Lot of work still needed to reach greek debt bailout deal: Merkel

German Chancellor Angela Merkel said on Friday there was still a lot of work needed to reach <g data-gr-id="34">agreement</g> with Greece on its debt bailout, as tortuous talks drag on amid fears Athens could run out of money. The government of Greek leftist Prime Minister Alexis Tsipras is locked in talks to obtain fresh funding with international creditors who are demanding more tough austerity measures in return.

Tsipras met Merkel and French President Francois Hollande late on Thursday on the sidelines of the EU-Eastern Partnership summit in the Latvian capital <g data-gr-id="27">Riga</g> but their discussions produced no breakthrough. 

“It was a very friendly and constructive exchange,” Merkel said as she went into the summit on Friday. “But it is clear, the work with the three institutions has to go on. There is still a lot to do,” she said, referring to the European Union, European Central Bank and the International Monetary Fund who have bailed out Greece twice to the tune of 240 billion euros. Merkel said she and Hollande had offered Tsipras their good offices if he needed help during the <g data-gr-id="25">talks</g> but it was up to Athens to reach an accord with the three creditors.