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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/feb/16/greek-bailout-eurozone-ministers-hold-crunch-talks-live-updates
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| Version 0 | Version 1 |
|---|---|
| Greek bailout: Crisis escalates as eurogroup talks break up - as it happened | Greek bailout: Crisis escalates as eurogroup talks break up - as it happened |
| (18 days later) | |
| 11.22pm GMT | |
| 23:22 | |
| PS: Channel Four’s Paul Mason just tweeted what he believes is the elusive draft which Greece was prepared to sign today: | PS: Channel Four’s Paul Mason just tweeted what he believes is the elusive draft which Greece was prepared to sign today: |
| This is the draft @yanisvaroufakis claimed @pierremoscovici presented then withdrew. pic.twitter.com/tE1HJQOY4z | This is the draft @yanisvaroufakis claimed @pierremoscovici presented then withdrew. pic.twitter.com/tE1HJQOY4z |
| Something to watch tomorrow morning, or later today if you’re the other side of the Channel.... | Something to watch tomorrow morning, or later today if you’re the other side of the Channel.... |
| Updated | |
| at 11.23pm GMT | |
| 11.01pm GMT | |
| 23:01 | |
| And that’s all for tonight.I’ll be back in a few hours to mop up the reaction to today’s event (alarm clock willing :) ) | And that’s all for tonight.I’ll be back in a few hours to mop up the reaction to today’s event (alarm clock willing :) ) |
| Many thanks, as ever, for reading and commenting. Goodnight! GW | Many thanks, as ever, for reading and commenting. Goodnight! GW |
| 10.54pm GMT | |
| 22:54 | |
| The latest developments in Greece also make the front page of the Guardian tonight, along with a dashing picture of a youthful George Osborne. | The latest developments in Greece also make the front page of the Guardian tonight, along with a dashing picture of a youthful George Osborne. |
| Tuesday's Guardian front page: Greek rescue talks collapse in acrimony #tomorrowspaperstoday #bbcpapers pic.twitter.com/N5TKguHOc8 | Tuesday's Guardian front page: Greek rescue talks collapse in acrimony #tomorrowspaperstoday #bbcpapers pic.twitter.com/N5TKguHOc8 |
| The full story is online here. | The full story is online here. |
| 10.53pm GMT | |
| 22:53 | |
| Alastair Winter, chief economist at Daniel Stewart & Co, has an interesting conspiracy theory about that first draft agreement: | Alastair Winter, chief economist at Daniel Stewart & Co, has an interesting conspiracy theory about that first draft agreement: |
| I wonder if the Moscovici draft that Varoufakis says he was willing to sign was a crude attempt by the federalists to bounce the Northerners | I wonder if the Moscovici draft that Varoufakis says he was willing to sign was a crude attempt by the federalists to bounce the Northerners |
| Varoufakis confidence may not just be game theory but knowing all Hollande Renzi Juncker Draghi Lagarde batting for him vs grim Northerners | Varoufakis confidence may not just be game theory but knowing all Hollande Renzi Juncker Draghi Lagarde batting for him vs grim Northerners |
| Updated | |
| at 10.54pm GMT | |
| 10.33pm GMT | |
| 22:33 | |
| Video: highlights of Greek press conference | Video: highlights of Greek press conference |
| 10.14pm GMT | |
| 22:14 | |
| Greece makes the front page of the FT: | Greece makes the front page of the FT: |
| Just published: front page of the Financial Times US edition Tue Feb 17: pic.twitter.com/lEF0NE6tAm | Just published: front page of the Financial Times US edition Tue Feb 17: pic.twitter.com/lEF0NE6tAm |
| 9.54pm GMT | |
| 21:54 | |
| Are people being too gloomy tonight? Dan Davies of Frontline Analysts reckons he spies the outline of a deal: | Are people being too gloomy tonight? Dan Davies of Frontline Analysts reckons he spies the outline of a deal: |
| Yep. More I look at it, cutting away the emotions and bullshit, more I think €group and Greece are on the verge of a deal. | Yep. More I look at it, cutting away the emotions and bullshit, more I think €group and Greece are on the verge of a deal. |
| By which, I mean a deal which freezes new unfunded commitments (ie the current level of surplus, +/- economic outcomes) for 4 months | By which, I mean a deal which freezes new unfunded commitments (ie the current level of surplus, +/- economic outcomes) for 4 months |
| ... pending the negotiation of the proper new program in June, which both sides agree to negotiate toward in good faith. Might have ... | ... pending the negotiation of the proper new program in June, which both sides agree to negotiate toward in good faith. Might have ... |
| ... indication of lower primary surplus targets for longer. That looks it might be acceptable to both sides. | ... indication of lower primary surplus targets for longer. That looks it might be acceptable to both sides. |
| Worth noting that Dijsselbloem did speak about certain flexibility existing in the current bailout programme, and Varoufakis’s seemingly unsquashable confidence must be based on something..... | Worth noting that Dijsselbloem did speak about certain flexibility existing in the current bailout programme, and Varoufakis’s seemingly unsquashable confidence must be based on something..... |
| Updated | |
| at 10.26pm GMT | |
| 9.49pm GMT | |
| 21:49 | |
| If you’re just joining us, you should check out our latest news story on tonight’s drama: | If you’re just joining us, you should check out our latest news story on tonight’s drama: |
| Greece bailout talks break down after Athens rejects ‘unacceptable’ eurozone demands | Greece bailout talks break down after Athens rejects ‘unacceptable’ eurozone demands |
| Talks between Greece and its eurozone creditors collapsed in disarray on Monday night, heightening concerns that the country is edging closer to a disruptive exit from the eurozone. | Talks between Greece and its eurozone creditors collapsed in disarray on Monday night, heightening concerns that the country is edging closer to a disruptive exit from the eurozone. |
| The breakdown of discussions in Brussels over the Greek bailout programme appeared to leave both sides as far apart as ever, although eurozone finance ministers said a last-ditch summit could be held on Friday. | The breakdown of discussions in Brussels over the Greek bailout programme appeared to leave both sides as far apart as ever, although eurozone finance ministers said a last-ditch summit could be held on Friday. |
| However, the Greek delegation was told in no uncertain terms that talks would recommence only if the country was willing to extend its bailout package, which carries a list of austerity measures that the new left-wing government in Athens has vowed to pare back. | However, the Greek delegation was told in no uncertain terms that talks would recommence only if the country was willing to extend its bailout package, which carries a list of austerity measures that the new left-wing government in Athens has vowed to pare back. |
| Effectively presenting Greece with an ultimatum, the eurogroup of eurozone finance ministers said Athens had until Friday to agree to maintain the current bailout under the auspices of the European Union, the European Central Bank and the International Monetary Fund – something that Greece has said is unacceptable. | Effectively presenting Greece with an ultimatum, the eurogroup of eurozone finance ministers said Athens had until Friday to agree to maintain the current bailout under the auspices of the European Union, the European Central Bank and the International Monetary Fund – something that Greece has said is unacceptable. |
| Greece’s finance minister, Yanis Varoufakis, made it clear in the acrimonious discussions in Brussels on Monday that Greece would not accept prolonging the bail out for six months unless the other 18 members of the eurozone agreed to water down the austerity conditions attached to the deal. | Greece’s finance minister, Yanis Varoufakis, made it clear in the acrimonious discussions in Brussels on Monday that Greece would not accept prolonging the bail out for six months unless the other 18 members of the eurozone agreed to water down the austerity conditions attached to the deal. |
| Varoufakis insisted that an “honourable agreement” was within reach for Greece, despite voicing strong criticism of unspecified advocates of Greece’s current bailout, who were playing “games with the future of Europe”. | Varoufakis insisted that an “honourable agreement” was within reach for Greece, despite voicing strong criticism of unspecified advocates of Greece’s current bailout, who were playing “games with the future of Europe”. |
| “We are going to meet half way during the next couple of days,” he said. “Europe will do the usual trick, it will pull a good agreement, an honourable agreement, out of what appears to be an impasse.”... (click here for more) | “We are going to meet half way during the next couple of days,” he said. “Europe will do the usual trick, it will pull a good agreement, an honourable agreement, out of what appears to be an impasse.”... (click here for more) |
| 9.34pm GMT | |
| 21:34 | |
| The plot thickens... | The plot thickens... |
| For everyone looking for a @pierremoscovici draft, I'm told it doesn't exist. It was more a statement of principles agreed by the two sides. | For everyone looking for a @pierremoscovici draft, I'm told it doesn't exist. It was more a statement of principles agreed by the two sides. |
| 9.34pm GMT | |
| 21:34 | |
| Greek government insiders are accusing some eurozone officials of deliberately scuppering chances of a breakthrough tonight, reports Efi Efthimiou, reporter at Greece’s CapitalGr. | Greek government insiders are accusing some eurozone officials of deliberately scuppering chances of a breakthrough tonight, reports Efi Efthimiou, reporter at Greece’s CapitalGr. |
| #Greece govt (sources) reax: Some have decided 2 torpedo the possibilities of reaching an agreement in Egroup & insist on implementing MoUs | #Greece govt (sources) reax: Some have decided 2 torpedo the possibilities of reaching an agreement in Egroup & insist on implementing MoUs |
| 9.27pm GMT | |
| 21:27 | |
| Another quick recap. | Another quick recap. |
| Greece’s finance minister had predicted that the Eurozone will produce an ‘honourable agreement’ within 48 hours to unpick the crisis over its bailout. | Greece’s finance minister had predicted that the Eurozone will produce an ‘honourable agreement’ within 48 hours to unpick the crisis over its bailout. |
| Varoufakis declared: | Varoufakis declared: |
| Europe will do the usual trick. It will pull a good agreement, an honourable agreement out of what seems to be an impasse. We did it last Wednesday, we will do it again now. | Europe will do the usual trick. It will pull a good agreement, an honourable agreement out of what seems to be an impasse. We did it last Wednesday, we will do it again now. |
| Varoufakis insisted that Greece will not leave the eurozone, despite fears that it could stumble out of its bailout programme in two weeks without a new funding deal. | Varoufakis insisted that Greece will not leave the eurozone, despite fears that it could stumble out of its bailout programme in two weeks without a new funding deal. |
| He also blamed eurogroup chief Jeroen Dijsselbloem for the collapse of talks in Brussels tonight. Varoufakis insisted he was willing to sign up to a statement on Greece’s bailout tonight, before Dijsselbloem changed it. | He also blamed eurogroup chief Jeroen Dijsselbloem for the collapse of talks in Brussels tonight. Varoufakis insisted he was willing to sign up to a statement on Greece’s bailout tonight, before Dijsselbloem changed it. |
| That move by Dijsselbloem triggered the ‘unprecedented’ collapse of tonight’s talks. | That move by Dijsselbloem triggered the ‘unprecedented’ collapse of tonight’s talks. |
| Earlier, Dijsselbloem had told reporters that the eurogroup felt strongly that Greece should request an extension of its bailout, to buy time to discuss the way ahead. | Earlier, Dijsselbloem had told reporters that the eurogroup felt strongly that Greece should request an extension of its bailout, to buy time to discuss the way ahead. |
| 9.09pm GMT | |
| 21:09 | |
| 9.00pm GMT | |
| 21:00 | |
| If you missed the Varoufakis press conference (or want to check any quotes, fellow hacks), there is a video replay here: | If you missed the Varoufakis press conference (or want to check any quotes, fellow hacks), there is a video replay here: |
| LIVE: Eurogroup meeting: Greek FinMin Varoufakis speaks after talks failure | LIVE: Eurogroup meeting: Greek FinMin Varoufakis speaks after talks failure |
| And Associated Press’s Derek Gatopoulos has kindly uploaded an audio recording. | And Associated Press’s Derek Gatopoulos has kindly uploaded an audio recording. |
| Here's full audio of Varoufakis news conference http://t.co/Qhs9wX7gJ8 #Greece @yanisvaroufakis pic.twitter.com/7sP0AzwoPo | Here's full audio of Varoufakis news conference http://t.co/Qhs9wX7gJ8 #Greece @yanisvaroufakis pic.twitter.com/7sP0AzwoPo |
| 8.51pm GMT | |
| 20:51 | |
| Peter Spiegel of the Financial Times says there’s confusion over why Greece would have signed the original draft statement prepared by Pierre Moscovici, but not the new one presented by Jeroen Dijsselbloem (as Yanis Varoufakis explained earlier) | Peter Spiegel of the Financial Times says there’s confusion over why Greece would have signed the original draft statement prepared by Pierre Moscovici, but not the new one presented by Jeroen Dijsselbloem (as Yanis Varoufakis explained earlier) |
| No #eurozone official I talked to can figure out why @pierremoscovici draft ok to #Greece but not other one. They say no diff on substance | No #eurozone official I talked to can figure out why @pierremoscovici draft ok to #Greece but not other one. They say no diff on substance |
| 8.32pm GMT | |
| 20:32 | |
| Instant reaction to the Varoufakis press conference (if you missed it, highlights start here) | Instant reaction to the Varoufakis press conference (if you missed it, highlights start here) |
| Don’t think I’ve ever heard a finance minister as lucid, erudite & intelligent as @yanisvaroufakis. Not sure if that helps in euro talks tho | Don’t think I’ve ever heard a finance minister as lucid, erudite & intelligent as @yanisvaroufakis. Not sure if that helps in euro talks tho |
