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| Greece reform plan not enough for a deal, yet.... - live updates | |
| (35 minutes later) | |
| 10.30am BST10:30 | |
| 10.18am BST10:18 | |
| Greek finance minister blasts leaks | |
| Over in the Athens parliament, Greek finance minister Yanis Varoufakis has hit out at yesterday’s leaking of his 26-page reform plan. | |
| Varoufakis told MPs that the disclosure was not acceptable, and blamed Greece’s creditors for passing the information to the Financial Times. | |
| “This is not our choice, we must ensure confidentiality”, he told MPs. | |
| #Varoufakis slams press leaks on EU-Greece negotiations @FT #bailout #eurogroup #Greece- http://t.co/KEUwjNWjok pic.twitter.com/XOm8NxcPB3 | |
| Varoufakis agreed that the reforms should have been announced to parliament. | |
| According to the Kathimerini newspaper, he said it was “unacceptable” for the Greek people to obtain information from websites [so don’t click here, readers]. | |
| Varoufakis blames the 'Institutions' for leaks of reform proposals. "Citizens' trust is undermined by such actions" http://t.co/SNcfSvP01v | |
| Varoufakis is particularly irked that Brussels has been pushing for confidentiality in the first place. | |
| #Greece FinMin Varoufakis claims the 'Institutions' insisted on confidentiality (although he disagreed) yet leaked the reform list. | |
| Updated at 10.18am BST | |
| 10.01am BST10:01 | 10.01am BST10:01 |
| Heard the one about the bishop, the baroness and the union chief? They’ve all agreed to join a new body to keep Britain’s banking sector on the straight-and-narrow. | Heard the one about the bishop, the baroness and the union chief? They’ve all agreed to join a new body to keep Britain’s banking sector on the straight-and-narrow. |
| Related: Bishop and baroness join Banking Standards Board | Related: Bishop and baroness join Banking Standards Board |
| 10.00am BST10:00 | 10.00am BST10:00 |
| This chart, via the FT, shows how Greek two-year bond yields have fluctuated wildly in recent months --> | This chart, via the FT, shows how Greek two-year bond yields have fluctuated wildly in recent months --> |
| HT @lindayueh short-dated Greek debt washing machine http://t.co/3Dtq80mbwH pic.twitter.com/VOK6mpCRun | HT @lindayueh short-dated Greek debt washing machine http://t.co/3Dtq80mbwH pic.twitter.com/VOK6mpCRun |
| The general upward trend, though, shows that investors have been pricing in a higher risk of default or restucturing. | The general upward trend, though, shows that investors have been pricing in a higher risk of default or restucturing. |
| 9.50am BST09:50 | 9.50am BST09:50 |
| Shares in Marks & Spencer have soared by 5% to a seven year high, as traders welcome the long-awaited turnaround in clothes sales. | Shares in Marks & Spencer have soared by 5% to a seven year high, as traders welcome the long-awaited turnaround in clothes sales. |
| M&S shares have been rising since Nov, up 4% today and higher than when Bolland became boss 5 years ago. pic.twitter.com/1jF7aURWyF | M&S shares have been rising since Nov, up 4% today and higher than when Bolland became boss 5 years ago. pic.twitter.com/1jF7aURWyF |
| There’s grudging praise from some quarters, though: | There’s grudging praise from some quarters, though: |
| Bryan Roberts of Kantar on M&S: "The occasional screamer into top corner doesn't negate smashing ball over the bar for the last four years" | Bryan Roberts of Kantar on M&S: "The occasional screamer into top corner doesn't negate smashing ball over the bar for the last four years" |
| 9.48am BST09:48 | 9.48am BST09:48 |
| Extra Easter eggs for Marks & Spencer’s staff, after it *finally* reported a rise in clothes sales in four years. | Extra Easter eggs for Marks & Spencer’s staff, after it *finally* reported a rise in clothes sales in four years. |
| The high street retailer grew clothing and household sales by 0.7% in the last quarter, suggesting it has got its online operations under control. | The high street retailer grew clothing and household sales by 0.7% in the last quarter, suggesting it has got its online operations under control. |
| My colleague Sarah Butler explains: | My colleague Sarah Butler explains: |
| The rise in sales comes despite a tricky spring for fashion retailers with the weather much chillier than this time last year. | The rise in sales comes despite a tricky spring for fashion retailers with the weather much chillier than this time last year. |
