Merkel offers budget target hope

German Chancellor Angela Merkel offered Greece a glimmer of hope on Friday for a possible review of the terms agreed by Athens and its creditors on state debt, including a high primary surplus target.

Addressing her summer press conference in Berlin, the German leader expressed confidence that the policies being pursued by Greece's new Prime Minister Kyriakos Mitsotakis will strengthen growth, but added that the eurozone would have to see what he will do before making any decisions at the Eurogroup level. She also made it clear that there will be no "discounts" as a result of the change of government.

"Kyriakos Mitsotakis belongs to my political family," Merkel said, referring to the conservative European People's Party. "As such, I have know him well for a long time, so I am aware that regarding economic developments he has a different program to that of SYRIZA," she...