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| Version 2 | Version 3 |
|---|---|
| Eurozone approves Greek deal, but creditors voice doubts - as it happened | Eurozone approves Greek deal, but creditors voice doubts - as it happened |
| (about 1 month later) | |
| 7.55pm GMT | 7.55pm GMT |
| 19:55 | 19:55 |
| And finally finally, here’s Europe editor Ian Traynor’s news story on today’s developments, confirming that the coming weeks will be difficult: | And finally finally, here’s Europe editor Ian Traynor’s news story on today’s developments, confirming that the coming weeks will be difficult: |
| Greece secures eurozone bailout extension for four months | Greece secures eurozone bailout extension for four months |
| Greece’s new leftwing government faces months of fraught negotiations with its creditors over how to ease its unsustainable debt levels and austerity programmes after securing - but only conditionally - a eurozone lifeline on Tuesday that wins it time until the end of June. | Greece’s new leftwing government faces months of fraught negotiations with its creditors over how to ease its unsustainable debt levels and austerity programmes after securing - but only conditionally - a eurozone lifeline on Tuesday that wins it time until the end of June. |
| Alexis Tsipras, the Greek prime minister and leader of the Syriza movement, had to bow to German-led pressure to stick to the broad terms of its €240bn (£176bn) bailout in order to obtain a four-month extension to the rescue he repeatedly pledged to scrap. | Alexis Tsipras, the Greek prime minister and leader of the Syriza movement, had to bow to German-led pressure to stick to the broad terms of its €240bn (£176bn) bailout in order to obtain a four-month extension to the rescue he repeatedly pledged to scrap. |
| Late on Monday the new finance minister, Yanis Varoufakis, sent a six-page list of proposed economic reforms to Brussels which held to some of Tsipras’s election campaign pledges, but largely diluted or abandoned them to win the support of the other 18 governments in the eurozone, and of the troika of bailout overseers from the European commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). | Late on Monday the new finance minister, Yanis Varoufakis, sent a six-page list of proposed economic reforms to Brussels which held to some of Tsipras’s election campaign pledges, but largely diluted or abandoned them to win the support of the other 18 governments in the eurozone, and of the troika of bailout overseers from the European commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). |
| Despite Tsipras’s assertions, for domestic consumption, that the hated troika is dead and that the bailout programme has been ditched, both remain very much in play, with the troika grudgingly blessing Tuesday’s proposals from Athens and mandated to deliver a more detailed verdict by the end of April.......(for more click here) | Despite Tsipras’s assertions, for domestic consumption, that the hated troika is dead and that the bailout programme has been ditched, both remain very much in play, with the troika grudgingly blessing Tuesday’s proposals from Athens and mandated to deliver a more detailed verdict by the end of April.......(for more click here) |
| #grexit greece reform agenda secures grudging eurozone bailout extension, trouble deferred http://t.co/mGnT8u4Hjd | #grexit greece reform agenda secures grudging eurozone bailout extension, trouble deferred http://t.co/mGnT8u4Hjd |
| Updated | Updated |
| at 7.56pm GMT | at 7.56pm GMT |
| 7.52pm GMT | 7.52pm GMT |
| 19:52 | 19:52 |
| A quick PS. Over in Greece tonight, the flagship evening news programme on Skai TV is saying that the government will face a three-pronged opposition: from | A quick PS. Over in Greece tonight, the flagship evening news programme on Skai TV is saying that the government will face a three-pronged opposition: from |
| From Athens, Helena Smith adds: | From Athens, Helena Smith adds: |
| Tonight both the former prime minister Antonis Samaras and his deputy, socialist Pasok leader Evangelos Venizelos, accused the Tsipras government of taking Greece back into a “third memorandum” with the country’s creditors. | Tonight both the former prime minister Antonis Samaras and his deputy, socialist Pasok leader Evangelos Venizelos, accused the Tsipras government of taking Greece back into a “third memorandum” with the country’s creditors. |
| Venizelos said: | Venizelos said: |
| “I am truly very sorry. We have lost a lot of time and instead of exiting the memorandum and moving onto a preliminary credit line with more relaxed conditions we will, come July, be moving into a third memorandum.” | “I am truly very sorry. We have lost a lot of time and instead of exiting the memorandum and moving onto a preliminary credit line with more relaxed conditions we will, come July, be moving into a third memorandum.” |