| Highlight of Varoufakis presser for me was story of Moscovici draft that was withdrawn. Why don't they just leak that one too? #Greece | Highlight of Varoufakis presser for me was story of Moscovici draft that was withdrawn. Why don't they just leak that one too? #Greece |
| Varoufakis will so a deal if it says 'extension of loans' rather than 'programme'. He also believes the EU operates in realm of rationality | Varoufakis will so a deal if it says 'extension of loans' rather than 'programme'. He also believes the EU operates in realm of rationality |
| (so=sign) | (so=sign) |
| #Varoufakis says 'no doubt' Greece will strike aid accord. So does this mean he's softening his stance? | #Varoufakis says 'no doubt' Greece will strike aid accord. So does this mean he's softening his stance? |
| Strong stuff from Greek fin min on indivisibility of Europe; interesting to see how this plays when Russian sanctions back on agenda. | Strong stuff from Greek fin min on indivisibility of Europe; interesting to see how this plays when Russian sanctions back on agenda. |
| 8.26pm GMT | |
| 20:26 | |
| Last question to Yanis Varoufakis: What will markets make of the situation, and is the ball in Greece’s court or the eurogroup’s? | Last question to Yanis Varoufakis: What will markets make of the situation, and is the ball in Greece’s court or the eurogroup’s? |
| To talk about balls in court makes it a game, the Greek finance minister responds. This is not a game. We don’t have the right to play games with the future of Europe. | To talk about balls in court makes it a game, the Greek finance minister responds. This is not a game. We don’t have the right to play games with the future of Europe. |
| We and our partners are going to meet halfway, in the next couple of days. There will be intense discussions, indeed Varoufakis is sure they’re already happening while he’s in the press room. | We and our partners are going to meet halfway, in the next couple of days. There will be intense discussions, indeed Varoufakis is sure they’re already happening while he’s in the press room. |
| And he concludes by repeating that a deal will be agreed in time: | And he concludes by repeating that a deal will be agreed in time: |
| Europe will do the usual trick. It will pull a good agreement, an honourable agreement out of what seems to be an impasse. We did it last Wednesday, we will do it again now. | Europe will do the usual trick. It will pull a good agreement, an honourable agreement out of what seems to be an impasse. We did it last Wednesday, we will do it again now. |
| 8.21pm GMT | |
| 20:21 | |
| What will happen if Greece reaches March 1st without a deal? | What will happen if Greece reaches March 1st without a deal? |
| I’ve been taught to avoid hypothetical questions, Varoufakis smiles. | I’ve been taught to avoid hypothetical questions, Varoufakis smiles. |
| 8.10pm GMT | |
| 20:10 | |
| Yanis Varoufakis repeats that he was prepared to apply for an extension of Greece’s loan agreement today (before the text was changed). | Yanis Varoufakis repeats that he was prepared to apply for an extension of Greece’s loan agreement today (before the text was changed). |
| Greece was even prepared to add extra conditions, he declares, to demonstate its commitment to its partners. | Greece was even prepared to add extra conditions, he declares, to demonstate its commitment to its partners. |
| And then he argues that progress will be made by Wednesday night: | And then he argues that progress will be made by Wednesday night: |
| I have no doubt that within the next 48 hours Europe will come together and find the phrasing so we can move on to do the real work to find the common ground [and find a new situation] that is good for Greece and Europe. | I have no doubt that within the next 48 hours Europe will come together and find the phrasing so we can move on to do the real work to find the common ground [and find a new situation] that is good for Greece and Europe. |
| 8.10pm GMT | |
| 20:10 | |
| Varoufakis:"democracy changes the facts on the ground and we are a government that has a critique of the current programme." | Varoufakis:"democracy changes the facts on the ground and we are a government that has a critique of the current programme." |
| 8.06pm GMT | |
| 20:06 | |
| Varoufakis: Greece will stay in the eurozone | Varoufakis: Greece will stay in the eurozone |
| Tonight’s draft statement from the eurogroup is clearly a provocation, so isn’t it proof that Greece must leave the eurozone? | Tonight’s draft statement from the eurogroup is clearly a provocation, so isn’t it proof that Greece must leave the eurozone? |
| Varoufakis denies it, explaining: | Varoufakis denies it, explaining: |
| Europe is going through the difficult process of understanding that Greece has a new government committed to changing a programme that has clearly failed in the eyes of everyone who doesn’t have a vested interest. | Europe is going through the difficult process of understanding that Greece has a new government committed to changing a programme that has clearly failed in the eyes of everyone who doesn’t have a vested interest. |
| And he disputes the argument the Greece turned the corner in 2014, because its economy expanded. | And he disputes the argument the Greece turned the corner in 2014, because its economy expanded. |
| We only “grew” because prices in Greece fell faster than activity fell. That’s not growth, it’s a great depression. | We only “grew” because prices in Greece fell faster than activity fell. That’s not growth, it’s a great depression. |
| And he tried to quash Grexit fears: | And he tried to quash Grexit fears: |
| Greece is a member of the eurozone, and will remain a member of the eurozone. | Greece is a member of the eurozone, and will remain a member of the eurozone. |
| Europe is indivisible - anyone who tampers with it is an anti-European. | Europe is indivisible - anyone who tampers with it is an anti-European. |
| This government is a fully-fledged pro-European, he adds, that simply wants to speak the truth. | This government is a fully-fledged pro-European, he adds, that simply wants to speak the truth. |
| Updated | |
| at 8.18pm GMT | |
| 8.01pm GMT | |
| 20:01 | |
| We have committed to some conditionality, but it’s up to the eurogroup to define what flexibility they are offering, Varoufakis says. | We have committed to some conditionality, but it’s up to the eurogroup to define what flexibility they are offering, Varoufakis says. |
| 8.00pm GMT | |
| 20:00 | |
| If you’re not playing game theory, or poker, can you assure your electors that they won’t soon be playing Monopoly with fake money? | If you’re not playing game theory, or poker, can you assure your electors that they won’t soon be playing Monopoly with fake money? |
| I always play Monopoly with real Monopoly money, Varoufakis replies. | I always play Monopoly with real Monopoly money, Varoufakis replies. |
| And game theory assumes that players’ motives are fixed and selfish interests -- that’s not the case here. | And game theory assumes that players’ motives are fixed and selfish interests -- that’s not the case here. |
| Varoufakis: goes into game theory shtick - wants to change motives of Eurogroup and not act from selfishness | Varoufakis: goes into game theory shtick - wants to change motives of Eurogroup and not act from selfishness |
| 7.56pm GMT | |
| 19:56 | |
| Onto questions. | Onto questions. |
| You’ve been given an ultimatum to ask for a bailout extension by Friday, so what will you do? | You’ve been given an ultimatum to ask for a bailout extension by Friday, so what will you do? |
| The history of the EU shows that nothing good comes from ultimatums, says Varoufakis. | The history of the EU shows that nothing good comes from ultimatums, says Varoufakis. |
| He is sure that “any notion of an ultimatum” will be withdrawn in the coming days. | He is sure that “any notion of an ultimatum” will be withdrawn in the coming days. |
| We want a phrase that allows both sides to explore common ground. | We want a phrase that allows both sides to explore common ground. |
| 7.54pm GMT | |
| 19:54 | |
| It would be an act of subterfuge if we agreed to complete a programme whose logic we have rejected says @yanisvaroufakis #Greece #Eurogroup | It would be an act of subterfuge if we agreed to complete a programme whose logic we have rejected says @yanisvaroufakis #Greece #Eurogroup |
| 7.54pm GMT | |
| 19:54 | |
| Varoufakis blames Dijsselbloem for talks collapsing | Varoufakis blames Dijsselbloem for talks collapsing |
| Varoufakis states that Pierre Moscovici presented him today with a draft communique that he was “perfectly happy to sign there & then” . | Varoufakis states that Pierre Moscovici presented him today with a draft communique that he was “perfectly happy to sign there & then” . |
| But then, he claims, it was withdrawn by eurozone chief Jeroen Dijsselbloem in favour of a different draft that unwound all the progress made by officials in recent ways. | But then, he claims, it was withdrawn by eurozone chief Jeroen Dijsselbloem in favour of a different draft that unwound all the progress made by officials in recent ways. |
| All we got was some “nebulous words”, promising “some flexibility”. | All we got was some “nebulous words”, promising “some flexibility”. |
| So, despite our “infinite goodwill”, we weren’t able to sign the communique, Varoufakis continues. | So, despite our “infinite goodwill”, we weren’t able to sign the communique, Varoufakis continues. |
| 7.49pm GMT | |
| 19:49 | |
| Varoufakis: it would be simply wrong for the new Greek government to simply agree to an unchanged bailout extension, having won an election on the basis of reforming it. | Varoufakis: it would be simply wrong for the new Greek government to simply agree to an unchanged bailout extension, having won an election on the basis of reforming it. |
| Varoufakis: last Weds, turned down demand to “extend and successfully conclude” current program; | Varoufakis: last Weds, turned down demand to “extend and successfully conclude” current program; |
| Updated | |
| at 7.49pm GMT | |
| 7.47pm GMT | |
| 19:47 | |
| #Varoufakis: I'm sure that we will have an agreement, one that is conducive to #Greece and Europe pic.twitter.com/eDn0UGP6wd | #Varoufakis: I'm sure that we will have an agreement, one that is conducive to #Greece and Europe pic.twitter.com/eDn0UGP6wd |
| 7.47pm GMT | |
| 19:47 | |
| Varoufakis: No doubt that we'll get a deal | Varoufakis: No doubt that we'll get a deal |
| Varoufakis says that he is happy to report that today’s talks took place in a collegiate spirit. | Varoufakis says that he is happy to report that today’s talks took place in a collegiate spirit. |
| And he has no doubt that the talks will continue, and no doubts that there will be an agreement - one that is good for Greece and Europe. | And he has no doubt that the talks will continue, and no doubts that there will be an agreement - one that is good for Greece and Europe. |
| So why no communique, again? | So why no communique, again? |
| The real reason is a substantial disagreement whether the task is to complete a programme that this government was elected to challenge. | The real reason is a substantial disagreement whether the task is to complete a programme that this government was elected to challenge. |
| Or whether the task is to sit down and rethink this programme from scratch. | Or whether the task is to sit down and rethink this programme from scratch. |
| A programme that has failed to stabilise Greece, created a major humanitarian crisis, and made reforming Greece ever so hard, he says. That programme has created the debt-deflation crisis now gripping the Greek economy. | A programme that has failed to stabilise Greece, created a major humanitarian crisis, and made reforming Greece ever so hard, he says. That programme has created the debt-deflation crisis now gripping the Greek economy. |
| 7.43pm GMT | |
| 19:43 | |
| Greek press conference underway | Greek press conference underway |
| Yanis Varoufakis has arrived for his press conference - livestream here. | Yanis Varoufakis has arrived for his press conference - livestream here. |
| 7.43pm GMT | |
| 19:43 | |
| Open Europe: Unprecedented collapse at the eurogroup | Open Europe: Unprecedented collapse at the eurogroup |
| The early break-up of today’s eurogroup talks was “unprecedented”, says Raoul Ruparel of the Open Europe thinktank. It shows that the eurogroup is playing hardball with Greece. | The early break-up of today’s eurogroup talks was “unprecedented”, says Raoul Ruparel of the Open Europe thinktank. It shows that the eurogroup is playing hardball with Greece. |
| He writes: | He writes: |
| “That escalated quickly”, as Ron Burgundy might have put it. | “That escalated quickly”, as Ron Burgundy might have put it. |
| After a relatively quiet weekend and some optimistic tones – albeit mainly from the Greek government rather than the rest of the Eurozone – tonight’s Eurogroup meeting of Eurozone finance ministers was broken up after less than 30 minutes. Throughout the entire Eurozone crisis we have not seen a finance ministers’ meeting going so badly. In fact, at one point the talks descended into outright farce. | After a relatively quiet weekend and some optimistic tones – albeit mainly from the Greek government rather than the rest of the Eurozone – tonight’s Eurogroup meeting of Eurozone finance ministers was broken up after less than 30 minutes. Throughout the entire Eurozone crisis we have not seen a finance ministers’ meeting going so badly. In fact, at one point the talks descended into outright farce. |
| And in conclusion...Ruparel says he Greek government now faces a pretty tough choice. | And in conclusion...Ruparel says he Greek government now faces a pretty tough choice. |
| It is looking increasingly alone and the best outcome it can probably hope for in the short term is getting some favourable phrasing or wording in the extension. Whether or not this will fly with the hard-line left-wing of the Syriza party or with the general public is another question altogether. | It is looking increasingly alone and the best outcome it can probably hope for in the short term is getting some favourable phrasing or wording in the extension. Whether or not this will fly with the hard-line left-wing of the Syriza party or with the general public is another question altogether. |
