with European Central Bank President Mario Draghi.

On Thursday, in a speech at the Brookings Institution, Varoufakis underlined the difficulties in Greek negotiations with its creditors but said Greece was more keen than anyone for a deal to be reached. Nevertheless, Greece will not approve more austerity, he said. "We will not sign up to targets we know our economy cannot meet by means of policies that our partners should not wish to impose," he said. "We will compromise, we will compromise and we will compromise in order to come to a speedy agreement. But we are not going to end up 'being' compromised. This not what we were elected for."

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