| There’s also talk that Greece’s pledge not to unravel privatisations is the major bone of contention among Syriza MPs. We sense trouble ahead..... | There’s also talk that Greece’s pledge not to unravel privatisations is the major bone of contention among Syriza MPs. We sense trouble ahead..... |
| 7.45pm GMT | 7.45pm GMT |
| 19:45 | 19:45 |
| Closing summary | Closing summary |
| Enrique Diaz, Chief Risk Officer at financial services provider Ebury, sums up the situation tonight: | Enrique Diaz, Chief Risk Officer at financial services provider Ebury, sums up the situation tonight: |
| “Today’s green light to Greece was undoubtedly good news. The deal is a reasonable one for both sides. Although the Greeks have had to abandon many of their unrealistic initial requests, the Greek Government is now once again in control of the reform process. | “Today’s green light to Greece was undoubtedly good news. The deal is a reasonable one for both sides. Although the Greeks have had to abandon many of their unrealistic initial requests, the Greek Government is now once again in control of the reform process. |
| “That said, the outlook for the Euro remains bearish. The single currency only responded moderately to the news, rising by 0.4% against the Dollar. | “That said, the outlook for the Euro remains bearish. The single currency only responded moderately to the news, rising by 0.4% against the Dollar. |
| Given the ECB’s recent injection of around €1.2 trillion into the economy, we should see continued downward pressure on the Euro against the Dollar over the next eighteen months.” | Given the ECB’s recent injection of around €1.2 trillion into the economy, we should see continued downward pressure on the Euro against the Dollar over the next eighteen months.” |
| So, let’s wrap up with a very quick summary after a long day.... | So, let’s wrap up with a very quick summary after a long day.... |
| Eurozone finance ministers have given their approval to Greece’s economic reform plans, but the longer battle over the Greek bailout has just begun. | Eurozone finance ministers have given their approval to Greece’s economic reform plans, but the longer battle over the Greek bailout has just begun. |
| The decision clears the way to a four-month bailout extension that will avoid the danger of Athens running out of funds, once national parliaments have also given the green light. | The decision clears the way to a four-month bailout extension that will avoid the danger of Athens running out of funds, once national parliaments have also given the green light. |
| The decision was taken on a conference call this afternoon, after the eurogroup had assessed a series of economic reforms sent by Greece late last night. [click here to read the proposals in full]. | The decision was taken on a conference call this afternoon, after the eurogroup had assessed a series of economic reforms sent by Greece late last night. [click here to read the proposals in full]. |
| Those proposals strike a middle-ground between the demands of Greece’s creditors, and the expectations of MPs in the Syriza party, and the Greek electorate. And all sides remain somewhat unsatisfied tonight. | Those proposals strike a middle-ground between the demands of Greece’s creditors, and the expectations of MPs in the Syriza party, and the Greek electorate. And all sides remain somewhat unsatisfied tonight. |
| The International Monetary Fund has already warned that Greece’s proposals don’t meet its own expectations. | The International Monetary Fund has already warned that Greece’s proposals don’t meet its own expectations. |
| While the European Central Bank warned that Greece can only replace existing austerity measures with new plans that are “at least as effective”. | While the European Central Bank warned that Greece can only replace existing austerity measures with new plans that are “at least as effective”. |
| And PM Tsipras apparently faced some dissent at a cabinet meeting today. | And PM Tsipras apparently faced some dissent at a cabinet meeting today. |
| The financial markets, though, are pleased that the Greek crisis has eased (although national parliaments still need to give their approval). | The financial markets, though, are pleased that the Greek crisis has eased (although national parliaments still need to give their approval). |
| Athens stock market surged by 10%, while Greek borrowing costs fell sharply as investors treated its debt as less risky | Athens stock market surged by 10%, while Greek borrowing costs fell sharply as investors treated its debt as less risky |