| Here's our take on tonight's #Eurogroup meeting - red lines are emerging on both sides with a big divide to bridge http://t.co/Pj6F4O5NGf | Here's our take on tonight's #Eurogroup meeting - red lines are emerging on both sides with a big divide to bridge http://t.co/Pj6F4O5NGf |
| 7.37pm GMT | |
| 19:37 | |
| Good news; Greek finance minister Yanis Varoufakis’s press conference will be streamed live, here. | Good news; Greek finance minister Yanis Varoufakis’s press conference will be streamed live, here. |
| LIVE Eurogroup meeting - Greek national briefing | LIVE Eurogroup meeting - Greek national briefing |
| We’ll cover the key points. | We’ll cover the key points. |
| Briefing room mobbed for Varoufakis press conference pic.twitter.com/qitwJixFhD | Briefing room mobbed for Varoufakis press conference pic.twitter.com/qitwJixFhD |
| 7.36pm GMT | |
| 19:36 | |
| At least SYRIZA has managed to unite the other 18 € countries. Long time since Berlin, Paris, Rome & the others were so joined up. #Greece | At least SYRIZA has managed to unite the other 18 € countries. Long time since Berlin, Paris, Rome & the others were so joined up. #Greece |
| 7.32pm GMT | |
| 19:32 | |
| Greek crisis: what the experts say | Greek crisis: what the experts say |
| Greece is effectively asking for help from rich and poor, creditors and debtors alike. Not so easy to get sympathy on that basis. | Greece is effectively asking for help from rich and poor, creditors and debtors alike. Not so easy to get sympathy on that basis. |
| dont see breakup of Brussels talks as anything but bad news. All talk of brinkmanship/deadlines is tosh, if trust bank is bust. | dont see breakup of Brussels talks as anything but bad news. All talk of brinkmanship/deadlines is tosh, if trust bank is bust. |
| The problem is that Greece is asking for something contrary to Treaties A huge legal as well as financial problem for Germany @johnycassidy | The problem is that Greece is asking for something contrary to Treaties A huge legal as well as financial problem for Germany @johnycassidy |
| As I tweeted earlier Dijsselbloem is the last man the Eurofederalists want to have in charge of Greek negotiations | As I tweeted earlier Dijsselbloem is the last man the Eurofederalists want to have in charge of Greek negotiations |
| It would be silly to read too much into the breakdown of #Eurogroup talks 2day. We've been here b4 & a compromise still most likely outcome | It would be silly to read too much into the breakdown of #Eurogroup talks 2day. We've been here b4 & a compromise still most likely outcome |
| The idea of a #Grexit by accident, is silly... In the unlikely event, it would be a deliberate call made at the highest political level | The idea of a #Grexit by accident, is silly... In the unlikely event, it would be a deliberate call made at the highest political level |
| 7.25pm GMT | |
| 19:25 | |
| Journalists in Brussels are now waiting for Greece’s finance minister to give his side of the story: | Journalists in Brussels are now waiting for Greece’s finance minister to give his side of the story: |
| Waiting for Varoufakis. Is this the moment people start saying Lafazanis & Lapavitsas just could be right? #Grexit pic.twitter.com/93b78bgqDo | Waiting for Varoufakis. Is this the moment people start saying Lafazanis & Lapavitsas just could be right? #Grexit pic.twitter.com/93b78bgqDo |
| 7.19pm GMT | |
| 19:19 | |
| Snap summary: Greek crisis moves up a notch | Snap summary: Greek crisis moves up a notch |
| Wow. A quick recap must be in order, after a couple of fast-moving hours. | Wow. A quick recap must be in order, after a couple of fast-moving hours. |
| The crisis over Greece’s bailout programme has escalated after crunch talks in Brussels today broke up early, with the two sides as divided as ever. | The crisis over Greece’s bailout programme has escalated after crunch talks in Brussels today broke up early, with the two sides as divided as ever. |
| The crucial negotiations collapsed after Greece refused to accept demands from eurozone finance ministers that it should ask for an extension to its bailout. | The crucial negotiations collapsed after Greece refused to accept demands from eurozone finance ministers that it should ask for an extension to its bailout. |
| The meeting, which was expected to last until midnight, ended around 7pm local time -- shortly after the draft proposal was leaked to the media, complete with notes from Greek finance chief Yanis Varoufakis. Greek sources said the proposal was unacceptable. | The meeting, which was expected to last until midnight, ended around 7pm local time -- shortly after the draft proposal was leaked to the media, complete with notes from Greek finance chief Yanis Varoufakis. Greek sources said the proposal was unacceptable. |
| Draft statement from #Eurogroup with Varoufakis' notes. Sources close to talks say this was presented at start of mtg pic.twitter.com/DHjd9W4v7P | Draft statement from #Eurogroup with Varoufakis' notes. Sources close to talks say this was presented at start of mtg pic.twitter.com/DHjd9W4v7P |
| I've been told #Eurogroup broke up even before finance ministers got a chance to discuss draft #Greece statement | I've been told #Eurogroup broke up even before finance ministers got a chance to discuss draft #Greece statement |
| This triggered an early press conference in Brussels (highlights start here) | This triggered an early press conference in Brussels (highlights start here) |
| Eurogroup chief Jeroen Dijsselbloem told reporters that there was a strong feeling was that Greece should ask to extend its current bailout, which runs out at the end of February. Only then could the two sides talk about how Athens could take advantage of “flexibility” in the programme. | Eurogroup chief Jeroen Dijsselbloem told reporters that there was a strong feeling was that Greece should ask to extend its current bailout, which runs out at the end of February. Only then could the two sides talk about how Athens could take advantage of “flexibility” in the programme. |
| Although Dijsselbloem said that an extension could look similar to the ‘bridge programme’ proposed by Athens, he was clear that it would have to include most of the existing bailout programme. | Although Dijsselbloem said that an extension could look similar to the ‘bridge programme’ proposed by Athens, he was clear that it would have to include most of the existing bailout programme. |
| Glimmers of a classic Brussels compromise mooted by Dijsselbloem: a bridge is a different word for an extension. | Glimmers of a classic Brussels compromise mooted by Dijsselbloem: a bridge is a different word for an extension. |
| Commissioner Pierre Moscovici said there was little clarity on how Greece could drop 30% of the programme and replace it with new measures, as finance chief Yanis Varoufakis has argued. | Commissioner Pierre Moscovici said there was little clarity on how Greece could drop 30% of the programme and replace it with new measures, as finance chief Yanis Varoufakis has argued. |
| Moscovici added that: | Moscovici added that: |
| We come back to logic. I want us to be logical, not ideological. | We come back to logic. I want us to be logical, not ideological. |
| Christine Lagarde of the IMF warned that its next bailout payment cannot be handed over unless Greece is meeting the terms of its current programme. | Christine Lagarde of the IMF warned that its next bailout payment cannot be handed over unless Greece is meeting the terms of its current programme. |
| This puts the ball firmly back in Greece’s court. If Athens asks for a bailout extension, then ministers could meet again on Friday. | This puts the ball firmly back in Greece’s court. If Athens asks for a bailout extension, then ministers could meet again on Friday. |
| But if not, it risks reaching the end of February without a new funding arrangement. | But if not, it risks reaching the end of February without a new funding arrangement. |
| Dijsselbloem confirmed that Greece could ask for a whole new bailout programme, but warned that it would be based on the same principles as its previous two. | Dijsselbloem confirmed that Greece could ask for a whole new bailout programme, but warned that it would be based on the same principles as its previous two. |
| Your move, Athens. | Your move, Athens. |
| Updated | |
| at 8.32pm GMT | |
| 6.58pm GMT | |
| 18:58 | |
| Why doesn’t the eurogroup understand that Greece feels trapped by the commitments of the previous government? | Why doesn’t the eurogroup understand that Greece feels trapped by the commitments of the previous government? |
| Eurogroup chief Dijsselbloem replies that there is some flexibility in the current bailout programme, but that Athens must also stick to its main principles and targets. | Eurogroup chief Dijsselbloem replies that there is some flexibility in the current bailout programme, but that Athens must also stick to its main principles and targets. |
| And how different would a new Greek programme be? | And how different would a new Greek programme be? |
| Not very different, Dijsselbloem replies. It would have to be based on three principles -- fiscal and debt sustainability, reforming its economy to make it more competitive, and ensuring the stability of its financial sector. | Not very different, Dijsselbloem replies. It would have to be based on three principles -- fiscal and debt sustainability, reforming its economy to make it more competitive, and ensuring the stability of its financial sector. |
| We all want Greece to become financially self-supporting, he concludes. | We all want Greece to become financially self-supporting, he concludes. |
| And that’s the end of the press conference - summary and reaction to follow. | And that’s the end of the press conference - summary and reaction to follow. |
| 6.52pm GMT | |
| 18:52 | |
| Is Friday the new deadline? | Is Friday the new deadline? |
| There could be a new eurogroup meeting on Friday, but only if Greece asks for a bailout extension, Dijsselbloem replies. | There could be a new eurogroup meeting on Friday, but only if Greece asks for a bailout extension, Dijsselbloem replies. |
| And he reveals that he’s spoken to European Council president Donald Tusk, who has no intention of calling a summit to tackle this crisis. | And he reveals that he’s spoken to European Council president Donald Tusk, who has no intention of calling a summit to tackle this crisis. |
| Breaking: .@J_Dijsselbloem Donald Tusk has no intention of calling a eurozone summit next week. | Breaking: .@J_Dijsselbloem Donald Tusk has no intention of calling a eurozone summit next week. |
| Updated | |
| at 6.52pm GMT | |
| 6.50pm GMT | |
| 18:50 | |
| Was there any discussion about capital controls in Greece? | Was there any discussion about capital controls in Greece? |
| Dijsselbloem indicates that there was not. | Dijsselbloem indicates that there was not. |
| No discussion of capital controls at the eurogroup meeting on Greece, says @J_Dijsselbloem | No discussion of capital controls at the eurogroup meeting on Greece, says @J_Dijsselbloem |
| 6.50pm GMT | |
| 18:50 | |
| Greece will lose €10.9bn from its bank stability fund on 28 Feb if no extension, says @J_Dijsselbloem. That means banks lose a key buffer | Greece will lose €10.9bn from its bank stability fund on 28 Feb if no extension, says @J_Dijsselbloem. That means banks lose a key buffer |
| 6.49pm GMT | |
| 18:49 | |
| Why hasn’t the eurogroup adjusted the terms of a bailout extension to recognise the fact there’s been an election in Greece? | Why hasn’t the eurogroup adjusted the terms of a bailout extension to recognise the fact there’s been an election in Greece? |
| Moscovici takes this question -- he says that there was support for the idea that Greece would only continue with 70% of the bailout. But the technical work in recent days didn’t show exactly what the 30% would be. | Moscovici takes this question -- he says that there was support for the idea that Greece would only continue with 70% of the bailout. But the technical work in recent days didn’t show exactly what the 30% would be. |
| So the eurogroup returned to the idea that Greece should seek an extension. | So the eurogroup returned to the idea that Greece should seek an extension. |
| We come back to logic. I want us to be logical, not ideological. | We come back to logic. I want us to be logical, not ideological. |
| Could Greece ask for a third bailout when its current programme expires on the 28th February? | Could Greece ask for a third bailout when its current programme expires on the 28th February? |
| Dijsselbloem: Any country can ask for programme, but it would be a combination of money and conditions. | Dijsselbloem: Any country can ask for programme, but it would be a combination of money and conditions. |
| And in the case of Greece, given the need for stability, it is very much the preferred option to ask for an extension now. | And in the case of Greece, given the need for stability, it is very much the preferred option to ask for an extension now. |
| Updated | |
| at 6.49pm GMT | |
| 6.43pm GMT | |
| 18:43 | |
| Eurogroup rejects Greece's bridge to nowhere in favour of an extension to nowhere. | Eurogroup rejects Greece's bridge to nowhere in favour of an extension to nowhere. |
| 6.43pm GMT | |
| 18:43 | |
| Lagarde: No extension = no disbursement | Lagarde: No extension = no disbursement |
| Is the International Monetary Fund worried? | Is the International Monetary Fund worried? |
| Christine Lagarde explains that the IMF’s programme expires in March 2016. A review of that programme is overdue. | Christine Lagarde explains that the IMF’s programme expires in March 2016. A review of that programme is overdue. |
| If Greece requests a bailout extension, and commits to implementing its current programme, then we can continue to work together. | If Greece requests a bailout extension, and commits to implementing its current programme, then we can continue to work together. |
| But if the conclusion is that this is not the case, then disbursement cannot take place....and there could then be discussions about new terms and conditions. | But if the conclusion is that this is not the case, then disbursement cannot take place....and there could then be discussions about new terms and conditions. |
