Spain's economy minister slams Greek government for delay, says time 'running out'

Economic Indicators Associated Press

Spain's Economy Minister Luis de Guindos is criticizing Greece's left-wing government for its "not very coherent" approach to negotiations over its finances and economy.

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"We have wasted very precious time over the last three or four weeks," de Guindos said in an interview with The Associated Press. "They have not made a lot of friends."

Greece has relied on loans from European creditors and the International Monetary Fund since 2010. It is in talks over the conditions for its next loan installment, without which it could default as soon as next month. That has sent Greece's borrowing costs soaring.

De Guindos says he hopes significant progress in the negotiations will occur before a European finance ministers meeting May 11.

He says time is "running out."