| And in London, the FTSE 100 hit a new record high -- smashing through its dot-com peak. | And in London, the FTSE 100 hit a new record high -- smashing through its dot-com peak. |
| And analysts argue that the Footsie isn’t overvalued, and could climb further.... | And analysts argue that the Footsie isn’t overvalued, and could climb further.... |
| I’ll be back tomorrow to do it all again. Thanks, as ever, for reading and commenting. GW | I’ll be back tomorrow to do it all again. Thanks, as ever, for reading and commenting. GW |
| Updated | Updated |
| at 7.47pm GMT | at 7.47pm GMT |
| 7.26pm GMT | 7.26pm GMT |
| 19:26 | 19:26 |
| Valdis Dombrovskis, the European Commission vice-president for the Euro, tweets tonight that Greece’s reform plan is a good “first step”: | Valdis Dombrovskis, the European Commission vice-president for the Euro, tweets tonight that Greece’s reform plan is a good “first step”: |
| Speaking to reporters earlier today on #Greece pic.twitter.com/4fpff85THx | Speaking to reporters earlier today on #Greece pic.twitter.com/4fpff85THx |
| #Eurogroup confirmed reform list is comprehensive enough as valid first step. Must move forward with practical&swift implementation #Greece | #Eurogroup confirmed reform list is comprehensive enough as valid first step. Must move forward with practical&swift implementation #Greece |
| He also echoes Mario Draghi’s point earlier - that any new measures introduced by Greece must be ‘as good’ as existing | He also echoes Mario Draghi’s point earlier - that any new measures introduced by Greece must be ‘as good’ as existing |
| Possible to negotiate replacing some measures with others with same fiscal value – if not done unilaterally #Greece | Possible to negotiate replacing some measures with others with same fiscal value – if not done unilaterally #Greece |
| Updated | Updated |
| at 7.29pm GMT | at 7.29pm GMT |
| 7.07pm GMT | 7.07pm GMT |
| 19:07 | 19:07 |
| The Greek government is briefing tonight that it has achieved some success with the eurogroup, but warned that key issues need to be clarified. | The Greek government is briefing tonight that it has achieved some success with the eurogroup, but warned that key issues need to be clarified. |
| Efi Efthimiou of Capital.GR has the details: | Efi Efthimiou of Capital.GR has the details: |
| #Greece FinMin sources:We r in uncharted water+this is coz there’s no clarification yet on issues like funding +the primar surpl @capitalgr | #Greece FinMin sources:We r in uncharted water+this is coz there’s no clarification yet on issues like funding +the primar surpl @capitalgr |
| #Greece FinMIn sources: Biggest gain from agreement reached is that there is a 4month moratorium without recessionary measures @capitalgr | #Greece FinMIn sources: Biggest gain from agreement reached is that there is a 4month moratorium without recessionary measures @capitalgr |
| #Greece FinMin sources: Today’s Eurogroup was successfully completed. We have passed the obstacle (via @capitalgr ) | #Greece FinMin sources: Today’s Eurogroup was successfully completed. We have passed the obstacle (via @capitalgr ) |
| #Greece FinMins sources: We also managed to separate loan agreement from MoU, which initially considered “unacceptable” by some partners | #Greece FinMins sources: We also managed to separate loan agreement from MoU, which initially considered “unacceptable” by some partners |
| 6.57pm GMT | 6.57pm GMT |
| 18:57 | 18:57 |
| Here’s a photo of that CDU party meeting, where MPs apparently raised concerns over the Greek deal: | Here’s a photo of that CDU party meeting, where MPs apparently raised concerns over the Greek deal: |
| Updated | Updated |
| at 6.58pm GMT | at 6.58pm GMT |
| 6.51pm GMT | 6.51pm GMT |
| 18:51 | 18:51 |
| I missed this earlier. Greece’s economic reforms include an intriguing hint that they could introduce a basic income for citizens aged tween 50 and 65. | I missed this earlier. Greece’s economic reforms include an intriguing hint that they could introduce a basic income for citizens aged tween 50 and 65. |
| That’s an important issue in economics today; with many experts arguing that in a world with less growth and major technological change, governments may have to guarantee BI for all citizens. | That’s an important issue in economics today; with many experts arguing that in a world with less growth and major technological change, governments may have to guarantee BI for all citizens. |
| Tomas Hirst has a good take on Business Insider: | Tomas Hirst has a good take on Business Insider: |