| That’s the difference between an extension and a bridging arrangement, Lagarde explains -- an extension includes a pledge to continue with what’s been promised (and therefore gets bailout funding as targets are hit) | That’s the difference between an extension and a bridging arrangement, Lagarde explains -- an extension includes a pledge to continue with what’s been promised (and therefore gets bailout funding as targets are hit) |
| 6.39pm GMT | |
| 18:39 | |
| Some drafts have been prepared that upset the Greek government in recent days, so what’s happening? | Some drafts have been prepared that upset the Greek government in recent days, so what’s happening? |
| Dijsselbloem says that many proposals have been drafted, some by the eurogroup, some by others, some by Greece. | Dijsselbloem says that many proposals have been drafted, some by the eurogroup, some by others, some by Greece. |
| So we’ve gone back to basics -- our preferred option is for Greece to seek an extension of its programme, and then we can discuss the way ahead. | So we’ve gone back to basics -- our preferred option is for Greece to seek an extension of its programme, and then we can discuss the way ahead. |
| 6.37pm GMT | |
| 18:37 | |
| Pierre Moscovici repeats that an extension is the only option for Greece: | Pierre Moscovici repeats that an extension is the only option for Greece: |
| Moscovici: common ground of thinking must be extension of programme. without that we cannot start whole progress #greece #eurogroup | Moscovici: common ground of thinking must be extension of programme. without that we cannot start whole progress #greece #eurogroup |
| 6.36pm GMT | |
| 18:36 | |
| .@J_Dijsselbloem: Within the framework of a program things can change, but program must stay broadly on track #Greece | .@J_Dijsselbloem: Within the framework of a program things can change, but program must stay broadly on track #Greece |
| 6.35pm GMT | |
| 18:35 | |
| Is there any support for lowering Greece’s budget surplus targets? | Is there any support for lowering Greece’s budget surplus targets? |
| Dijsselbloem: That’s really a question for the Institutions (the ECB, the IMF and the EC -- the old Troika). But there is some flexibility within the programme which could be offered, while still keeping it broadly on track. | Dijsselbloem: That’s really a question for the Institutions (the ECB, the IMF and the EC -- the old Troika). But there is some flexibility within the programme which could be offered, while still keeping it broadly on track. |
| 6.34pm GMT | |
| 18:34 | |
| Next question: Why can’t we simply call the extension a bridging programme? | Next question: Why can’t we simply call the extension a bridging programme? |
| Dijsselbloem explains that there has to be a commitment from Greece to accept the main features of the programme, that the budget targets can’t derail. So it’s fundamentally an extension of the current programme. | Dijsselbloem explains that there has to be a commitment from Greece to accept the main features of the programme, that the budget targets can’t derail. So it’s fundamentally an extension of the current programme. |
| 6.32pm GMT | |
| 18:32 | |
| Onto Questions. | Onto Questions. |
| The FT’s Peter Spiegel goes first. Given Greece doesn’t want an extension, are we looking at a third bailout? | The FT’s Peter Spiegel goes first. Given Greece doesn’t want an extension, are we looking at a third bailout? |
| Dijsselbloem replies that he would favour a bailout extension. And having listened to the Greek minister’s idea of a bridging solution, it sounds to me like an extension to the program. | Dijsselbloem replies that he would favour a bailout extension. And having listened to the Greek minister’s idea of a bridging solution, it sounds to me like an extension to the program. |
| Different words, but it could be the same solution....but that request must come from the Greek government. | Different words, but it could be the same solution....but that request must come from the Greek government. |
| 6.29pm GMT | |
| 18:29 | |
| EU commissioner Pierre Moscovici says there is no alternative to a bailout extension: | EU commissioner Pierre Moscovici says there is no alternative to a bailout extension: |
| Moscovici: There is no alternative to a request for extension of the current program #Greece | Moscovici: There is no alternative to a request for extension of the current program #Greece |
| 6.28pm GMT | |
| 18:28 | |
| dijsselbloem says meeting debated steps forwards and general feeling is that best way is for greeks to seek an extension of the program | dijsselbloem says meeting debated steps forwards and general feeling is that best way is for greeks to seek an extension of the program |
| 6.27pm GMT | |
| 18:27 | |
| Could be an extra eurogroup on friday says Dijsselbloem, but suggests that is the final deadline. | Could be an extra eurogroup on friday says Dijsselbloem, but suggests that is the final deadline. |
| 6.26pm GMT | |
| 18:26 | |
| Time is short, he continues. If a request for a bailout extension comes in, then we could have another eurogroup meeting on Friday. | Time is short, he continues. If a request for a bailout extension comes in, then we could have another eurogroup meeting on Friday. |
| 6.26pm GMT | |
| 18:26 | |
| Dijsselbloem continues to explain that a bailout extension request from Greece should come with several commitments, including: | Dijsselbloem continues to explain that a bailout extension request from Greece should come with several commitments, including: |
| It is now up to Greece to decide whether to ask for an extension and to take advantage of the flexibility available in the programme, he says, adding: | It is now up to Greece to decide whether to ask for an extension and to take advantage of the flexibility available in the programme, he says, adding: |
| There was a very strong feeling... that the next step must come from the Greek authorities. | There was a very strong feeling... that the next step must come from the Greek authorities. |
| Flexibility is possible, but there should be commitment from Greek authorities to successfully conclude programme - Dijsselbloem | Flexibility is possible, but there should be commitment from Greek authorities to successfully conclude programme - Dijsselbloem |
| Updated | |
| at 6.27pm GMT | |
| 6.22pm GMT | |
| 18:22 | |
| Dijsselbloem: Disappointment over lack of common ground | Dijsselbloem: Disappointment over lack of common ground |
| Onto Greece. Dijsselbloem explains that the eurogroup didn’t get an agreement last Wednesday. Then he and Greek PM Tsipras agreed to start technical work on the bailout, and to examine how Greece could cover the 30% of their bailout programme which they want to abandon. | Onto Greece. Dijsselbloem explains that the eurogroup didn’t get an agreement last Wednesday. Then he and Greek PM Tsipras agreed to start technical work on the bailout, and to examine how Greece could cover the 30% of their bailout programme which they want to abandon. |
| Today officials from the “institutions” reported back.... ministers had a slight sense of disappointment over the work, and that there was “no firm common ground” on what a new programme would look like. | Today officials from the “institutions” reported back.... ministers had a slight sense of disappointment over the work, and that there was “no firm common ground” on what a new programme would look like. |
| Then, in today’s meeting.... the general feeling is that the best thing would be for the Greek authorities to seek an extension to its programme, says Dijsselbloem. | Then, in today’s meeting.... the general feeling is that the best thing would be for the Greek authorities to seek an extension to its programme, says Dijsselbloem. |
| We simply need more time to examine Greece’s proposals, so an extension would give us the ability to do that work. | We simply need more time to examine Greece’s proposals, so an extension would give us the ability to do that work. |
| Updated | |
| at 6.27pm GMT | |
| 6.18pm GMT | |
| 18:18 | |
| Dijsselbloem subtweeting Greece right now by praising Portugal's economy. | Dijsselbloem subtweeting Greece right now by praising Portugal's economy. |
| 6.18pm GMT | |
| 18:18 | |
| On Cyprus, the eurogroup “took stock” of its bailout programme; the main hurdle is the demand for new laws for foreclosures (to help banks act on bad loans), which Cyprus MPs are refusing to pass. | On Cyprus, the eurogroup “took stock” of its bailout programme; the main hurdle is the demand for new laws for foreclosures (to help banks act on bad loans), which Cyprus MPs are refusing to pass. |
| That law needs to be approved so that the programme can continue, Dijsselbloem says. | That law needs to be approved so that the programme can continue, Dijsselbloem says. |
| 6.17pm GMT | |
| 18:17 | |
| Eurogroup chief Jeroen Dijsselbloem begins by covering other business from today’s meeting. | Eurogroup chief Jeroen Dijsselbloem begins by covering other business from today’s meeting. |
| The eurogroup has decided to support Portugal’s plan to repay its IMF loans early, to take advantage of current low borrowing costs. | The eurogroup has decided to support Portugal’s plan to repay its IMF loans early, to take advantage of current low borrowing costs. |
| 6.15pm GMT | |
| 18:15 | |
| Reminder, there’s a live feed here. | Reminder, there’s a live feed here. |
| 6.14pm GMT | |
| 18:14 | |
| Press conference begins | Press conference begins |
| Here we go.... Dijsselbloem, Lagarde, Regling and Moscovici have arrived. | Here we go.... Dijsselbloem, Lagarde, Regling and Moscovici have arrived. |
| 6.14pm GMT | |
| 18:14 | |
| Some instant reaction to the dramatic developments in Brussels in the last hour: | Some instant reaction to the dramatic developments in Brussels in the last hour: |
| So it looks like operation 'talk all night + achieve nothing' is being replaced by operation 'let them sweat' #Greece | So it looks like operation 'talk all night + achieve nothing' is being replaced by operation 'let them sweat' #Greece |
| This is not the end, of course. New Eurogroup meeting likely this week. But today's episode has certainly created some bad blood. #Greece | This is not the end, of course. New Eurogroup meeting likely this week. But today's episode has certainly created some bad blood. #Greece |
| We've come to the "Take it or leave it" moment. #Greece #Eurogroup | We've come to the "Take it or leave it" moment. #Greece #Eurogroup |
| 6.13pm GMT | |
| 18:13 | |
| Journalists are filing into the press conference room now..... | Journalists are filing into the press conference room now..... |
| 6.10pm GMT | |
| 18:10 | |
| This is the second time in five days that a eurogroup meeting has broken up without any progress on Greece. | This is the second time in five days that a eurogroup meeting has broken up without any progress on Greece. |
| Was hoping for a longer press conference at this Eurogroup, but chances seem slim... | Was hoping for a longer press conference at this Eurogroup, but chances seem slim... |
| Last Wednesday, arguments over draft statements dragged on until midnight, followed by a short press conference in which Jeroen Dijsselbloem basically admitted that they’d made no progress. What’s he going to say this time?! GW (tagging with NF) | Last Wednesday, arguments over draft statements dragged on until midnight, followed by a short press conference in which Jeroen Dijsselbloem basically admitted that they’d made no progress. What’s he going to say this time?! GW (tagging with NF) |
| 6.05pm GMT | |
| 18:05 | |
| Eurogroup breaks up without agreement | Eurogroup breaks up without agreement |
| What a mess! The eurogroup has broken up, in acrimony after the leaking of the draft statement which Greece was unable to accept. | What a mess! The eurogroup has broken up, in acrimony after the leaking of the draft statement which Greece was unable to accept. |
| A press conference has been called. It’s being streamed live here. | A press conference has been called. It’s being streamed live here. |
| https://twitter.com/YanniKouts/status/567383853548208128 | https://twitter.com/YanniKouts/status/567383853548208128 |
| i can't watch: que sera sera RT @minefornothing LINK TO PRESS CONFERENCE http://t.co/BGafAM5mur … | i can't watch: que sera sera RT @minefornothing LINK TO PRESS CONFERENCE http://t.co/BGafAM5mur … |
| 6.02pm GMT | |
| 18:02 | |
| Looks like its over and a press conference to follow: | Looks like its over and a press conference to follow: |
| #Eurogroup chief @J_Dijsselbloem will be joined by @pierremoscovici & @ESM_Press Chief Klaus Regling http://t.co/OhmPuGfSCE | #Eurogroup chief @J_Dijsselbloem will be joined by @pierremoscovici & @ESM_Press Chief Klaus Regling http://t.co/OhmPuGfSCE |
| 5.48pm GMT | |
| 17:48 | |
| Greek officials are saying they are still negotiating in the eurogroup, Reuters is reporting. | Greek officials are saying they are still negotiating in the eurogroup, Reuters is reporting. |
| They say the rejected draft proposal came from eurogroup chief Jeroen Dijsselbloem. | They say the rejected draft proposal came from eurogroup chief Jeroen Dijsselbloem. |
| 5.45pm GMT | |
| 17:45 | |
| Having read the draft #Eurogroup statement it seems obvious #Greece was never going to agree, strange approach from both sides. | Having read the draft #Eurogroup statement it seems obvious #Greece was never going to agree, strange approach from both sides. |
| 5.42pm GMT | |
| 17:42 | |
| If true, this is first time a Eurogroup meeting has been put on hold. SYRIZA just leaking everything to press in real time. Extraordinary | If true, this is first time a Eurogroup meeting has been put on hold. SYRIZA just leaking everything to press in real time. Extraordinary |
| 5.40pm GMT | |
| 17:40 | |
| The second eurogroup statement rejected by Greece pic.twitter.com/QbrHWE4cBm | The second eurogroup statement rejected by Greece pic.twitter.com/QbrHWE4cBm |
| 5.37pm GMT | |
| 17:37 | |
| #awk... EU Official Says Eurogroup Meeting Put on Hold | #awk... EU Official Says Eurogroup Meeting Put on Hold |
| 5.35pm GMT | |
| 17:35 | |
| Reuters appears to have the draft eurogroup statement and there seems little sign of compromise on the EU creditors side, if this is what they expected to reach agreement on tonight: | Reuters appears to have the draft eurogroup statement and there seems little sign of compromise on the EU creditors side, if this is what they expected to reach agreement on tonight: |
