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.

Version 22 Version 23
Greek crisis: Athens to get bailout funds 'in two tranches' - live updates Greek crisis: Athens to get bailout funds 'in two tranches' - live updates
(35 minutes later)
10.02pm BST
22:02
Cross everything....
#Eurogroup still on break. Thats usually a good sign that things could be moving. #Greece
10.02pm BST
22:02
OK, I have no idea what this means....but EC spokesman Simon O’Connor just tweeted this catchy tune from Zorba the Greek.
https://t.co/eFGfbHNCsO
Might it be a sign that talks are speeding up?...
9.49pm BST
21:49
Finland’s finance minister has just tweeted that the eurogroup has taken a break, and that these long days require ‘endurance’:
Euroryhmän neuvotteluissa tauko. Nämä pitkät päivät vaativat kestävyyttä. Onneksi sitä tulee harrastettua. Jaksaa paremmin.
What would we do without online translation sites, eh?
9.39pm BST
21:39
The Wall Street Journal have a great timeline showing Greece’s debt repayments:
Greece’s Debt Due: What Greece Owes When
This chart shows its obligations this year:
Don’t worry too much about the grey lines - they show short-term debt held by Greek banks which can be ‘rolled over’ at regular auctions.
The red and blue lines are important, though - they show money owed to the IMF and the ECB. Defaulting on either creditor would have serious consequences.
9.34pm BST9.34pm BST
21:3421:34
Splitting Greece’s bailout funds into two tranches would leave Athens’ a little more exposed over the summer.Splitting Greece’s bailout funds into two tranches would leave Athens’ a little more exposed over the summer.
It has to repay around €3bn of long-term debt to its creditors in July, which should be manageable if it receives €7.5bn in loans next month (as is rumoured).It has to repay around €3bn of long-term debt to its creditors in July, which should be manageable if it receives €7.5bn in loans next month (as is rumoured).
Updated
at 9.35pm BST
9.32pm BST9.32pm BST
21:3221:32
Here’s Reuters’ latest report from Brussels, confirming what we’ve been hearing:Here’s Reuters’ latest report from Brussels, confirming what we’ve been hearing:
Euro zone finance ministers are likely to approve new loans to Greece of 10.3 billion euros, according to a draft statement seen by euro zone officials.Euro zone finance ministers are likely to approve new loans to Greece of 10.3 billion euros, according to a draft statement seen by euro zone officials.
The 10.3 billion euros in new loans is likely to be paid out in two tranches, officials said, with the first one in June worth 7.8 billion euros. The amount and timing are not final yet, officials said.The 10.3 billion euros in new loans is likely to be paid out in two tranches, officials said, with the first one in June worth 7.8 billion euros. The amount and timing are not final yet, officials said.
The disbursement was conditional on Greece delivering on reform promises.The disbursement was conditional on Greece delivering on reform promises.
9.16pm BST9.16pm BST
21:1621:16
Our own Jennifer Rankin confirms that Greece may get its aid loans in two portions, not all in one lump as expected:Our own Jennifer Rankin confirms that Greece may get its aid loans in two portions, not all in one lump as expected:
She’s also hearing that negotiations over debt relief for Athens are continuing...She’s also hearing that negotiations over debt relief for Athens are continuing...
Smoke signals from the #eurogroup: #Greece likely to get 7.5bn in June and 2.8bn in September in bailout payments.Smoke signals from the #eurogroup: #Greece likely to get 7.5bn in June and 2.8bn in September in bailout payments.
Talks continue on debt roadmap: short, med and long term debt relief. Measures going back and forth among each, source. #eurogroup #greeceTalks continue on debt roadmap: short, med and long term debt relief. Measures going back and forth among each, source. #eurogroup #greece
9.10pm BST9.10pm BST
21:1021:10
A Slovak government advisor tweets that eurogroup ministers are taking a break.A Slovak government advisor tweets that eurogroup ministers are taking a break.
this is something we all love ...The Waiting :)) #Eurogroup on break. #Greece #eurozone #IMF pic.twitter.com/7BnmJs8Imythis is something we all love ...The Waiting :)) #Eurogroup on break. #Greece #eurozone #IMF pic.twitter.com/7BnmJs8Imy
I hate to rush you, guys, but it’s 11pm in Greece and our dear readers may need their sleep.....I hate to rush you, guys, but it’s 11pm in Greece and our dear readers may need their sleep.....
9.07pm BST9.07pm BST
21:0721:07
Greece could get bailout funds in two tranchesGreece could get bailout funds in two tranches
A few journalists in Brussels are reporting that Greece’s bailout payment is going to be split into two instalments.A few journalists in Brussels are reporting that Greece’s bailout payment is going to be split into two instalments.
Efi Koutsokosta of Euronews has the details:Efi Koutsokosta of Euronews has the details:
Greek gov srcs: the bailout tranche of 10,3 bn euros will be given in 2 sub tranches (7,5 bn in June, 2,8 bn in Autumn) #Greece #EurogroupGreek gov srcs: the bailout tranche of 10,3 bn euros will be given in 2 sub tranches (7,5 bn in June, 2,8 bn in Autumn) #Greece #Eurogroup
If so, that could mean that creditors aren’t totally happy with the measures approved by Athens last weekend. Or it could mean something else....If so, that could mean that creditors aren’t totally happy with the measures approved by Athens last weekend. Or it could mean something else....
9.05pm BST9.05pm BST
21:0521:05
Over in New York, Wall Street has just closed for the night with gains across the board.Over in New York, Wall Street has just closed for the night with gains across the board.
Banks and tech stocks led the rally, as investors appeared to stop worrying about the prospect of a US rate rise.Banks and tech stocks led the rally, as investors appeared to stop worrying about the prospect of a US rate rise.
The Dow Jones index finished 211 points higher at 17,704 points, a jump of 1.2%, following a strong day in Europe.The Dow Jones index finished 211 points higher at 17,704 points, a jump of 1.2%, following a strong day in Europe.
8.54pm BST8.54pm BST
20:5420:54
Today’s problem in a nutshell: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#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 BST8.50pm BST
20:5020:50
Rumblings of discontent in Brussels....Rumblings of discontent in Brussels....
I hear that three #Eurogroup ministers are furious that Tsipras changed EKAS social benefit scheme without Institutions' consent.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/6vBmJ7VBpQBreak (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
20:20
EU officials 'optimistic' over Greek bailout deal
Jennifer Rankin
Here’s our latest news story from Brussels:
Related: Eurozone officials hope to give Greece next tranche of bailout
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.
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.
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
at 8.21pm BST
7.50pm BST
19:50
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.
#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
Updated
at 8.05pm BST
7.49pm BST
19:49
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
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.
7.35pm BST
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.
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.
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.
If you have any ideas why, please tell Matt here:
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
7.06pm BST
19:06
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.
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.
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?
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.
6.51pm BST
18:51
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
Safe to say the IMF has tempered its expectations of privatisation revenue in #Greece (rightly so) pic.twitter.com/FNamIxPCCA
6.42pm BST
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.
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).
But regular crisis watchers will know that these meetings have a nasty habit of running on towards midnight....
Updated
at 6.43pm BST
6.26pm BST
18:26
Greece’s former top central banker fears that the country is ill-prepared to exit its economic crisis.
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
Whatever is agreed at 2night's eurogoup will be politically expedient. Big Q is whether there can b recovery with such fundamentals?