| The company credited improvements in style and quality, and positive press coverage, particularly of a suede skirt which has yet to arrive in stores, for the sales turnaround. But performance was also lifted by a return to growth at M&S.com, where sales rose 13.8%, a considerable bounce from the 6% slump over Christmas, when business was affected by problems at the group’s hi-tech distribution centre in Castle Donington. | The company credited improvements in style and quality, and positive press coverage, particularly of a suede skirt which has yet to arrive in stores, for the sales turnaround. But performance was also lifted by a return to growth at M&S.com, where sales rose 13.8%, a considerable bounce from the 6% slump over Christmas, when business was affected by problems at the group’s hi-tech distribution centre in Castle Donington. |
| Related: Marks & Spencer clothing sales rise for first time in four years | Related: Marks & Spencer clothing sales rise for first time in four years |
| 9.40am BST09:40 | 9.40am BST09:40 |
| UK construction growth slows (but don't panic) | UK construction growth slows (but don't panic) |
| Just in: Growth in Britain’s construction sector slowed last month as builders wait for next month’s general election to play out. | Just in: Growth in Britain’s construction sector slowed last month as builders wait for next month’s general election to play out. |
| That’s according to data firm Markit. Its UK construction PMI fell to 57.8 last month, down from 60.15 in February -- so still comfortably above the 50-point mark showing no change. Civil engineering saw the biggest slowdown. | That’s according to data firm Markit. Its UK construction PMI fell to 57.8 last month, down from 60.15 in February -- so still comfortably above the 50-point mark showing no change. Civil engineering saw the biggest slowdown. |
| Markit says: | Markit says: |
| Some construction firms noted that uncertainty related to the forthcoming general election had encouraged clients to delay spending decisions. | Some construction firms noted that uncertainty related to the forthcoming general election had encouraged clients to delay spending decisions. |
| The latest survey pointed to an element of caution among construction companies in terms of additional job hiring, with overall employment numbers rising at the least marked pace since December 2013. | The latest survey pointed to an element of caution among construction companies in terms of additional job hiring, with overall employment numbers rising at the least marked pace since December 2013. |
| Encouragingly, confidence about the next 12 months hit a nine-year high (so they can’t be THAT worried about the election...). | Encouragingly, confidence about the next 12 months hit a nine-year high (so they can’t be THAT worried about the election...). |
| The good news is that the UK Construction #PMI continues to show strong growth. The bad news is the dip from 60.1 to 57.8 #GBP #ukhousing | The good news is that the UK Construction #PMI continues to show strong growth. The bad news is the dip from 60.1 to 57.8 #GBP #ukhousing |
| 9.33am BST09:33 | 9.33am BST09:33 |
| Have City traders already bunked off for Easter? | Have City traders already bunked off for Easter? |
| Europe’s stock markets are moribund this morning, with the main indices either up a bit or down a bit ahead of the bank holidays. | Europe’s stock markets are moribund this morning, with the main indices either up a bit or down a bit ahead of the bank holidays. |
| Most investors are taking a wait-and-see approach to Greece. They’re more concerned about tomorrow’s US unemployment data, which could be disappointing (yesterday’s measure of private sector job creation missed forecasts.) | Most investors are taking a wait-and-see approach to Greece. They’re more concerned about tomorrow’s US unemployment data, which could be disappointing (yesterday’s measure of private sector job creation missed forecasts.) |
| Tony Cross, market analyst at Trustnet Direct, explains: | Tony Cross, market analyst at Trustnet Direct, explains: |
| There’s a lot of uncertainty still hanging over the market and with events including the US non farm payrolls and a meeting between Tsipras and Putin - which has the potential to see more political grandstanding from Greece – set to occur [on April 8th], there’s going to be a degree of risk mitigation in play. | There’s a lot of uncertainty still hanging over the market and with events including the US non farm payrolls and a meeting between Tsipras and Putin - which has the potential to see more political grandstanding from Greece – set to occur [on April 8th], there’s going to be a degree of risk mitigation in play. |
| 9.19am BST09:19 | 9.19am BST09:19 |
| Barroso: Greece must drop 'unacceptable' demands | Barroso: Greece must drop 'unacceptable' demands |
| Former European Commission chief Jose Manuel Barroso has laid into the new Greek government this morning. | Former European Commission chief Jose Manuel Barroso has laid into the new Greek government this morning. |