| 5.27pm GMT | |
| 17:27 | |
| Meanwhile, Greek banks could run out of collateral for new loans in 14 weeks, according to JP Morgan. | Meanwhile, Greek banks could run out of collateral for new loans in 14 weeks, according to JP Morgan. |
| It bases this on the fact they are losing around €2bn euros of deposits a week, and assumes that outflows continue at this pace. Reuters explains: | It bases this on the fact they are losing around €2bn euros of deposits a week, and assumes that outflows continue at this pace. Reuters explains: |
| This is based on its calculation that of a maximum €108bn of financing available from the European Central Bank and Greek central bank, Greek banks have already used up €80bn, leaving them with €28bn if needed. | This is based on its calculation that of a maximum €108bn of financing available from the European Central Bank and Greek central bank, Greek banks have already used up €80bn, leaving them with €28bn if needed. |
| The full story is here: | The full story is here: |
| Greek banks to run out of collateral in 14 weeks: JP Morgan | Greek banks to run out of collateral in 14 weeks: JP Morgan |
| 5.20pm GMT | |
| 17:20 | |
| Greek gov't sources say option of continuing memorandum is "off table" and trying to bring it back is "waste of time" #Greece #Eurogroup | Greek gov't sources say option of continuing memorandum is "off table" and trying to bring it back is "waste of time" #Greece #Eurogroup |
| 5.18pm GMT | |
| 17:18 | |
| There'll be no deal so no all-nighter here at eurogroup. Midnight. Still leaves tricky issue of a statement after the debacle last Weds | There'll be no deal so no all-nighter here at eurogroup. Midnight. Still leaves tricky issue of a statement after the debacle last Weds |
| Greek govt official says no agreement possible at Eurogroup meeting. pic.twitter.com/DIbRGPrQqA | Greek govt official says no agreement possible at Eurogroup meeting. pic.twitter.com/DIbRGPrQqA |
| 5.15pm GMT | |
| 17:15 | |
| Here’s the seating plan for the eurogroup meeting today pic.twitter.com/Zoe8kquxMB | Here’s the seating plan for the eurogroup meeting today pic.twitter.com/Zoe8kquxMB |
| 5.01pm GMT | |
| 17:01 | |
| Where we left off Wed MT @YanniKouts #Greece govt: #Eurogroup discussed 'unreasonable', 'unacceptable' draft insisting on extending bailout | Where we left off Wed MT @YanniKouts #Greece govt: #Eurogroup discussed 'unreasonable', 'unacceptable' draft insisting on extending bailout |
| 4.59pm GMT | |
| 16:59 | |
| Greeks say eurogroup draft statement "unreasonable" and "unacceptable" | Greeks say eurogroup draft statement "unreasonable" and "unacceptable" |
| Although this is not looking good for an agreement today, according to these Reuters snaps: | Although this is not looking good for an agreement today, according to these Reuters snaps: |
| Updated | |
| at 5.33pm GMT | |
| 4.44pm GMT | |
| 16:44 | |
| But that may not mean an early cut: | But that may not mean an early cut: |
| Apparently Varoufakis has been saying he is determined to negotiate through the night if necessarily. Other finmins say midnight at latest | Apparently Varoufakis has been saying he is determined to negotiate through the night if necessarily. Other finmins say midnight at latest |
| 4.30pm GMT | |
| 16:30 | |
| My colleague Jennifer Rankin is in Brussels and reports that the main event appears to be getting underway: | My colleague Jennifer Rankin is in Brussels and reports that the main event appears to be getting underway: |
| Eurogroup ministers have now dispensed with the other bits of the agenda: discussions on #Greece are underway. | Eurogroup ministers have now dispensed with the other bits of the agenda: discussions on #Greece are underway. |
| 4.21pm GMT | |
| 16:21 | |
| And as the eurogroup talks continue, shares in Greece have fallen back and bond yields have risen. | And as the eurogroup talks continue, shares in Greece have fallen back and bond yields have risen. |
| The Athens stock market has closed down 3.83% at 859.7, after climbing to a two month high on Friday in anticipation of a deal. | The Athens stock market has closed down 3.83% at 859.7, after climbing to a two month high on Friday in anticipation of a deal. |
| Meanwhile bonds continued to come under pressure, with three year yields rising from 15.3% on Friday to 17.08%. | Meanwhile bonds continued to come under pressure, with three year yields rising from 15.3% on Friday to 17.08%. |
| 4.16pm GMT | |
| 16:16 | |
| A reminder of what the eurogroup has on its agenda today: | A reminder of what the eurogroup has on its agenda today: |
| The Eurogroup will continue the discussion on the situation in Greece, considering the upcoming expiry of Greece’s current economic adjustment programme. | The Eurogroup will continue the discussion on the situation in Greece, considering the upcoming expiry of Greece’s current economic adjustment programme. |
| The ministers will also discuss the economic situation in the euro area and will look into the European Commission’s winter forecast, which was published on 5 February 2015. | The ministers will also discuss the economic situation in the euro area and will look into the European Commission’s winter forecast, which was published on 5 February 2015. |
| They will also discuss Portugal’s plans for early repayment of a part of the financial assistance received from the International Monetary Fund. | They will also discuss Portugal’s plans for early repayment of a part of the financial assistance received from the International Monetary Fund. |
| There will also be a discussion on the state of play regarding the ongoing economic adjustment programme in Cyprus. | There will also be a discussion on the state of play regarding the ongoing economic adjustment programme in Cyprus. |
| The Eurogroup will also be briefed on the results of the informal EU summit held on 12 February 2015, in particular regarding the discussion on the Economic and Monetary Union. | The Eurogroup will also be briefed on the results of the informal EU summit held on 12 February 2015, in particular regarding the discussion on the Economic and Monetary Union. |
| 3.02pm GMT | |
| 15:02 | |
| Ok. Sounds like @yanisvaroufakis has just arrived at #Eurogroup meeting. We can commence our waiting. | Ok. Sounds like @yanisvaroufakis has just arrived at #Eurogroup meeting. We can commence our waiting. |
| 2.58pm GMT | |
| 14:58 | |
| Greece’s negotiating tactics might be irritating to some of the Europeans (Germany in particular) but they seem to be playing well at home: | Greece’s negotiating tactics might be irritating to some of the Europeans (Germany in particular) but they seem to be playing well at home: |
| Marc poll for @EFSYNTAKTON Greek gov't is negotiating Correctly 58% Probably correctly 23.5% Wrongly 14% N/A 4.3% #Greece | Marc poll for @EFSYNTAKTON Greek gov't is negotiating Correctly 58% Probably correctly 23.5% Wrongly 14% N/A 4.3% #Greece |
| 2.56pm GMT | |
| 14:56 | |
| Sounds like the eurogroup meeting might have started without the main attraction being present: | Sounds like the eurogroup meeting might have started without the main attraction being present: |
| Source in the room upstairs says #Eurogroup has started without @yanisvaroufakis. "Still not here," says official. | Source in the room upstairs says #Eurogroup has started without @yanisvaroufakis. "Still not here," says official. |
| .@SpiegelPeter "Let's just crack on, shall we. We'll get it finished by the time he gets here and he can just sign at the bottom". | .@SpiegelPeter "Let's just crack on, shall we. We'll get it finished by the time he gets here and he can just sign at the bottom". |
| .@YiannisMouzakis In fairness, #Greece is not the only item on the #Eurogroup agenda tonight, unlike last week. | .@YiannisMouzakis In fairness, #Greece is not the only item on the #Eurogroup agenda tonight, unlike last week. |
| @YiannisMouzakis Actually, I suspect it's the last thing on the agenda. Gotta get through the other stuff quickly before the main event. | @YiannisMouzakis Actually, I suspect it's the last thing on the agenda. Gotta get through the other stuff quickly before the main event. |
| Updated | |
| at 3.02pm GMT | |
| 2.48pm GMT | |
| 14:48 | |
| Northern/Southern dividend becoming evident with EU fin min comments thus far, Spain's Guindos expects an agreement...#Eurogroup 50/50 | Northern/Southern dividend becoming evident with EU fin min comments thus far, Spain's Guindos expects an agreement...#Eurogroup 50/50 |
| 2.39pm GMT | |
| 14:39 | |
| You can see videoclips of all the finance ministers arriving in Brussels, here. | You can see videoclips of all the finance ministers arriving in Brussels, here. |
| So I’m clearing off for a bit; Nick Fletcher has the controls. | So I’m clearing off for a bit; Nick Fletcher has the controls. |
| 2.13pm GMT | |
| 14:13 | |
| Spanish finance minister Luis De Guindos has declared that he, like Yanis Varoufakis, has a red line that can’t be broken; Greece must repay its debts. | Spanish finance minister Luis De Guindos has declared that he, like Yanis Varoufakis, has a red line that can’t be broken; Greece must repay its debts. |
| Spanish FinMin Luis de Guindos: "Our red line is that [Greek] loans must be paid back in full". #Greece | Spanish FinMin Luis de Guindos: "Our red line is that [Greek] loans must be paid back in full". #Greece |
| #Eurogroup - #ES #De_Guindos @_minecogob : "We will try to reach an agreement" #Greece http://t.co/CDPS13hcmu pic.twitter.com/qUzeJVbJKc | #Eurogroup - #ES #De_Guindos @_minecogob : "We will try to reach an agreement" #Greece http://t.co/CDPS13hcmu pic.twitter.com/qUzeJVbJKc |
| 2.08pm GMT | |
| 14:08 | |
| It’s not all doom and gloom in Brussels -- Lithuania’s finance chief has arrived in positive spirits. | It’s not all doom and gloom in Brussels -- Lithuania’s finance chief has arrived in positive spirits. |
| Aww, Lithuania.The newest to the euro party & most optimistic finance minister so far today. "I'm in a positive mood," says Rimantas Šadžius | Aww, Lithuania.The newest to the euro party & most optimistic finance minister so far today. "I'm in a positive mood," says Rimantas Šadžius |
| Lithuania only joined the euro on the first of January, though, so Šadžius may still be in his honeymoon period.... | Lithuania only joined the euro on the first of January, though, so Šadžius may still be in his honeymoon period.... |
| 2.03pm GMT | |
| 14:03 | |
| Amid the flurry of newsflashes from Brussels, Finland has also taken a hard line on Greece: | Amid the flurry of newsflashes from Brussels, Finland has also taken a hard line on Greece: |
| Finnish FinMin Rinne: Finland isn't ready to discuss a new programme. Current programme is the basis for negotiations. #Eurogroup | Finnish FinMin Rinne: Finland isn't ready to discuss a new programme. Current programme is the basis for negotiations. #Eurogroup |
| Updated | |
| at 2.03pm GMT | |
| 2.02pm GMT | |
| 14:02 | |
| Slovakia: We may need more meetings | Slovakia: We may need more meetings |
| Peter Kazimir, Slovakia’s finance minister, has also hinted that another eurogroup meeting will be needed to resolve this crisis. | Peter Kazimir, Slovakia’s finance minister, has also hinted that another eurogroup meeting will be needed to resolve this crisis. |
| Slovak minister @KazimirPeter also says #eurogroup will most likely need one more meeting, later this week to negotiatie with #Greece. | Slovak minister @KazimirPeter also says #eurogroup will most likely need one more meeting, later this week to negotiatie with #Greece. |
| Updated | |
| at 2.13pm GMT | |
| 1.56pm GMT | |
| 13:56 | |
| Luxembourg’s finance minister, Pierre Gramegnam, told journalists outside the eurogroup that Greece needs to make its position clear: | Luxembourg’s finance minister, Pierre Gramegnam, told journalists outside the eurogroup that Greece needs to make its position clear: |
| #Gramegna Fin Min of Luxembourg: We will discover the red lines today, nothing's been put on the table yet. #Greece #Eurogroup | #Gramegna Fin Min of Luxembourg: We will discover the red lines today, nothing's been put on the table yet. #Greece #Eurogroup |
| Updated | |
| at 2.03pm GMT | |
| 1.53pm GMT | |
| 13:53 | |
| Michael Noonan also wants Greece to put ‘concrete proposals’ on the table for finance ministers to discuss. | Michael Noonan also wants Greece to put ‘concrete proposals’ on the table for finance ministers to discuss. |
| 1.52pm GMT | |
| 13:52 | |
| Oh gawd.... | Oh gawd.... |
| Irish FinMin Noonan: There is a remote possibility for a new Eurogroup mtng on Friday if talks today fail. #Greece | Irish FinMin Noonan: There is a remote possibility for a new Eurogroup mtng on Friday if talks today fail. #Greece |
| 1.51pm GMT | |
| 13:51 | |
| Next up - Irish finance minister Michael Noonan. He tells reporters that nothing which happened over the weekend could be called a breakthrough for Greece (fair enough) | Next up - Irish finance minister Michael Noonan. He tells reporters that nothing which happened over the weekend could be called a breakthrough for Greece (fair enough) |
| Irish Fin Min Noonan: today is a continuation of discussion going on at weekend, don't know yet what specific #Greece requests are | Irish Fin Min Noonan: today is a continuation of discussion going on at weekend, don't know yet what specific #Greece requests are |
| 1.49pm GMT | |
| 13:49 | |
| French finance minister Michel Sapin has arrived, telling reporters that a ‘good solution’ would be that Greece’s current programme is extended, to give time for talks. | French finance minister Michel Sapin has arrived, telling reporters that a ‘good solution’ would be that Greece’s current programme is extended, to give time for talks. |
| 1.46pm GMT | |
| 13:46 | |
| Austria’s finance minister, Hans Joerg Schelling, just told reporters in Brussels that Greece cannot renegotiate the terms of its current bailout. The eurogroup will try to make progress, he added, but time is short... | Austria’s finance minister, Hans Joerg Schelling, just told reporters in Brussels that Greece cannot renegotiate the terms of its current bailout. The eurogroup will try to make progress, he added, but time is short... |
