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European Commission President Jean-Claude Juncker reaffirmed that a Greek eurozone exit was not an option, while speaking at a press conference on the first day of the G7 summit at Schloss Elmau in Bavaria, Sunday. However, Juncker also warned of jumping to conclusions, as the European Union could not "pull a rabbit out of the hat" to solve the Greek problem. Juncker also stated that he is awaiting an alternative proposal from his Greek counterparts and reminded the room full of journalists, that although Greek Prime Minister Alexis Tsipras is his friend, "friendship in order to maintain it has to observe some minimal rules." The heads of state of all G7 nations - comprising Canada, France, Germany, Italy, Japan, the UK and the US - will be present for the two-day summit. This year's gathering is estimated to cost just over €130 million ($144 million) according to official figures; while the German Taxpayers Federation believes it may cost the German state some €360 million ($400 million). The G7, formerly known as the G8, excluded Russia from the group of industrialised democracies in March 2014, citing its reunification with Crimea and the conflict in eastern Ukraine as the main reasons

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