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Eurogroup meets on Greece bailout amid IMF tensions - live updates | Eurogroup meets on Greece bailout amid IMF tensions - live updates |
(35 minutes later) | |
8.54pm BST | |
20:54 | |
Today’s problem in a nutshell: | |
#Greece #euro group ongoing as Schaeuble tries to square the circle of disbursing with the #IMF onboard while not giving any debt relief now | |
8.50pm BST | |
20:50 | |
Rumblings of discontent in Brussels.... | |
I hear that three #Eurogroup ministers are furious that Tsipras changed EKAS social benefit scheme without Institutions' consent. | |
Break (long in duration) at #Eurogroup for further talks on #Greece acc to @NikosSverkos https://t.co/6vBmJ7VBpQ | |
8.48pm BST | |
20:48 | |
Greek government bonds traded at a six-month high today. | |
That’s thanks to hopes that Athens would receive the bailout funds needed to avoid another financial crisis. | |
Bond yields (the interest rate on the debt) fell sharply on Monday after MPs approved the austerity measures sought by creditors. They fell a little further today, as traders waited for developments in Brussels. | |
Ciaran O’Hagan, a strategist at Societe Generale, says investors are now looking for concrete moves on debt relief: | |
“The fall in Greek bond yields reflects optimism that the reforms passed by the Greek parliament pave the way for support from the Eurogroup later today.... | |
If there is debt relief, you will see further outperformance.” | |
(thanks to Reuters for the quote) | |
Updated | |
at 8.48pm BST | |
8.31pm BST | |
20:31 | |
The Eurogroup meeting is now entering its seventh hour. | |
Greek journalist Yannis Karagiorgas sums up the mood: | |
#Eurogroup Waiting...Waiting... pic.twitter.com/0USR3QifuL | |
8.20pm BST | 8.20pm BST |
20:20 | 20:20 |
EU officials 'optimistic' over Greek bailout deal | EU officials 'optimistic' over Greek bailout deal |
Jennifer Rankin | Jennifer Rankin |
Here’s our latest news story from Brussels: | Here’s our latest news story from Brussels: |
Related: Eurozone officials hope to give Greece next tranche of bailout | Related: Eurozone officials hope to give Greece next tranche of bailout |
It begins thus: | It begins thus: |
European officials have voiced optimism that Greece could unlock the next tranche of bailout money even as an ongoing row between the country’s creditors threatens to plunge the eurozone back into crisis. | European officials have voiced optimism that Greece could unlock the next tranche of bailout money even as an ongoing row between the country’s creditors threatens to plunge the eurozone back into crisis. |
Greece’s international creditors remain deadlocked over how to reduce the recession-hit country’s €321bn (£245bn) debt mountain, worth 180% of annual economic output. | Greece’s international creditors remain deadlocked over how to reduce the recession-hit country’s €321bn (£245bn) debt mountain, worth 180% of annual economic output. |
The International Monetary Fund has threatened to walk away from the Greek bailout unless substantial debt relief is agreed, but Germany maintains there can be no changes before 2018. | The International Monetary Fund has threatened to walk away from the Greek bailout unless substantial debt relief is agreed, but Germany maintains there can be no changes before 2018. |
Going into the talks between 19 eurozone finance ministers in Brussels, Valdis Dombrovskis, the European commissioner in charge of the euro, said he hoped to see “an agreement in principle”, including on disbursement of bailout funds..... (click here for more) | Going into the talks between 19 eurozone finance ministers in Brussels, Valdis Dombrovskis, the European commissioner in charge of the euro, said he hoped to see “an agreement in principle”, including on disbursement of bailout funds..... (click here for more) |
Updated | Updated |
at 8.21pm BST | at 8.21pm BST |
7.50pm BST | 7.50pm BST |
19:50 | 19:50 |
The Greek delegation are briefing reporters in Brussels now, and confirming that talks are continuing. | The Greek delegation are briefing reporters in Brussels now, and confirming that talks are continuing. |
They’re also suggesting that Germany is pushing for changes to the austerity measures passed last Sunday. | They’re also suggesting that Germany is pushing for changes to the austerity measures passed last Sunday. |