| Arrival Austrian finmin Schelling at eurogroup: solution greece "a problem of days, not of weks" | Arrival Austrian finmin Schelling at eurogroup: solution greece "a problem of days, not of weks" |
| 1.39pm GMT | |
| 13:39 | |
| Eurogroup arrivals: The key quotes start here | Eurogroup arrivals: The key quotes start here |
| Speaking of pessimism.....Wolfgang Schäuble has just arrived at the eurogroup meeting, telling reporters that the ball is in Greece’s court: | Speaking of pessimism.....Wolfgang Schäuble has just arrived at the eurogroup meeting, telling reporters that the ball is in Greece’s court: |
| Here are the Reuters newsflashes: | Here are the Reuters newsflashes: |
| Schaeuble upon arriving in Brussels: "The decision is up to Greece." Doesn't sound like a man who wants to budge. #Greece | Schaeuble upon arriving in Brussels: "The decision is up to Greece." Doesn't sound like a man who wants to budge. #Greece |
| #Schaeuble doesn't sound too confident ahead of Eurogroup meeting! | #Schaeuble doesn't sound too confident ahead of Eurogroup meeting! |
| Updated | |
| at 2.04pm GMT | |
| 1.18pm GMT | |
| 13:18 | |
| Lunchtime summary: Pessimism is rife | Lunchtime summary: Pessimism is rife |
| There’s little hope of a breakthrough today over Greece’s bailout, as eurozone finance ministers prepare to hold fresh talks. | There’s little hope of a breakthrough today over Greece’s bailout, as eurozone finance ministers prepare to hold fresh talks. |
| Greek finance minister Yanis Varoufakis has insisted that he is not bluffing when he seeks a new deal with Greece’s creditors. Writing in the New York Times today, Varoufakis says: | Greek finance minister Yanis Varoufakis has insisted that he is not bluffing when he seeks a new deal with Greece’s creditors. Writing in the New York Times today, Varoufakis says: |
| As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor, I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategizing and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going. | As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor, I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategizing and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going. |
| Varoufakis has met with eurogroup chief Jeroen Dijsselbloem, ahead of today’s Eurogroup meeting (which starts soon). Apparently it was brisk.... | Varoufakis has met with eurogroup chief Jeroen Dijsselbloem, ahead of today’s Eurogroup meeting (which starts soon). Apparently it was brisk.... |
| Acc 2 @capitalgr sources, meeting between Varoufakis-Dijsselbloem lasted only 15 minutes, indicative of the mood... #Greece | Acc 2 @capitalgr sources, meeting between Varoufakis-Dijsselbloem lasted only 15 minutes, indicative of the mood... #Greece |
| Several finance ministers have taken a hard line ahead of the meeting. | Several finance ministers have taken a hard line ahead of the meeting. |
| Germany’s Wolfgang Schäuble said he was very sceptical that there will be a deal today. | Germany’s Wolfgang Schäuble said he was very sceptical that there will be a deal today. |
| Schäuble also declared that: | Schäuble also declared that: |
| “I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly.” | “I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly.” |
| "I feel sorry for the Greeks" _ Link to Schaeuble interview http://t.co/l5XLrSy3sB #Greece @DLF pic.twitter.com/zvmi72T0RN | "I feel sorry for the Greeks" _ Link to Schaeuble interview http://t.co/l5XLrSy3sB #Greece @DLF pic.twitter.com/zvmi72T0RN |
| That jibe earned a swift rebuttal from Athens, with Greece’s government spokesman saying Germany was the irresponsible one. | That jibe earned a swift rebuttal from Athens, with Greece’s government spokesman saying Germany was the irresponsible one. |
| Austria’s finance minister, Hans Joerg Schelling, has also criticised the Greek government for seeking a six-month window to agree a new deal: | Austria’s finance minister, Hans Joerg Schelling, has also criticised the Greek government for seeking a six-month window to agree a new deal: |
| “I think it is a misjudgment by Greece. If you look at the repayment needs to which Greece committed itself again at the last meeting, then they need money too, not just time,” | “I think it is a misjudgment by Greece. If you look at the repayment needs to which Greece committed itself again at the last meeting, then they need money too, not just time,” |
| France’s Michael Sapin said Greece must stick to EU rules, and warned that Grexit would pose a huge risk to its economy. | France’s Michael Sapin said Greece must stick to EU rules, and warned that Grexit would pose a huge risk to its economy. |
| Sapin also tried to offer Greece some encouragement, saying: | Sapin also tried to offer Greece some encouragement, saying: |
| “The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government. | “The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government. |
| But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before. | But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before. |
| Fears that a deal won’t be reached have hit Greek bonds, and also driven bank shares down in Athens. The main ATG index is currently down almost 4%. | Fears that a deal won’t be reached have hit Greek bonds, and also driven bank shares down in Athens. The main ATG index is currently down almost 4%. |
| Analysts are in broad agreement that a deal won’t be reached today. | Analysts are in broad agreement that a deal won’t be reached today. |
| Christopher Vecchio, currency analyst at DailyFX explains: | Christopher Vecchio, currency analyst at DailyFX explains: |
| “By all accounts, it seems that Greece and the broader Euro-Zone are on a collision course: the Syriza-led government doesn’t seem ready to break its electoral promises to end austerity; and the German-led creditor bloc doesn’t seem ready to allow for debt forgiveness away from the current program.” | “By all accounts, it seems that Greece and the broader Euro-Zone are on a collision course: the Syriza-led government doesn’t seem ready to break its electoral promises to end austerity; and the German-led creditor bloc doesn’t seem ready to allow for debt forgiveness away from the current program.” |
| Several are speculating that further emergency meetings will be needed to resolve this deadlock before the end of Greece’s current bailout, on 28 February. | Several are speculating that further emergency meetings will be needed to resolve this deadlock before the end of Greece’s current bailout, on 28 February. |
| Wolf Piccoli of Teneo Intelligence says Germany is determined to hold a hard line, thus: | Wolf Piccoli of Teneo Intelligence says Germany is determined to hold a hard line, thus: |
| Athens is preparing itself for the need to hold another Eurogroup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments. | Athens is preparing itself for the need to hold another Eurogroup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments. |
| But many experts still reckons the two sides will reach a deal eventually. | But many experts still reckons the two sides will reach a deal eventually. |
| Mujtaba Rahman of Eurasia Group explains: | Mujtaba Rahman of Eurasia Group explains: |
| Although some ways of, we do believe the contours of an agreement are beginning to emerge. Greece will win its preferred choice of framework. This is likely to be a full, new, ESM bailout, not an extension of the program that currently exists. Germany, however, will win on the substance. | Although some ways of, we do believe the contours of an agreement are beginning to emerge. Greece will win its preferred choice of framework. This is likely to be a full, new, ESM bailout, not an extension of the program that currently exists. Germany, however, will win on the substance. |
| The reforms included in the new program are likely to be much more consistent with Germany’s preferences, over issues such as the fiscal primary surplus, privatizations and labor market reform, as time elapses, and the Greek government’s negotiating leverage slowly begins to erode. | The reforms included in the new program are likely to be much more consistent with Germany’s preferences, over issues such as the fiscal primary surplus, privatizations and labor market reform, as time elapses, and the Greek government’s negotiating leverage slowly begins to erode. |
| Newsnight’s Duncan Weldon also sees an opportunity. | Newsnight’s Duncan Weldon also sees an opportunity. |
| Excellent from @duncanweldon on where things stand in Greece. Read the whole thing. https://t.co/pegBLPGJqy pic.twitter.com/hJtPIwrbjc | Excellent from @duncanweldon on where things stand in Greece. Read the whole thing. https://t.co/pegBLPGJqy pic.twitter.com/hJtPIwrbjc |
| Updated | |
| at 1.27pm GMT | |
| 12.59pm GMT | |
| 12:59 | |
| There is “negligible chance” of a deal today, reckons Wolf Piccoli of Teneo Intelligence. | There is “negligible chance” of a deal today, reckons Wolf Piccoli of Teneo Intelligence. |
| He believes an “extraordinary summit” of EC leaders may be needed to tackle the crisis. | He believes an “extraordinary summit” of EC leaders may be needed to tackle the crisis. |
| Wolf writes: | Wolf writes: |
| The Greek government has already been briefing local media that no agreement will be reached today. Similarly, German Finance Minister Wolfgang Schaeuble declared on Monday morning that based on technical talks held over the weekend, he was sceptical of the chances for a deal. Athens is preparing itself for the need to hold another Eurorgoup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments. | The Greek government has already been briefing local media that no agreement will be reached today. Similarly, German Finance Minister Wolfgang Schaeuble declared on Monday morning that based on technical talks held over the weekend, he was sceptical of the chances for a deal. Athens is preparing itself for the need to hold another Eurorgoup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments. |
| The latter might indicate that Prime Minister Alexis Tsipras still believes that a mere political deal was achievable – if so, this will soon turn out to be unrealistic. Led by Germany, Greece’s international creditors appear determined to hold their line and force Athens into providing a specific reform program that preserves the gist of measures enacted under the current program. With two weeks to go until the current program expires, policy-makers in Berlin feel that there is no need to give in too quickly to a government that has still been unwilling or unable to substantiate its own plans. | The latter might indicate that Prime Minister Alexis Tsipras still believes that a mere political deal was achievable – if so, this will soon turn out to be unrealistic. Led by Germany, Greece’s international creditors appear determined to hold their line and force Athens into providing a specific reform program that preserves the gist of measures enacted under the current program. With two weeks to go until the current program expires, policy-makers in Berlin feel that there is no need to give in too quickly to a government that has still been unwilling or unable to substantiate its own plans. |
| 12.39pm GMT | |
| 12:39 | |
| Sky News’s Ed Conway reports that there are technical glitches at the EC’s offices in Brussels: | Sky News’s Ed Conway reports that there are technical glitches at the EC’s offices in Brussels: |
| Computers here at Commission broken, so no security badges for journalists. “It’ll work in five minutes,” says EC man. “Five Greek minutes” | Computers here at Commission broken, so no security badges for journalists. “It’ll work in five minutes,” says EC man. “Five Greek minutes” |
| That’s not terribly collegiate. | That’s not terribly collegiate. |
| 12.33pm GMT | |
| 12:33 | |
| Yanis Varoufakis: There are red lines we won't cross | Yanis Varoufakis: There are red lines we won't cross |
| For an insight into Greece’s negotiating strategy, do check out today’s New York Times. | For an insight into Greece’s negotiating strategy, do check out today’s New York Times. |
| Yanis Varoufakis has written a column for the NYT, in which he’s adamant that he’s not playing with game theory (in which he’s an expert). Instead, the Greek finance minister insists that he’s simply presenting Greece’s position honestly. | Yanis Varoufakis has written a column for the NYT, in which he’s adamant that he’s not playing with game theory (in which he’s an expert). Instead, the Greek finance minister insists that he’s simply presenting Greece’s position honestly. |
| Here’s a flavour of “No Time for Games in Europe”. | Here’s a flavour of “No Time for Games in Europe”. |
| I am often asked: What if the only way you can secure funding is to cross your red lines and accept measures that you consider to be part of the problem, rather than of its solution? Faithful to the principle that I have no right to bluff, my answer is: The lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff. | I am often asked: What if the only way you can secure funding is to cross your red lines and accept measures that you consider to be part of the problem, rather than of its solution? Faithful to the principle that I have no right to bluff, my answer is: The lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff. |
| But what if this brings your people much pain? I am asked. Surely you must be bluffing. | But what if this brings your people much pain? I am asked. Surely you must be bluffing. |
| The problem with this line of argument is that it presumes, along with game theory, that we live in a tyranny of consequences. That there are no circumstances when we must do what is right not as a strategy but simply because it is ... right. | The problem with this line of argument is that it presumes, along with game theory, that we live in a tyranny of consequences. That there are no circumstances when we must do what is right not as a strategy but simply because it is ... right. |
| Varoufakis also denies being driven by left-wing ideology. Instead, he says the inspiration is German philosopher Immanuel Kant. I fear that won’t be enough to get Berlin onside | Varoufakis also denies being driven by left-wing ideology. Instead, he says the inspiration is German philosopher Immanuel Kant. I fear that won’t be enough to get Berlin onside |