| BI is, at its core, about a redefinition of the conception that was prevalent at the inception of the modern welfare state that the point of welfare payments were to keep people “fit for work”. That may have been an appropriate moniker for its time, but modern societies have developed different expectations for the quality of life that its citizens should enjoy. | BI is, at its core, about a redefinition of the conception that was prevalent at the inception of the modern welfare state that the point of welfare payments were to keep people “fit for work”. That may have been an appropriate moniker for its time, but modern societies have developed different expectations for the quality of life that its citizens should enjoy. |
| Just being fit enough to get into work doesn’t cut it anymore. | Just being fit enough to get into work doesn’t cut it anymore. |
| In the case of Greece it looks like such a scheme would initially be targeted at those nearing pension age in order to prevent them from taking early retirement — providing them with an income that they would otherwise draw from the state pension fund. | In the case of Greece it looks like such a scheme would initially be targeted at those nearing pension age in order to prevent them from taking early retirement — providing them with an income that they would otherwise draw from the state pension fund. |
| The Greek government is calling for a radical new welfare policy http://t.co/L4dFU5b8fR | The Greek government is calling for a radical new welfare policy http://t.co/L4dFU5b8fR |
| 6.47pm GMT | 6.47pm GMT |
| 18:47 | 18:47 |
| Had Syriza failed? Sony Kapoor of the Re-Define thinktank argues that it has not, even though the bailout deal fails to meet all the government’s pre-election promises. | Had Syriza failed? Sony Kapoor of the Re-Define thinktank argues that it has not, even though the bailout deal fails to meet all the government’s pre-election promises. |
| He points to three victories. | He points to three victories. |
| 1) On process: | 1) On process: |
| The Eurozone has accepted that it is legitimate for the Greek government to put forward its own proposals as an alternative to reforms prescribed by the creditors. This is more than it appears on the surface, given the very top-down regimented and legalistic approach followed by the Troika so far.... | The Eurozone has accepted that it is legitimate for the Greek government to put forward its own proposals as an alternative to reforms prescribed by the creditors. This is more than it appears on the surface, given the very top-down regimented and legalistic approach followed by the Troika so far.... |
| 2) Getting time to develop its own policies.... | 2) Getting time to develop its own policies.... |
| Being a party that has thus far not been part of the clientelist state, Syriza is more likely to actually deliver on these. It will also focus more on creating an e-government, transparency and on investments essential to help build up productive sectors. Many of the reforms in the programme that has been put forward are sensible and reasonable. It has a few more weeks to put more flesh on the bone and put forward an alternative program to negotiate with the creditors when the “bridge” runs out. | Being a party that has thus far not been part of the clientelist state, Syriza is more likely to actually deliver on these. It will also focus more on creating an e-government, transparency and on investments essential to help build up productive sectors. Many of the reforms in the programme that has been put forward are sensible and reasonable. It has a few more weeks to put more flesh on the bone and put forward an alternative program to negotiate with the creditors when the “bridge” runs out. |
| 3) ...and time to show Syriza can actually govern: | 3) ...and time to show Syriza can actually govern: |
| It has won a precious few weeks to demonstrate to its creditors and Eurozone partners that it is a serious government and that Syriza has actually moved beyond the rhetoric of the election into the slow business of taking Greece out of its great depression. What Syriza does in the next few months will be closely watched and scrutinised for intent, as well as competence. | It has won a precious few weeks to demonstrate to its creditors and Eurozone partners that it is a serious government and that Syriza has actually moved beyond the rhetoric of the election into the slow business of taking Greece out of its great depression. What Syriza does in the next few months will be closely watched and scrutinised for intent, as well as competence. |
