This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/live/2016/may/24/eurozone-greek-bailout-debt-relief-business-live
The article has changed 32 times. There is an RSS feed of changes available.
Previous version
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Next version
| Version 10 | Version 11 |
|---|---|
| Bank of England governor denies being politically biased over Brexit - live updates | Bank of England governor denies being politically biased over Brexit - live updates |
| (35 minutes later) | |
| 2.25pm BST | |
| 14:25 | |
| Germany’s finance minister, Wolfgang Schäuble, has just put his finger on the problems over the Greek bailout. | |
| Arriving for today’s meeting, Schäuble told reporters that there can be “no programme” for Greece without the IMF. | |
| However, he then declared that a decision on Greece’s debt relief can only come in 2018, at the end of the bailout. That’s later than the IMF is demanding. | |
| However, Schäuble says he’s “optimistic” that these issues can be resolved. | |
| More Schaeuble: "We have no quarrel with the IMF" #Greece #Eurogroup | |
| 2.15pm BST | |
| 14:15 | |
| Back at the eurogroup, European Commission chief Jean-Claude Juncker has revealed that all isn’t well: | |
| Journalist: "All good?" @JunckerEU : "No." pic.twitter.com/qWVydMwA58 | |
| I suspect he’s worried about the tensions between Greece’s creditors, after the International Monetary Fund urged the eurozone to give Athens deeper debt relief. | |
| Today’s meeting could become a serious showdown between the two sides, over the issue of Greece’s debt sustainability. | |
| Belgium’s finance chief, Johan Van Overtveldt, told reporters outside today’s meeting that he wasn’t impressed by the IMF’s new call for ‘unconditional’ debt relief. Such relief must always have conditions attached, he argues. | |
| #Eurogroup Van Overtveldt says it's strange tht #IMF asks for unconditional debt relief, we always maintained that relief comes w conditions | |
| 2.07pm BST | |
| 14:07 | |
| Here’s why Belgium’s workers took to the streets today, from AFP: | |
| “I am here to protest against all the measures that this right-wing government is taking. They are attacking workers, pensioners and the unemployed,” Michel Beis, a trade union member taking part in the peaceful rally told AFP before the violence broke out. | |
| “We are going backwards,” added Jacques Warnier, a protester from the town of Liege. | |
| 1.55pm BST | |
| 13:55 | |
| The AFP newswire are tweeting photos from today’s clashes in Brussels: | |
| La police fait usage de canons à eau lors d'incidents en marge de la manifestation de Bruxelles #AFP pic.twitter.com/Q4iUY1ES84 | |
| La police continue à refouler les manifestants à Bruxelles #AFP pic.twitter.com/nxpFDgoNWI | |
| They report: | |
| Belgian police fired water-cannon during clashes with protesters at a huge demonstration in Brussels on Tuesday against the centre-right government’s austerity measures, AFP journalists said. | |
| A group of around 100 masked protesters broke away from the peaceful main rally of around 60,000 people in the Belgian capital and started hurling objects and firecrackers at riot police, they said. | |
| Officers then drove them back with jets of water from three cannon. | |
| Tuesday’s protest is supposed to kick off months of planned demonstrations and national strikes led by trade unions against the policies of Prime Minister Charles Michel’s government. | |
| 1.52pm BST | 1.52pm BST |
| 13:52 | 13:52 |
| Anti-austerity protesters clash with police in Brussels | Anti-austerity protesters clash with police in Brussels |
| Clashes are breaking out in the Belgium capital, as an anti-austerity demonstration turns violent. | Clashes are breaking out in the Belgium capital, as an anti-austerity demonstration turns violent. |
| Local media are reporting that riot police are using water cannon on protesters; just as eurozone finance ministers meet to discuss Greece’s bailout. | Local media are reporting that riot police are using water cannon on protesters; just as eurozone finance ministers meet to discuss Greece’s bailout. |
| Today’s protests are organised by Belgium’s unions, to oppose the government’s cost-cutting measures and employment reforms. | Today’s protests are organised by Belgium’s unions, to oppose the government’s cost-cutting measures and employment reforms. |
