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| Greek PM to meet eurozone leaders this week | |
| (40 minutes later) | |
| Greek Prime Minister Antonis Samaras is to hold meetings with eurozone leaders this week, which could help determine the fate of his country in the bloc. | |
| Mr Samaras is expected to request more time to meet deficit cutting targets. | Mr Samaras is expected to request more time to meet deficit cutting targets. |
| At issue is whether international authorities will release 31.5bn euros ($38.8bn; £24.7bn) in loans next month, which Greece needs to avoid a default. | |
| The Finnsh foreign minister has told the BBC he thinks Greece will be forced to default on its debts. | |
| Erkki Tuomioja, whose government has in the past publicly discussed a possible Greek exit, said: "We certainly do not hope this will happen, but without further support or changes to its programme it looks likely," he told the BBC Radio 4's World at One programme. | |
| He said a Greek exit was being talked about among eurozone governments, although "not on official terms". | |
| "I would expect that this is something that is being referred to in the corridors," he said. | |
| "This is something that everyone is looking into but it is not something that can or should be discussed openly," he said. | |
| The Greek PM will meet German Chancellor Angela Merkel on Friday and French President Francois Hollande on Saturday. | |
| However, the German leader's spokesman played down the significance of the talks. | However, the German leader's spokesman played down the significance of the talks. |
| "I can tell you what is not expected... that strong positions will be laid out or significant decisions taken. That will not happen," Steffen Seibert told reporters. | "I can tell you what is not expected... that strong positions will be laid out or significant decisions taken. That will not happen," Steffen Seibert told reporters. |
| Troika report | Troika report |
| Greece is still under pressure to cut ever deeper to secure the next tranche of its international loan. | |
| It needs the 31.5bn euros over the next few weeks in order to stave off bankruptcy. But for that it must find a huge package of savings worth 11.5bn euros. | |
| It is thought that the Greek government is almost there in terms of indentifying what will be cut from the public purse. | |
| Pensions and welfare benefits will be slashed and another 34,000 civil servants are to go. | |
| The Greek PM will put these measures to the head of the eurogroup on wednesday and he will discuss them with Chancellor Merkel and Francois Hollande later in the week. | |
| He will also broach the topic of whether Greece will get another two years to reduce its deficit, to try to reduce the pain on the Greek people. | |
| Whether or not he will get it is another thing altogether. | |
| Focus is again turning to Greece as eurozone leaders return to work from their summer holidays. | |
| This week's round of meetings is due to begin later when Greece's foreign minister Dimitris Avramopoulos meets his German counterpart Guido Westerwelle in Berlin. | This week's round of meetings is due to begin later when Greece's foreign minister Dimitris Avramopoulos meets his German counterpart Guido Westerwelle in Berlin. |
| On Wednesday, Mr Samaras is expected to meet Jean-Claude Juncker, the Luxembourg premier who heads the group of eurozone finance ministers. | On Wednesday, Mr Samaras is expected to meet Jean-Claude Juncker, the Luxembourg premier who heads the group of eurozone finance ministers. |
| German government spokesman Mr Seibert said: "The basis for all decisions in the case of Greece is the report of the Troika." | German government spokesman Mr Seibert said: "The basis for all decisions in the case of Greece is the report of the Troika." |
| Inspectors representing the EU, International Monetary Fund and the European Central Bank are assessing Greece's progress on implementing reforms, in particular its spending cuts and efforts to raise revenue by clamping down on tax evasion. Their findings will be published in September. | Inspectors representing the EU, International Monetary Fund and the European Central Bank are assessing Greece's progress on implementing reforms, in particular its spending cuts and efforts to raise revenue by clamping down on tax evasion. Their findings will be published in September. |
| Stuck in recession, Greece is heavily in debt and has implemented more than 43bn euros (£33.8bn) worth of austerity measures since 2010 in order to try to bring down its budget deficit. | Stuck in recession, Greece is heavily in debt and has implemented more than 43bn euros (£33.8bn) worth of austerity measures since 2010 in order to try to bring down its budget deficit. |
| The German weekly Der Spiegel has reported that an initial assessment by the inspectors suggested Greece may need to cover a financing hole of up to 14bn euros over the next two years, rather than the 11.5bn Athens has identified for 2013 and 2014. | The German weekly Der Spiegel has reported that an initial assessment by the inspectors suggested Greece may need to cover a financing hole of up to 14bn euros over the next two years, rather than the 11.5bn Athens has identified for 2013 and 2014. |
| Last week, Greece was able to raise 4.06bn euros with an issue of three-month treasury bills, but the government had to offer an interest rate of 4.43% to attract investors. | Last week, Greece was able to raise 4.06bn euros with an issue of three-month treasury bills, but the government had to offer an interest rate of 4.43% to attract investors. |
| It was expected to use this money to make a 3.2bn euro repayment, due to the European Central Bank on Monday. The ECB declined to comment on whether it had yet received the funds. | It was expected to use this money to make a 3.2bn euro repayment, due to the European Central Bank on Monday. The ECB declined to comment on whether it had yet received the funds. |
| Common position | Common position |
| Mr Samaras' expected plan to request a two-year extension on its austerity programme has provoked frustration among other European politicians with Athens. | Mr Samaras' expected plan to request a two-year extension on its austerity programme has provoked frustration among other European politicians with Athens. |
| "There's a process we're engaged in to evaluate the efforts made by Greece in recent months, which we know was set back by elections," European Affairs Minister Bernard Cazeneuve said on France's Europe 1 radio. "We'll evaluate the situation and try to take a common position." | "There's a process we're engaged in to evaluate the efforts made by Greece in recent months, which we know was set back by elections," European Affairs Minister Bernard Cazeneuve said on France's Europe 1 radio. "We'll evaluate the situation and try to take a common position." |
| "It's important to let the Greeks express their request clearly, to let the Troika report and then to hold discussions between European countries to find the right position," he added. "We want countries to meet their commitments and we want the European Union to create conditions that will generate growth." | "It's important to let the Greeks express their request clearly, to let the Troika report and then to hold discussions between European countries to find the right position," he added. "We want countries to meet their commitments and we want the European Union to create conditions that will generate growth." |
| In an interview with Deutschlandfunk radio, Germany's deputy finance minister, Steffen Kampeter, said: "It is important that both sides should keep to what we agreed. We will decide in an orderly, fair and transparent procedure in Europe. The key to this lies not in Berlin, but in Athens." | In an interview with Deutschlandfunk radio, Germany's deputy finance minister, Steffen Kampeter, said: "It is important that both sides should keep to what we agreed. We will decide in an orderly, fair and transparent procedure in Europe. The key to this lies not in Berlin, but in Athens." |
| Alexander Stubb, Finland's minister for European affairs and foreign trade, told reporters: "There will be no third (aid) package if it [Greece] does not make structural reforms." | |
| Greece's difficulty in honouring its commitments has stirred fresh speculation over its exit from the euro. | Greece's difficulty in honouring its commitments has stirred fresh speculation over its exit from the euro. |
| On Saturday, German Finance Minister Wolfgang Schaeuble said: "I have always said that we can help the Greeks, but we cannot responsibly throw money into a bottomless pit." | On Saturday, German Finance Minister Wolfgang Schaeuble said: "I have always said that we can help the Greeks, but we cannot responsibly throw money into a bottomless pit." |