| In a situation when minister Schäuble was once again, as in 2012, ready to push Greece out of the Eurozone and many Greece’s partners had lost trust in the country, this is perhaps the most important victory. | In a situation when minister Schäuble was once again, as in 2012, ready to push Greece out of the Eurozone and many Greece’s partners had lost trust in the country, this is perhaps the most important victory. |
| Here’s the full piece: The Greek Deal – A game changer or a mere name changer? | Here’s the full piece: The Greek Deal – A game changer or a mere name changer? |
| Updated | Updated |
| at 6.47pm GMT | at 6.47pm GMT |
| 6.29pm GMT | 6.29pm GMT |
| 18:29 | 18:29 |
| The German ruling CDU party have some concerns about the Greek deal, tweets the FT’s Peter Spiegel. | The German ruling CDU party have some concerns about the Greek deal, tweets the FT’s Peter Spiegel. |
| They’ll decide on Thursday whether to back it in Friday’s vote in the Bundestag. | They’ll decide on Thursday whether to back it in Friday’s vote in the Bundestag. |
| Sounds like there was a decent amt of septicism in #Schauble meeting today with @CDU's Bundestag group on #Greece http://t.co/EyMeQndQLm | Sounds like there was a decent amt of septicism in #Schauble meeting today with @CDU's Bundestag group on #Greece http://t.co/EyMeQndQLm |
| The @CDU Bundestag group agreed to meet Thurs morning to take view on #Greece extension at meeting w/Schauble this pm http://t.co/EyMeQndQLm | The @CDU Bundestag group agreed to meet Thurs morning to take view on #Greece extension at meeting w/Schauble this pm http://t.co/EyMeQndQLm |
| It would be a major shock if the Bundestag rebelled against Angela Merkel and Wolfgang Schauble on Friday. But by playing hardball now, CDU can help set the tone for the upcoming negotiations with Greece. | It would be a major shock if the Bundestag rebelled against Angela Merkel and Wolfgang Schauble on Friday. But by playing hardball now, CDU can help set the tone for the upcoming negotiations with Greece. |
| 6.16pm GMT | 6.16pm GMT |
| 18:16 | 18:16 |
| Greece’s mountain of borrowing will eventually need to be restructured, argues debt campaigners tonight. | Greece’s mountain of borrowing will eventually need to be restructured, argues debt campaigners tonight. |
| Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign, says: | Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign, says: |
| “The agreement affords a small but vital pocket of breathing space for Greece to begin to tackle its humanitarian crisis. But the fundamental injustice of the Greek debt situation remains unaddressed. | “The agreement affords a small but vital pocket of breathing space for Greece to begin to tackle its humanitarian crisis. But the fundamental injustice of the Greek debt situation remains unaddressed. |
| The people of Greece continue to carry the burden of debts caused by reckless, unaccountable banks. Debt crises across the world show that constant debt rescheduling does not work. Greece’s debt is unjust and unsustainable, and debt cancellation is the only fair response. Syriza’s original proposal for a European debt conference needs to be revived.” | The people of Greece continue to carry the burden of debts caused by reckless, unaccountable banks. Debt crises across the world show that constant debt rescheduling does not work. Greece’s debt is unjust and unsustainable, and debt cancellation is the only fair response. Syriza’s original proposal for a European debt conference needs to be revived.” |
| 6.01pm GMT | 6.01pm GMT |
| 18:01 | 18:01 |
| Back to the Greece bailout deal, and Open Europe’s Pieter Cleppe reckons the Dutch parliament will approve the four-month bailout extension on Thursday. | Back to the Greece bailout deal, and Open Europe’s Pieter Cleppe reckons the Dutch parliament will approve the four-month bailout extension on Thursday. |
| Majority in Dutch Lower House supports Greek deal, voting on motions related to it on Thursday http://t.co/79O1QCdtmK #greece #kolotoumba | Majority in Dutch Lower House supports Greek deal, voting on motions related to it on Thursday http://t.co/79O1QCdtmK #greece #kolotoumba |
| 5.59pm GMT | 5.59pm GMT |
| 17:59 | 17:59 |
| Read the full story of the FTSE 100’s watershed day here: | Read the full story of the FTSE 100’s watershed day here: |
| FTSE 100 hits record high of 6959 after Greece’s reform plan is approved | FTSE 100 hits record high of 6959 after Greece’s reform plan is approved |
| FTSE 100 hits record high of 6959 after Greece's reform plan is approved http://t.co/mZgTBWFxYy | FTSE 100 hits record high of 6959 after Greece's reform plan is approved http://t.co/mZgTBWFxYy |
| 5.48pm GMT | 5.48pm GMT |
| 17:48 | 17:48 |
| Bookmaker Paddy Power is taking bets on when the FTSE 100 will hit 7,500 points. | Bookmaker Paddy Power is taking bets on when the FTSE 100 will hit 7,500 points. |