| The demonstrations had started peacefully: | The demonstrations had started peacefully: |
| But some protesters then began throwing rocks at the police.... | But some protesters then began throwing rocks at the police.... |
| ....prompting the water cannons to be deployed. | ....prompting the water cannons to be deployed. |
| Updated | |
| at 2.03pm BST | |
| 1.40pm BST | 1.40pm BST |
| 13:40 | 13:40 |
| Eurozone ministers meet in Brussels to discuss Greece | Eurozone ministers meet in Brussels to discuss Greece |
| Meanwhile in Brussels, eurozone finance ministers have been gathering for today’s Eurogroup meeting. | Meanwhile in Brussels, eurozone finance ministers have been gathering for today’s Eurogroup meeting. |
| As explained back in the introduction, we had expected ministers to sign off on a €11bn bailout payment for Greece. | As explained back in the introduction, we had expected ministers to sign off on a €11bn bailout payment for Greece. |
| But, in a worrying sign, Slovakia’s finance minister has warned that the meeting will be difficult - and could last all night! | But, in a worrying sign, Slovakia’s finance minister has warned that the meeting will be difficult - and could last all night! |
| Peter Kažimer appears to be pushing for a deal on Greece’s loans today, but not on the sticky issue of debt relief which is dividing the country’s creditors. | Peter Kažimer appears to be pushing for a deal on Greece’s loans today, but not on the sticky issue of debt relief which is dividing the country’s creditors. |
| I’m afraid we will spend the night together. #Greece #Eurogroup #eurozone #IMF | I’m afraid we will spend the night together. #Greece #Eurogroup #eurozone #IMF |
| This #Eurogroup is not going to be an easy one. Many things remain unresolved. #eurozone #Greece | This #Eurogroup is not going to be an easy one. Many things remain unresolved. #eurozone #Greece |
| Most important thing is to conclude review & agree tranche - give #Greece breathing space. We don’t need another liquidity crisis. #eurozone | Most important thing is to conclude review & agree tranche - give #Greece breathing space. We don’t need another liquidity crisis. #eurozone |
| We believe that debt-relief talks & financial participation of International Monetary Fund can wait for later stage. #IMF #Greece #eurozone | We believe that debt-relief talks & financial participation of International Monetary Fund can wait for later stage. #IMF #Greece #eurozone |
| 1.37pm BST | 1.37pm BST |
| 13:37 | 13:37 |
| Cambridge lecturer Finbarr Livesey has helpfully tweeted the timings of the best moments of today’s hearing: | Cambridge lecturer Finbarr Livesey has helpfully tweeted the timings of the best moments of today’s hearing: |
| Carney reacts to qns of political involvement and influence of Goldman Sachs at 10:35 and 11:41 in Treasury Cmmt https://t.co/Fo4elKkFqG | Carney reacts to qns of political involvement and influence of Goldman Sachs at 10:35 and 11:41 in Treasury Cmmt https://t.co/Fo4elKkFqG |
| 1.35pm BST | 1.35pm BST |
| 13:35 | 13:35 |
| Here’s some reaction to Mark Carney’s appearance at parliament today, from Calum Bennie, savings expert at Scottish Friendly: | Here’s some reaction to Mark Carney’s appearance at parliament today, from Calum Bennie, savings expert at Scottish Friendly: |
| “Today’s grilling of Mark Carney by the Treasury Select Committee has only helped fuel the speculation on the impact a Brexit would have on the UK economy. | “Today’s grilling of Mark Carney by the Treasury Select Committee has only helped fuel the speculation on the impact a Brexit would have on the UK economy. |
| “The build-up to the EU referendum appears to be having a significant impact on the economy as sterling has been incredibly volatile, while GDP and inflation have slowed are slowing. | “The build-up to the EU referendum appears to be having a significant impact on the economy as sterling has been incredibly volatile, while GDP and inflation have slowed are slowing. |
