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Greece rejects EU bailout offer as 'absurd' Greece rejects EU bailout offer as 'absurd'
(35 minutes later)
Talks between Greece and European finance ministers have collapsed early after Greece rejected the EU's bailout offer as 'absurd' and 'unacceptable'.Talks between Greece and European finance ministers have collapsed early after Greece rejected the EU's bailout offer as 'absurd' and 'unacceptable'.
They were meeting in Brussels to try and reach a new deal on Greece's bailout, which it wants restructured.They were meeting in Brussels to try and reach a new deal on Greece's bailout, which it wants restructured.
The International Monetary Fund (IMF) and European Union (EU) say there should be no change to the conditions of the €240bn (£178bn) loan.The International Monetary Fund (IMF) and European Union (EU) say there should be no change to the conditions of the €240bn (£178bn) loan.
The Eurogroup head said there was still time for Greece to agree an extension.The Eurogroup head said there was still time for Greece to agree an extension.
"There is time and ample room to agree on the terms of an extension. When I listen to my Greek colleagues talking about a bridging loan and so on - that's a different word for an extension," said Jeroen Dijsselbloem."There is time and ample room to agree on the terms of an extension. When I listen to my Greek colleagues talking about a bridging loan and so on - that's a different word for an extension," said Jeroen Dijsselbloem.
He said says another meeting was possible this Friday but that it was "up to the Greeks".He said says another meeting was possible this Friday but that it was "up to the Greeks".
"My strong preference is and still is to get an extension of the programme, and I think it is still feasible," he told a press conference."My strong preference is and still is to get an extension of the programme, and I think it is still feasible," he told a press conference.
Greece's current bailout expires on 28 February. Any new agreement would need to be approved by national governments so time is running out to reach a compromise, without which Greece is likely to run out of money.Greece's current bailout expires on 28 February. Any new agreement would need to be approved by national governments so time is running out to reach a compromise, without which Greece is likely to run out of money.
Analysis: Andrew Walker, World Service economics correspondent:
Two pressing financial issues loom over Greece: whether the government can pay its bills and the stability of the banks.
Greek officials have said the government could keep going for several months, but there are doubts. How long it takes depends to a great extent on Greek taxpayers.
The banks have already seen money being withdrawn and increasingly need central bank loans. If there is no bailout programme, the European Central Bank could pull the plug on the banks.
If it came to that, it really would mean a major financial crisis, with perhaps the imposition of extensive financial controls to prop up the banks and possibly even the re-introduction of a national currency.
It's hard to nail down a date by which an agreement must be done to avert some sort of financial Armageddon, because it depends on the actions of taxpayers, bank customers and the ECB. But time is getting short.
Earlier a Greek government official said: "Some people's insistence on the Greek government implementing the bailout is unreasonable and cannot be accepted".Earlier a Greek government official said: "Some people's insistence on the Greek government implementing the bailout is unreasonable and cannot be accepted".
"Those who keep returning to this issue are wasting their time. Under such circumstances, there cannot be a deal today.""Those who keep returning to this issue are wasting their time. Under such circumstances, there cannot be a deal today."
Before the meeting, German finance minister Wolfgang Schaeuble had already said he was not optimistic a deal would be reached.Before the meeting, German finance minister Wolfgang Schaeuble had already said he was not optimistic a deal would be reached.
Mr Schaeuble told German radio: "The problem is that Greece has lived beyond its means for a long time and that nobody wants to give Greece money any more without guarantees," Mr Schaeuble said.Mr Schaeuble told German radio: "The problem is that Greece has lived beyond its means for a long time and that nobody wants to give Greece money any more without guarantees," Mr Schaeuble said.
But French Finance Minister Michel Sapin said European leaders needed to respect the political change in Athens. As he arrived in Brussels he urged the Greeks to extend their current deal to allow time for talks.But French Finance Minister Michel Sapin said European leaders needed to respect the political change in Athens. As he arrived in Brussels he urged the Greeks to extend their current deal to allow time for talks.
'Difficult negotiations''Difficult negotiations'
Greek Prime Minister Alexis Tsipras told Germany's Stern magazine at the weekend that his government needed time to carry out reforms and put the mismanagement of the past behind it.Greek Prime Minister Alexis Tsipras told Germany's Stern magazine at the weekend that his government needed time to carry out reforms and put the mismanagement of the past behind it.
"I expect difficult negotiations; nevertheless I am full of confidence," he said. "I promise you: Greece will then, in six months' time, be a completely different country.""I expect difficult negotiations; nevertheless I am full of confidence," he said. "I promise you: Greece will then, in six months' time, be a completely different country."
Greece has proposed a new bailout programme that involves a bridging loan to keep the country going for six months and help it repay €7bn (£5.2bn) of maturing bonds.Greece has proposed a new bailout programme that involves a bridging loan to keep the country going for six months and help it repay €7bn (£5.2bn) of maturing bonds.
The second part of the plan would see the county's debt refinanced. Part of this might be through "GDP bonds" - bonds carrying an interest rate linked to economic growth.The second part of the plan would see the county's debt refinanced. Part of this might be through "GDP bonds" - bonds carrying an interest rate linked to economic growth.
Greece also wants to see a reduction in the primary surplus target - the surplus the government must generate (excluding interest payments on debt) - from 3% to 1.49% of GDP.Greece also wants to see a reduction in the primary surplus target - the surplus the government must generate (excluding interest payments on debt) - from 3% to 1.49% of GDP.
In Greece last week, two opinion polls indicated that more than three-quarters of Greeks supported Mr Tsipras's hardline stance.In Greece last week, two opinion polls indicated that more than three-quarters of Greeks supported Mr Tsipras's hardline stance.
According to the polls, 79% of Greeks backed the government's policies and 74% believed its negotiating strategy would succeed.According to the polls, 79% of Greeks backed the government's policies and 74% believed its negotiating strategy would succeed.