| Worth reading this @yanisvaroufakis op-ed in @NYTimes. He presents a v hard line. Not sure where compromise is found http://t.co/zIcygjV7Ga | Worth reading this @yanisvaroufakis op-ed in @NYTimes. He presents a v hard line. Not sure where compromise is found http://t.co/zIcygjV7Ga |
| 12.23pm GMT | |
| 12:23 | |
| Apparently Varoufakis and Dijsselbloem have now concluded their pre-eurogroup meeting: | Apparently Varoufakis and Dijsselbloem have now concluded their pre-eurogroup meeting: |
| #Greece Varoufakis - Dijsselbloem meeting concluded in Brussels #eurogroup | #Greece Varoufakis - Dijsselbloem meeting concluded in Brussels #eurogroup |
| 12.20pm GMT | |
| 12:20 | |
| Pierre Moscovici, the EU’s financial commissioner, has just been doorstepped in Brussels. | Pierre Moscovici, the EU’s financial commissioner, has just been doorstepped in Brussels. |
| He told reporters that the eurogroup will seek a “positive conclusion” on Greece: | He told reporters that the eurogroup will seek a “positive conclusion” on Greece: |
| #Eurogroup - Doorstep @EU_Commission @pierremoscovici on a possible agreement with #Greece http://t.co/InZmDlbUVE pic.twitter.com/bdeIlRUckG | #Eurogroup - Doorstep @EU_Commission @pierremoscovici on a possible agreement with #Greece http://t.co/InZmDlbUVE pic.twitter.com/bdeIlRUckG |
| 12.05pm GMT | |
| 12:05 | |
| The ANA newswire says Yanis Varoufakis and Jeroen Dijsselbloem were expected to meet for talks ahead of the eurogroup meeting this afternoon. | The ANA newswire says Yanis Varoufakis and Jeroen Dijsselbloem were expected to meet for talks ahead of the eurogroup meeting this afternoon. |
| Updated | |
| at 12.07pm GMT | |
| 11.58am GMT | |
| 11:58 | |
| PS: Here’s a couple of screengrabs from this morning’s videoclip, in case you can’t play it on your device: | PS: Here’s a couple of screengrabs from this morning’s videoclip, in case you can’t play it on your device: |
| 11.51am GMT | |
| 11:51 | |
| Dijsselbloem and Varoufakis arrive early | Dijsselbloem and Varoufakis arrive early |
| The European Council newsroom has uploaded a videoclip showing eurogroup chief Jeroen Dijsselbloem and Greek finance minister Yanis Varoufakis arriving at today’s meeting. | The European Council newsroom has uploaded a videoclip showing eurogroup chief Jeroen Dijsselbloem and Greek finance minister Yanis Varoufakis arriving at today’s meeting. |
| Although the eurogroup meeting doesn’t formally start until 3pm local time, officials on the Working Group have already been working for a couple of hours. | Although the eurogroup meeting doesn’t formally start until 3pm local time, officials on the Working Group have already been working for a couple of hours. |
| Updated | |
| at 12.44pm GMT | |
| 11.36am GMT | |
| 11:36 | |
| The Bundesbank has urged Greece’s commercial banks not to buy more Greek government debt. | The Bundesbank has urged Greece’s commercial banks not to buy more Greek government debt. |
| In its latest monthly report, just released, Germany’s central bank said that Greek banks reliant on the ECB’s emergency liquidity should “take steps to improve their liquidity position,” adding: | In its latest monthly report, just released, Germany’s central bank said that Greek banks reliant on the ECB’s emergency liquidity should “take steps to improve their liquidity position,” adding: |
| “Extending the liquidity requirements by taking short-term Greek state bonds in the coming weeks would run contrary to this.” | “Extending the liquidity requirements by taking short-term Greek state bonds in the coming weeks would run contrary to this.” |
| Last week, the ECB offered another €5bn of emergency liquidity to Greek banks, who have been hit by deposit outflows in recent weeks. | Last week, the ECB offered another €5bn of emergency liquidity to Greek banks, who have been hit by deposit outflows in recent weeks. |
| The Bundesbank also predicts that Germany’s economy could grow father than expected this year. | The Bundesbank also predicts that Germany’s economy could grow father than expected this year. |
| An upbeat Bundesbank calls speed, strength of German pick up 'Remarkable.' 'Understandable' that German Growth Forecasts 'Markedly Higher.' | An upbeat Bundesbank calls speed, strength of German pick up 'Remarkable.' 'Understandable' that German Growth Forecasts 'Markedly Higher.' |
| 11.19am GMT | |
| 11:19 | |
| Nick Malkoutzis, deputy editor at Greek newspaper Kathimerini, isn’t impressed by the war of words over who is more irresponsible: | Nick Malkoutzis, deputy editor at Greek newspaper Kathimerini, isn’t impressed by the war of words over who is more irresponsible: |
| How encouraging that preparation for today's #Eurogroup has begun with name calling. Wedgies to follow doorsteps this afternoon? #Greece | How encouraging that preparation for today's #Eurogroup has begun with name calling. Wedgies to follow doorsteps this afternoon? #Greece |
| While Robin Bew of the Economist Intelligence Unit sees little room for concessions. | While Robin Bew of the Economist Intelligence Unit sees little room for concessions. |
| Decision day on #Greece bailout. Debt deal possible but key is willingness to continue reforms. Hard, politically, for Syriza to give ground | Decision day on #Greece bailout. Debt deal possible but key is willingness to continue reforms. Hard, politically, for Syriza to give ground |
| 11.08am GMT | |
| 11:08 | |
| Finance ministers should be arriving at the eurogroup meeting in three hours time; hopefully they’ll speak to the press assembled outside. | Finance ministers should be arriving at the eurogroup meeting in three hours time; hopefully they’ll speak to the press assembled outside. |
| Doorstep #Eurogroup at around 15.00. | Doorstep #Eurogroup at around 15.00. |
| (that’s 3pm Brussels time, or 2pm GMT/4pm EET) | (that’s 3pm Brussels time, or 2pm GMT/4pm EET) |
| Updated | |
| at 11.43am GMT | |
| 10.56am GMT | |
| 10:56 | |
| Despite the discouraging noises this morning, Kit Juckes, currency strategist at Société Générale, reckons the eurozone will muddle through this immediate crisis: | Despite the discouraging noises this morning, Kit Juckes, currency strategist at Société Générale, reckons the eurozone will muddle through this immediate crisis: |
| Kicking cans down roads is the EU’s forte and the most likely outcome of negotiations with Greece is still that a temporary deal is reached so that talks can continue and funding be maintained for now. | Kicking cans down roads is the EU’s forte and the most likely outcome of negotiations with Greece is still that a temporary deal is reached so that talks can continue and funding be maintained for now. |
| 10.44am GMT | |
| 10:44 | |
| Back in Athens, government spokesman Gavriil Sakellaridis has also insisted that they’re serious about reaching a deal with eurozone partners: | Back in Athens, government spokesman Gavriil Sakellaridis has also insisted that they’re serious about reaching a deal with eurozone partners: |
| #Greece spox:We want a solution on a politic level,we dont see it as a poker.We dont bluff. Govt's intention is 2reach a deal w the partners | #Greece spox:We want a solution on a politic level,we dont see it as a poker.We dont bluff. Govt's intention is 2reach a deal w the partners |
| Updated | |
| at 12.21pm GMT | |
| 10.18am GMT | |
| 10:18 | |
| Why was the EU’s trade surplus so much smaller than the eurozone’s last year? Take a bow, British consumers: | Why was the EU’s trade surplus so much smaller than the eurozone’s last year? Take a bow, British consumers: |
| Meanwhile, wider EU trade surplus only €24 billion, due to the valiant efforts of the UK to consume *everything in the world* 🇬🇧💷👑💷🇬🇧 | Meanwhile, wider EU trade surplus only €24 billion, due to the valiant efforts of the UK to consume *everything in the world* 🇬🇧💷👑💷🇬🇧 |
| 10.14am GMT | |
| 10:14 | |
| It’s all kicking off, even before finance ministers arrive in Brussels. | It’s all kicking off, even before finance ministers arrive in Brussels. |
| Greece’s government has hit back at Wolfgang Schäuble’s claim that Athens is behaving irresponsibly, arguing that Berlin is just as culpable for the current deadlock. | Greece’s government has hit back at Wolfgang Schäuble’s claim that Athens is behaving irresponsibly, arguing that Berlin is just as culpable for the current deadlock. |
| #Greece govt spox Sakellaridis re Schaeuble's comments: Well, I could say #Germany's behaviour is irresponsible too | #Greece govt spox Sakellaridis re Schaeuble's comments: Well, I could say #Germany's behaviour is irresponsible too |
| The scene is set for another tough eurogroup session. | The scene is set for another tough eurogroup session. |
| #Eurogroup mood music: "I'm sorry for Greeks. They elected a govt which is behaving rather irresponsibly." -Schäuble http://t.co/fFBS8nmX36 | #Eurogroup mood music: "I'm sorry for Greeks. They elected a govt which is behaving rather irresponsibly." -Schäuble http://t.co/fFBS8nmX36 |
| Updated | |
| at 10.15am GMT | |
| 10.08am GMT | |
| 10:08 | |
| Just in. The eurozone’s trade surplus has widened again. | Just in. The eurozone’s trade surplus has widened again. |
| The single currency region exported €24.3bn more goods than it imported in December, up from a €13.6bn surplus in December 2013. | The single currency region exported €24.3bn more goods than it imported in December, up from a €13.6bn surplus in December 2013. |
| While exports rose by 2% during the year, imports were flat; reflecting a trend since the start of the debt crisis: | While exports rose by 2% during the year, imports were flat; reflecting a trend since the start of the debt crisis: |
| Euro area international trade in goods surplus €195bn in 2014, €24bn surplus for EU #Eurostat http://t.co/KAcSeplYDl pic.twitter.com/GtNfPZKXCb | Euro area international trade in goods surplus €195bn in 2014, €24bn surplus for EU #Eurostat http://t.co/KAcSeplYDl pic.twitter.com/GtNfPZKXCb |
| Updated | |
| at 10.42am GMT | |
| 9.54am GMT | |
| 09:54 | |
| London newspaper CityAM has published a handy breakdown of the new deal which Greece is seeking; and the likelihood of each part being agreed: | London newspaper CityAM has published a handy breakdown of the new deal which Greece is seeking; and the likelihood of each part being agreed: |
| Nice @CityAM graphic highlighting @OpenEurope assessment of #Greece position at #Eurogroup http://t.co/5d4E0oFVGH pic.twitter.com/6fZM8XW4Wh | Nice @CityAM graphic highlighting @OpenEurope assessment of #Greece position at #Eurogroup http://t.co/5d4E0oFVGH pic.twitter.com/6fZM8XW4Wh |
| 9.47am GMT | |
| 09:47 | |
| The uncertainty over Greece hasn’t hurt the euro today, which is up around 0.2% against the US dollar at $1.1408. | The uncertainty over Greece hasn’t hurt the euro today, which is up around 0.2% against the US dollar at $1.1408. |
| But the single currency could weaken if there’s no progress in Brussels. Susanne Galler, a strategist with Jefferies in London, told Reuters: | But the single currency could weaken if there’s no progress in Brussels. Susanne Galler, a strategist with Jefferies in London, told Reuters: |
| “The market consensus is for them to do a deal by the end of this week. But we think that if there’s no deal today and the clock starts ticking then the euro will look increasingly vulnerable.” | “The market consensus is for them to do a deal by the end of this week. But we think that if there’s no deal today and the clock starts ticking then the euro will look increasingly vulnerable.” |
| 9.31am GMT | |
| 09:31 | |
| German finance minister Wolfgang Schäuble also accused the new Greek government of behaving ‘irresponsibly’ during this morning’s radio interview, reports Agence France-Presse. | German finance minister Wolfgang Schäuble also accused the new Greek government of behaving ‘irresponsibly’ during this morning’s radio interview, reports Agence France-Presse. |
| AFP reports: | AFP reports: |
| Schäuble, who was recently caricatured in the Greek press as wearing a Nazi-era army uniform, hit out at the insults Greece has dealt to its eurozone partners. | Schäuble, who was recently caricatured in the Greek press as wearing a Nazi-era army uniform, hit out at the insults Greece has dealt to its eurozone partners. |
| “I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly,” Schäuble said. | “I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly,” Schäuble said. |
| Updated | |
| at 9.31am GMT | |
| 9.20am GMT | |
| 09:20 | |
| Marc Ostwald of ADM Investor Services is also downbeat about how much progress we’ll see today: | Marc Ostwald of ADM Investor Services is also downbeat about how much progress we’ll see today: |
| “It appears unlikely that there will be even a short-term ‘bridge’ agreement between Greece and the Euro group at today’s meeting, but it is to be hoped that some further common ground can be found.” | “It appears unlikely that there will be even a short-term ‘bridge’ agreement between Greece and the Euro group at today’s meeting, but it is to be hoped that some further common ground can be found.” |
| 9.19am GMT | |
| 09:19 | |
| I’m en route to Brussels for what was billed as the crunch eurogroup meeting on Greece. It looks increasingly like ending in discord (again) | I’m en route to Brussels for what was billed as the crunch eurogroup meeting on Greece. It looks increasingly like ending in discord (again) |
| Meanwhile, Eurogroup officials are sitting down in Brussels now, to work on the technicalities of today’s meeting. | Meanwhile, Eurogroup officials are sitting down in Brussels now, to work on the technicalities of today’s meeting. |
| Euro Working Group (EWG) at 10.30 (CET), #Eurogroup officially starts at 3pm. #Greece #economy #ec #ecb #imf | Euro Working Group (EWG) at 10.30 (CET), #Eurogroup officially starts at 3pm. #Greece #economy #ec #ecb #imf |
| Updated | |
| at 11.46am GMT | |
| 9.18am GMT | |
| 09:18 | |
| Greek bonds weaken amid pessimism | Greek bonds weaken amid pessimism |
| Another worrying sign: Investors are selling out of Greek bonds this morning. | Another worrying sign: Investors are selling out of Greek bonds this morning. |
| The yields (or interest rate) on Greek debt has risen, indicating that it’s seen as riskier. | The yields (or interest rate) on Greek debt has risen, indicating that it’s seen as riskier. |
| 9.04am GMT | |
| 09:04 | |
| 8.55am GMT | |