| “Mr Carney didn’t exactly offer savers much ground for optimism today as he merely said the next move in interest rates would ‘probably’ be up if there is a vote to remain, while a Brexit would mean there is less chance of a rate rise. Once again savers are left wondering how long rates will continue at rock bottom, potentially eroding the value of their cash. | “Mr Carney didn’t exactly offer savers much ground for optimism today as he merely said the next move in interest rates would ‘probably’ be up if there is a vote to remain, while a Brexit would mean there is less chance of a rate rise. Once again savers are left wondering how long rates will continue at rock bottom, potentially eroding the value of their cash. |
| “Savers should heed this warning from the Governor and look to the long term returns stocks and shares ISAs can offer, though risk is attached.” | “Savers should heed this warning from the Governor and look to the long term returns stocks and shares ISAs can offer, though risk is attached.” |
| 1.27pm BST | 1.27pm BST |
| 13:27 | 13:27 |
| Lunchtime summary: Carney faces his Brexit critics | Lunchtime summary: Carney faces his Brexit critics |
| That was a livelier morning than expected. Here’s a quick recap. | That was a livelier morning than expected. Here’s a quick recap. |
| The governor of the Bank of England has fought off criticism following his warning that Britain’s economy would suffer if the public vote to leave the EU. | The governor of the Bank of England has fought off criticism following his warning that Britain’s economy would suffer if the public vote to leave the EU. |
| Mark Carney insisted that the Bank was right to outline its concerns, saying: | Mark Carney insisted that the Bank was right to outline its concerns, saying: |
| By our actions, and comments, we have made it more likely that we’ll bring inflation back to target, whatever the outcome of the referendum, sooner and more sustainably. | By our actions, and comments, we have made it more likely that we’ll bring inflation back to target, whatever the outcome of the referendum, sooner and more sustainably. |
| Carney also warned that the financial markets could have a “Pavlovian” reaction to the EU referendum vote. | Carney also warned that the financial markets could have a “Pavlovian” reaction to the EU referendum vote. |
| If Britain chooses to Brexit on June 23, then it would have a negative impact on growth and the pound, and push inflation up, he argued. | If Britain chooses to Brexit on June 23, then it would have a negative impact on growth and the pound, and push inflation up, he argued. |
| It’s important not just for those in financial markets to understand that, but it’s important also to (be) straight with the British people about that. | It’s important not just for those in financial markets to understand that, but it’s important also to (be) straight with the British people about that. |
| But Conservative MP Jacob Rees-Mogg accused the governor of peddling government propaganda. | But Conservative MP Jacob Rees-Mogg accused the governor of peddling government propaganda. |
| In one of the more ill-tempered exchanges seen recently, Rees-Mogg argued that the Bank had broken its own rules on independence, and damaged its reputation. | In one of the more ill-tempered exchanges seen recently, Rees-Mogg argued that the Bank had broken its own rules on independence, and damaged its reputation. |
| Rees-Mogg displaying dignity of a losing manager who claims referee is biased by accusing Carney of "supporting one side in the campaign". | Rees-Mogg displaying dignity of a losing manager who claims referee is biased by accusing Carney of "supporting one side in the campaign". |
| And fellow Tory Steve Baker appeared to shock Carney, by asking him to deny that he was secretly working for Goldman Sachs. | And fellow Tory Steve Baker appeared to shock Carney, by asking him to deny that he was secretly working for Goldman Sachs. |
| Carney said he was shocked that such a thing could even be suggested. | Carney said he was shocked that such a thing could even be suggested. |
| Carney asked if Goldman Sachs leaned on him over #Brexit: "I categorically refute that and am stunned." | Carney asked if Goldman Sachs leaned on him over #Brexit: "I categorically refute that and am stunned." |
