Sapin Says Greece Negotiators Need to Put Pledges on Paper

French Finance Minister Michel Sapin said time is running out for Greece to achieve a deal with creditors and talks haven’t yet reached the stage of making written commitments.

“There’s not much time left,” Sapin said in an interview en route to meeting of G-7 finance chiefs in Dresden, Germany. “At some point the discussion has to be transformed into something on paper. You need a draft.” Asked if that had started, Sapin said “you would know about it.”

The remarks are the latest indication that Greece and its international creditors are far from achieving an agreement to unlock needed bailout aid. Sapin followed the European Commission in dismissing remarks made by Greek officials on Wednesday that suggested a solution is close.

“We are still not there,” Valdis Dombrovskis, the commissioner in charge of euro matters, told reporters in Brussels. “We are working toward an agreement as quickly as possible. We are already basically a month behind the schedule.”

Before it's here, it's on the Bloomberg Terminal. LEARN MORE