#Greek govt officials say they remain optimistic that there will be an agreement tonight #Eurogroup | #Greek govt officials say they remain optimistic that there will be an agreement tonight #Eurogroup |
#IMF firm on its views on #debt while #Germany asks changes from #Greece on legislations that have already been voted, acc to Gr govt off | #IMF firm on its views on #debt while #Germany asks changes from #Greece on legislations that have already been voted, acc to Gr govt off |
Updated | Updated |
at 8.05pm BST | at 8.05pm BST |
7.49pm BST | 7.49pm BST |
19:49 | 19:49 |
Eleni Varvitsiotis, EU correspondent at Greek newspaper Kathimerini, says three outstanding issues must be resolved before Greece gets its aid tranche: | Eleni Varvitsiotis, EU correspondent at Greek newspaper Kathimerini, says three outstanding issues must be resolved before Greece gets its aid tranche: |
3 items have to b finalised for disbursement.A.Speeding up privitizations(old airport)b. Pension reform,smoothening EKAS c. Changes on NPL's | 3 items have to b finalised for disbursement.A.Speeding up privitizations(old airport)b. Pension reform,smoothening EKAS c. Changes on NPL's |
EKAS is Greece’s Pensioners’ Social Solidarity Benefit, which is being cut back under the bailout programme (some wealthier pensioners are reportedly being told to hand back some recent payments). | EKAS is Greece’s Pensioners’ Social Solidarity Benefit, which is being cut back under the bailout programme (some wealthier pensioners are reportedly being told to hand back some recent payments). |
NPL means non-performing loans - the bad debts held by Greece’s banks , which are to be sold off. | NPL means non-performing loans - the bad debts held by Greece’s banks , which are to be sold off. |
7.35pm BST | 7.35pm BST |
19:35 | 19:35 |
Matthew Klein, one of FT’s Alphaville’s many blindingly-bright sparks, has been digging through Greece’s finances, and spotted something rather interesting. | Matthew Klein, one of FT’s Alphaville’s many blindingly-bright sparks, has been digging through Greece’s finances, and spotted something rather interesting. |
It’s all to do with Greece’s net debt (basically its gross debt minus the financial assets the country holds). | It’s all to do with Greece’s net debt (basically its gross debt minus the financial assets the country holds). |
The International Monetary Fund reckons those financial assets are worth just £3bn, a drop in the ocean compared to its debt mountain. | The International Monetary Fund reckons those financial assets are worth just £3bn, a drop in the ocean compared to its debt mountain. |
But Matt has discovered that the Bank of Greece has calculated it as £30bn - using the methodology recommended by the IMF itself. | But Matt has discovered that the Bank of Greece has calculated it as £30bn - using the methodology recommended by the IMF itself. |
It’s not really obvious why such a difference should occur - but it’s obviously important when assessing Greece’s financial health. | It’s not really obvious why such a difference should occur - but it’s obviously important when assessing Greece’s financial health. |
If you have any ideas why, please tell Matt here: | If you have any ideas why, please tell Matt here: |
Is the IMF under-counting the Greek government’s financial assets? | Is the IMF under-counting the Greek government’s financial assets? |
This is a real puzzle and no one seems to have a good explanation for it | This is a real puzzle and no one seems to have a good explanation for it |
7.06pm BST | 7.06pm BST |
19:06 | 19:06 |
Greece 'expected' to get €11bn loan tonight | Greece 'expected' to get €11bn loan tonight |
Greece’s ANA newswire are reporting that eurozone finance ministers are likely to approve Greece’s €11bn bailout tranche tonight. | Greece’s ANA newswire are reporting that eurozone finance ministers are likely to approve Greece’s €11bn bailout tranche tonight. |
Here’s the story, hot off the Reuters terminal: | Here’s the story, hot off the Reuters terminal: |
Negotiations at Tuesday’s Eurogroup meeting are focusing on Greece’s debt, a source from the European Commission said, adding that Eurozone’s finance ministers are expected to approve the disbursement of the loan installment totaling 10.3 billion euros. | Negotiations at Tuesday’s Eurogroup meeting are focusing on Greece’s debt, a source from the European Commission said, adding that Eurozone’s finance ministers are expected to approve the disbursement of the loan installment totaling 10.3 billion euros. |