| 08:55 | |
| Athens stock market slides | Athens stock market slides |
| Fears that this afternoon’s eurogroup meeting won’t break the deadlock between Greece and its creditors have hit shares in Athens. | Fears that this afternoon’s eurogroup meeting won’t break the deadlock between Greece and its creditors have hit shares in Athens. |
| The main ATG stock market fell over 4% in early trading, with the banking sector falling over 8%. | The main ATG stock market fell over 4% in early trading, with the banking sector falling over 8%. |
| #Greece Athens stock excange -4.33%, banks -8.58% after minutes in session | #Greece Athens stock excange -4.33%, banks -8.58% after minutes in session |
| 8.53am GMT | |
| 08:53 | |
| The FT’s Peter Spiegel also fears today’s meeting won’t deliver a break-through deal. | The FT’s Peter Spiegel also fears today’s meeting won’t deliver a break-through deal. |
| All signals seem to suggest no #Greece deal tonight at #Eurogroup. So next question is: how hard a deadline is today, really? | All signals seem to suggest no #Greece deal tonight at #Eurogroup. So next question is: how hard a deadline is today, really? |
| And that’s really a question for Mario Draghi, I guess. What would it take for the European Central Bank to withdraw emergency liquidity from Greece’s banking sector? | And that’s really a question for Mario Draghi, I guess. What would it take for the European Central Bank to withdraw emergency liquidity from Greece’s banking sector? |
| 8.48am GMT | |
| 08:48 | |
| “It’s a day ending in ‘y’ so it must be another crucial day for the Greek debt crisis,” says a weary-sounding Jeremy Cook of World First. | “It’s a day ending in ‘y’ so it must be another crucial day for the Greek debt crisis,” says a weary-sounding Jeremy Cook of World First. |
| He explains why it’s important that some progress is made today: | He explains why it’s important that some progress is made today: |
| Alexis Tsipras and Yanis Varoufakis have until the end of the month to negotiate an extension of credit terms for Greece. The current bailout package expires on February 28th. A deal today would give other European parliaments just less than a fortnight to vote on the extension and form some kind of consensus and agreement around the rehabilitation of the Greek state. | Alexis Tsipras and Yanis Varoufakis have until the end of the month to negotiate an extension of credit terms for Greece. The current bailout package expires on February 28th. A deal today would give other European parliaments just less than a fortnight to vote on the extension and form some kind of consensus and agreement around the rehabilitation of the Greek state. |
| Late on Thursday the European Central Bank extended the amount of money it was willing to provide to Greek banks in a bid to shore up liquidity within the country. Reports over the weekend suggest that the pace of withdrawal from Greek banks has increased in the past week to around EUR200m a day. | Late on Thursday the European Central Bank extended the amount of money it was willing to provide to Greek banks in a bid to shore up liquidity within the country. Reports over the weekend suggest that the pace of withdrawal from Greek banks has increased in the past week to around EUR200m a day. |
| As we have said previously we are still optimistic that a ‘fudge’ deal will occur by the end of the month but, as we all know, European politicians need to be horizontal over the precipice for deals to be actually made. I’m cancelling any plans I had for Feb 27th just in case a 13th hour meeting is called to avert a disaster. | As we have said previously we are still optimistic that a ‘fudge’ deal will occur by the end of the month but, as we all know, European politicians need to be horizontal over the precipice for deals to be actually made. I’m cancelling any plans I had for Feb 27th just in case a 13th hour meeting is called to avert a disaster. |
| You and me both, Jeremy... | You and me both, Jeremy... |
| 8.24am GMT | |
| 08:24 | |
| Europe’s stock markets are dipping in early trading, as traders react to the generally negative comments from finance ministers this morning. | Europe’s stock markets are dipping in early trading, as traders react to the generally negative comments from finance ministers this morning. |
| The FTSE 100 is down 15 points, or -0.23%, at 6857, while Germany’s DAX has dropped by 29 points, or 0.3%. | The FTSE 100 is down 15 points, or -0.23%, at 6857, while Germany’s DAX has dropped by 29 points, or 0.3%. |
| Mike van Dulken, Head of Research at Accendo Markets, writes: | Mike van Dulken, Head of Research at Accendo Markets, writes: |
| Investors are waiting for proof of real progress on both the Greek debt negotiations (extended talks expected, still significant gaps between both sides) and the ceasefire in Ukraine (tentative at best). | Investors are waiting for proof of real progress on both the Greek debt negotiations (extended talks expected, still significant gaps between both sides) and the ceasefire in Ukraine (tentative at best). |
| 8.14am GMT | |
| 08:14 | |
| Photos: Sunday's pro-government demos | Photos: Sunday's pro-government demos |
| Thousands of Greek citizens took to the streets last night to show their support for Greece’s negotiators in Brussels today: | Thousands of Greek citizens took to the streets last night to show their support for Greece’s negotiators in Brussels today: |
| There were also demonstrations in support of Greece in other European capitals, including Paris and London: | There were also demonstrations in support of Greece in other European capitals, including Paris and London: |
| #Greece today Trafalgar Square was yours; Our solidarity with you #Syriza pic.twitter.com/KFXUJ44rwm | #Greece today Trafalgar Square was yours; Our solidarity with you #Syriza pic.twitter.com/KFXUJ44rwm |
| Updated | |
| at 8.44am GMT | |
| 8.03am GMT | |
| 08:03 | |
| The finance ministers of Austria and Malta have also been speaking this morning, and neither sound keen to grant Greece much help: | The finance ministers of Austria and Malta have also been speaking this morning, and neither sound keen to grant Greece much help: |
| Austrian MinFin on German tv: if you need a loan, don't go to your bank, insult the director and then try to re-negotiate conditions | Austrian MinFin on German tv: if you need a loan, don't go to your bank, insult the director and then try to re-negotiate conditions |
| *MALTA FIN MIN SAYS GREECE ASKING FOR `IMPOSSIBLE FAVORS' | *MALTA FIN MIN SAYS GREECE ASKING FOR `IMPOSSIBLE FAVORS' |
| 7.59am GMT | |
| 07:59 | |
| French finance minister warns of 'huge dangers' of Grexit | French finance minister warns of 'huge dangers' of Grexit |
| France’s finance minister, Michel Sapin, has also hit the airwaves this morning to argue that Greece must respect European rules. | France’s finance minister, Michel Sapin, has also hit the airwaves this morning to argue that Greece must respect European rules. |
| Speaking on France 2 television a few minutes ago, Sapin warned that Greece would face “huge dangers” if it left the eurozone. | Speaking on France 2 television a few minutes ago, Sapin warned that Greece would face “huge dangers” if it left the eurozone. |
| Athens cannot simply abandon its commitments, he added; before acknowledging that Alexis Tsipras’s new government does have a mandate to push for changes: | Athens cannot simply abandon its commitments, he added; before acknowledging that Alexis Tsipras’s new government does have a mandate to push for changes: |
| “The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government. | “The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government. |
| But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before.” | But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before.” |
| (quotes via Reuters) | (quotes via Reuters) |
| More optimistically, Sapin also suggested there’s a chance of a breakthrough at today’s talks. | More optimistically, Sapin also suggested there’s a chance of a breakthrough at today’s talks. |
| #Greece | *FRANCE'S SAPIN SAYS THERE'S A `CHANCE' OF ACCORD ON GREECE TODAY ...Schauble not on same page clearly | #Greece | *FRANCE'S SAPIN SAYS THERE'S A `CHANCE' OF ACCORD ON GREECE TODAY ...Schauble not on same page clearly |
| 7.45am GMT | |
| 07:45 | |
| Schäuble 'very sceptical' of a deal today | Schäuble 'very sceptical' of a deal today |
| Germany’s finance minister, Wolfgang Schäuble, is not optimistic that Greece and its creditors will reach a deal today. | Germany’s finance minister, Wolfgang Schäuble, is not optimistic that Greece and its creditors will reach a deal today. |
| Schäuble told German radio that: | Schäuble told German radio that: |
| “From what I’ve heard about the technical talks over the weekend, I’m very sceptical, but we will get a report today and then we’ll see.” | “From what I’ve heard about the technical talks over the weekend, I’m very sceptical, but we will get a report today and then we’ll see.” |
| Schäuble added that Germany does not want a Greek exit from the euro zone, but reiterated that the new government in Athens must meet the core of its existing commitments. | Schäuble added that Germany does not want a Greek exit from the euro zone, but reiterated that the new government in Athens must meet the core of its existing commitments. |
| Not an encouraging sign for today’s talks, as ABN Amro’s Nick Kounis says: | Not an encouraging sign for today’s talks, as ABN Amro’s Nick Kounis says: |
| Neither side optimistic on #Eurogroup. Schaeuble: very pessimistic on quick result. #Greece: it will be difficult, decision not certain. | Neither side optimistic on #Eurogroup. Schaeuble: very pessimistic on quick result. #Greece: it will be difficult, decision not certain. |
| Updated | |
| at 7.55am GMT | |
| 7.24am GMT | |
| 07:24 | |
| Eurogroup to discuss Greece debts again | Eurogroup to discuss Greece debts again |
| Good morning. | Good morning. |
| It’s another crunch day in the battle between Greece and its creditors over its bailout programme. | It’s another crunch day in the battle between Greece and its creditors over its bailout programme. |
| Eurozone finance ministers are heading back to Brussels today for another eurogroup meeting. Top of the agenda, Greece’s bailout programme. | Eurozone finance ministers are heading back to Brussels today for another eurogroup meeting. Top of the agenda, Greece’s bailout programme. |
| Monday’s #Eurogroup agenda includes #Greece, #Cyprus, #Portugal: http://t.co/0SaoqOBFEb. | Monday’s #Eurogroup agenda includes #Greece, #Cyprus, #Portugal: http://t.co/0SaoqOBFEb. |
| Prime minister Alexis Tsipras struck a confident tone yesterday, saying: | Prime minister Alexis Tsipras struck a confident tone yesterday, saying: |
| “I expect difficult negotiations on Monday. But I am full of confidence. | “I expect difficult negotiations on Monday. But I am full of confidence. |
| “I am in favour of a solution where everyone wins. I want a win-win solution. I want to save Greece from tragedy and Europe from a split.” | “I am in favour of a solution where everyone wins. I want a win-win solution. I want to save Greece from tragedy and Europe from a split.” |
| “I promise you: Greece will, in six months’ time, be a completely different country.” | “I promise you: Greece will, in six months’ time, be a completely different country.” |
| Full story: Syriza leader confident ahead of eurozone crunch talks in Brussels | Full story: Syriza leader confident ahead of eurozone crunch talks in Brussels |
| Technical officials from both sides have been working over the weekend, in an attempt to bridge the gap between the two sides. That will give ministers something to work with today. | Technical officials from both sides have been working over the weekend, in an attempt to bridge the gap between the two sides. That will give ministers something to work with today. |
| But it will be hard to make progress. Athens insists it will not stick to its existing bailout, while eurozone governments insist its debts cannot be written it off. | But it will be hard to make progress. Athens insists it will not stick to its existing bailout, while eurozone governments insist its debts cannot be written it off. |
| It’s possible that some kind of compromise will be hammered out; solving Greece’s immediate funding needs once its existing financing ends in just two weeks. | It’s possible that some kind of compromise will be hammered out; solving Greece’s immediate funding needs once its existing financing ends in just two weeks. |
| Most likely outcome Monday: A typical Euro fudge formula that the creditors will call 'extension' &the Greek govt will call 'transformation' | Most likely outcome Monday: A typical Euro fudge formula that the creditors will call 'extension' &the Greek govt will call 'transformation' |
| But a repeat of the deadlock at last Wednesday night’s emergency eurogroup meeting can’t be ruled out. | But a repeat of the deadlock at last Wednesday night’s emergency eurogroup meeting can’t be ruled out. |
| And that’s why one former UK finance minister, Kenneth Clarke, reckons the “latterday Trotskyites” of Syriza will trigger Grexit. | And that’s why one former UK finance minister, Kenneth Clarke, reckons the “latterday Trotskyites” of Syriza will trigger Grexit. |
| Full Story: Kenneth Clarke says Syriza victory risks Greek exit from eurozone | Full Story: Kenneth Clarke says Syriza victory risks Greek exit from eurozone |
| The meeting is scheduled to start at 3pm Brussels time (2pm GMT or 4pm EET). So if all sides embrace the concept of European friendship and partnership, it could be wrapped up by tea time. A late-night marathon feels more likely, though.... | The meeting is scheduled to start at 3pm Brussels time (2pm GMT or 4pm EET). So if all sides embrace the concept of European friendship and partnership, it could be wrapped up by tea time. A late-night marathon feels more likely, though.... |
| We’ll be tracking all the build-up to the meeting, and the action once it kicks off, along with other key developments in the world economy, the financial markets and business. | We’ll be tracking all the build-up to the meeting, and the action once it kicks off, along with other key developments in the world economy, the financial markets and business. |
| Updated | |
| at 9.02am GMT |