| Carney was supported by three other top officials. Deputy governor Ben Broadbent, and external MPC members Martin Weale and Gertjan Vleighe, said they shared the governor’s concerns. | Carney was supported by three other top officials. Deputy governor Ben Broadbent, and external MPC members Martin Weale and Gertjan Vleighe, said they shared the governor’s concerns. |
| And the governor also revealed that he had an early peek at the Brexit paper produced by the Treasury yesterday, over breakfast with the chancellor. | And the governor also revealed that he had an early peek at the Brexit paper produced by the Treasury yesterday, over breakfast with the chancellor. |
| Before the session began, we learned that Britain’s financial position was worse than thought. The UK was forced to borrow £4bn more than forecast in the 2015-16 financial year, in a blow to George Osborne. | Before the session began, we learned that Britain’s financial position was worse than thought. The UK was forced to borrow £4bn more than forecast in the 2015-16 financial year, in a blow to George Osborne. |
| But every challenge is also an opportunity -- in this case, an opportunity to warn about Brexit fears.... | But every challenge is also an opportunity -- in this case, an opportunity to warn about Brexit fears.... |
| Today's @ONS stats show public borrowing at £76.0bn in 2015/16 - down£15.7bn on 2014/15. Our spokesperson response: pic.twitter.com/2k5eRIrB3N | Today's @ONS stats show public borrowing at £76.0bn in 2015/16 - down£15.7bn on 2014/15. Our spokesperson response: pic.twitter.com/2k5eRIrB3N |
| Updated | Updated |
| at 1.35pm BST | at 1.35pm BST |
| 1.00pm BST | 1.00pm BST |
| 13:00 | 13:00 |
| Andrew Tyrie has returned from his little chin-wag with Jacob Rees-Mogg, to wrap up the session. | Andrew Tyrie has returned from his little chin-wag with Jacob Rees-Mogg, to wrap up the session. |
| He thanks Martin Weale for his work at the Bank of England, as this could be his final appearance before the committee. Tyrie cites Weale’s “independence of mind” (which included several lonely, hawkish votes to raise interest rates). | He thanks Martin Weale for his work at the Bank of England, as this could be his final appearance before the committee. Tyrie cites Weale’s “independence of mind” (which included several lonely, hawkish votes to raise interest rates). |
| Tyrie then hints that Weale might have another job lined up.... | Tyrie then hints that Weale might have another job lined up.... |
| We’re very grateful for your public service, and we hope it’s not the last. | We’re very grateful for your public service, and we hope it’s not the last. |
| Weale keeps a straight face. | Weale keeps a straight face. |
| And committee chairman Tyrie can’t resist causing some mischief. He then picks up a copy of the Financial Times, which reports that governor Carney is the most trusted foreigner, ahead of German chancellor Angela Merkel or the US president. | And committee chairman Tyrie can’t resist causing some mischief. He then picks up a copy of the Financial Times, which reports that governor Carney is the most trusted foreigner, ahead of German chancellor Angela Merkel or the US president. |
| Q: What did Carney make of this, as he enjoyed his porridge, or ‘whatever you have in the morning, when you’re not having breakfast with the chancellor’? | Q: What did Carney make of this, as he enjoyed his porridge, or ‘whatever you have in the morning, when you’re not having breakfast with the chancellor’? |
| Carney says that the committee had to consider the impact of the EU referendum, because of the Bank’s mandate. | Carney says that the committee had to consider the impact of the EU referendum, because of the Bank’s mandate. |
| And he jokes that he assumes Tyrie won’t be questioning everyone else on that list. | And he jokes that he assumes Tyrie won’t be questioning everyone else on that list. |
| Tyrie then suggests that IMF Christine Lagarde could “drift by” the committee in a few weeks time, “if she does decide to put both feet in it”. Get the popcorn ready.... | Tyrie then suggests that IMF Christine Lagarde could “drift by” the committee in a few weeks time, “if she does decide to put both feet in it”. Get the popcorn ready.... |
| Updated | Updated |
| at 1.07pm BST | at 1.07pm BST |