The same source said there are still some pending issues which will be included in the final statement. Commenting on these issues, a government source said they are not decisive and will be resolved summarily. | The same source said there are still some pending issues which will be included in the final statement. Commenting on these issues, a government source said they are not decisive and will be resolved summarily. |
But what about the showdown between Greece’s creditors? | But what about the showdown between Greece’s creditors? |
As we’ve reported earlier, the two sides are someway apart. ANA says: | As we’ve reported earlier, the two sides are someway apart. ANA says: |
On the issue of the country’s debt, the distance between the IMF and Germany is still great and the aim is to achieve greater convergence today. The Commission source said that after pressure by the IMF, the weight has shifted towards measures that will be taken in the short term. However, Eurozone officials hope some deal will eventually be achieved with the IMF tonight, as there’s political pressure to avoid reviving the crisis. | On the issue of the country’s debt, the distance between the IMF and Germany is still great and the aim is to achieve greater convergence today. The Commission source said that after pressure by the IMF, the weight has shifted towards measures that will be taken in the short term. However, Eurozone officials hope some deal will eventually be achieved with the IMF tonight, as there’s political pressure to avoid reviving the crisis. |
6.51pm BST | 6.51pm BST |
18:51 | 18:51 |
Let’s fill the time with some dispiriting Greek charts, via Open Europe analyst Raoul Ruparel: | Let’s fill the time with some dispiriting Greek charts, via Open Europe analyst Raoul Ruparel: |
IMF forecasting #Greece double digit unemployment 4 decades, worth remembering rarely had single digit unemployment pic.twitter.com/AvNOOds484 | IMF forecasting #Greece double digit unemployment 4 decades, worth remembering rarely had single digit unemployment pic.twitter.com/AvNOOds484 |
Safe to say the IMF has tempered its expectations of privatisation revenue in #Greece (rightly so) pic.twitter.com/FNamIxPCCA | Safe to say the IMF has tempered its expectations of privatisation revenue in #Greece (rightly so) pic.twitter.com/FNamIxPCCA |
6.42pm BST | 6.42pm BST |
18:42 | 18:42 |
Brussels correspondent Jennifer Rankin says there’s no sign when the talks about Greece’s bailout, and other eurozone economic issues, will end. | Brussels correspondent Jennifer Rankin says there’s no sign when the talks about Greece’s bailout, and other eurozone economic issues, will end. |
Eurozone meeting on Greece goes on, no one ready to say yet when it will end. https://t.co/LEsMHSpbcW | Eurozone meeting on Greece goes on, no one ready to say yet when it will end. https://t.co/LEsMHSpbcW |
Last time, the eurogroup were done and dusted by around 7pm local time (6pm BST). | Last time, the eurogroup were done and dusted by around 7pm local time (6pm BST). |
But regular crisis watchers will know that these meetings have a nasty habit of running on towards midnight.... | But regular crisis watchers will know that these meetings have a nasty habit of running on towards midnight.... |
Updated | Updated |
at 6.43pm BST | at 6.43pm BST |
6.26pm BST | 6.26pm BST |
18:26 | 18:26 |
Greece’s former top central banker fears that the country is ill-prepared to exit its economic crisis. | Greece’s former top central banker fears that the country is ill-prepared to exit its economic crisis. |
Our Athens correspondent, Helena Smith, explains: | Our Athens correspondent, Helena Smith, explains: |
Former gov of Bank of #Greece Giorgos Provopoulos says he does not c "light at end of the tunnel" cos gov lacks "business plan" as#EG meets | Former gov of Bank of #Greece Giorgos Provopoulos says he does not c "light at end of the tunnel" cos gov lacks "business plan" as#EG meets |
Whatever is agreed at 2night's eurogoup will be politically expedient. Big Q is whether there can b recovery with such fundamentals? | Whatever is agreed at 2night's eurogoup will be politically expedient. Big Q is whether there can b recovery with such fundamentals? |