| Ex-Maoist Barroso didn’t show much sympathy for Greece’s leftist administration, accusing it of inexperience. | Ex-Maoist Barroso didn’t show much sympathy for Greece’s leftist administration, accusing it of inexperience. |
| Interviewed by the BBC, Barroso said Athens’ demands were “completely unacceptable to other countries”. | Interviewed by the BBC, Barroso said Athens’ demands were “completely unacceptable to other countries”. |
| “It is not helpful if Greece attacks countries that are trying to help it.” | “It is not helpful if Greece attacks countries that are trying to help it.” |
| “We should remember that there are poorer countries that are lending money to Greece, so to propose a cut to their debt would be certain to receive a no from their partners.” | “We should remember that there are poorer countries that are lending money to Greece, so to propose a cut to their debt would be certain to receive a no from their partners.” |
| Barroso also denied that the EU had created the structural problems and low productivity in Greece. | Barroso also denied that the EU had created the structural problems and low productivity in Greece. |
| But we should remember that Barroso was at the helm in 2010, when Greece’s first, flawed bailout was put together. | But we should remember that Barroso was at the helm in 2010, when Greece’s first, flawed bailout was put together. |
| 8.56am BST08:56 | 8.56am BST08:56 |
| Greek sovereign debt is weakening this morning as traders fret about the state of its finances. | Greek sovereign debt is weakening this morning as traders fret about the state of its finances. |
| This has driven the yield on two-year bonds up to 23.27%, up from 22.99% last night. [yields rise when prices fall]. | This has driven the yield on two-year bonds up to 23.27%, up from 22.99% last night. [yields rise when prices fall]. |
| 8.53am BST08:53 | 8.53am BST08:53 |
| And here’s the quote from French finance minister Sapin: | And here’s the quote from French finance minister Sapin: |
| “There is progress with the last [Greek reform] list ... Is there a need for more progress? Yes - in the quantification of the measures.” | “There is progress with the last [Greek reform] list ... Is there a need for more progress? Yes - in the quantification of the measures.” |
| Updated at 9.01am BST | Updated at 9.01am BST |
| 8.45am BST08:45 | 8.45am BST08:45 |
| Newsflash from France: French finance minister Michel Sapin has warned that Greece’s economic reform plan still needs more detail: | Newsflash from France: French finance minister Michel Sapin has warned that Greece’s economic reform plan still needs more detail: |
| 8.43am BST08:43 | 8.43am BST08:43 |
| Former Greek PM Samaras suggests anti-Grexit alliance | Former Greek PM Samaras suggests anti-Grexit alliance |
| With political tensions rising in Greece, the previous prime minister has suggested he could form an alliance to avoid the country leaving the euro. | With political tensions rising in Greece, the previous prime minister has suggested he could form an alliance to avoid the country leaving the euro. |
| Antonis Samaras, who was defeated in January’s general election, told Bloomberg that he’d be prepared to work with Alexis Tsipras if the governing Syriza party splits up. | Antonis Samaras, who was defeated in January’s general election, told Bloomberg that he’d be prepared to work with Alexis Tsipras if the governing Syriza party splits up. |
| “If the plan is to keep Greece in the euro area, we will provide support....Exit would signal a total catastrophe.” | “If the plan is to keep Greece in the euro area, we will provide support....Exit would signal a total catastrophe.” |
| There’s no sign that Syriza is about to splinter, but its left-wing elements may find it impossible to support measures which they campaigned against. Privatisations might be a red line, for example, as could labour market reform (an area where the eurozone wants more action). | There’s no sign that Syriza is about to splinter, but its left-wing elements may find it impossible to support measures which they campaigned against. Privatisations might be a red line, for example, as could labour market reform (an area where the eurozone wants more action). |
| Samaras also pushed Tsipras to cut the rhetoric, and accept the agreement made in February. Otherwise, he warned, Greece could default. | Samaras also pushed Tsipras to cut the rhetoric, and accept the agreement made in February. Otherwise, he warned, Greece could default. |
| “I see a lot of words, a lot of theory, a lot of lies, and no action...All of these add up to a big question mark.” | “I see a lot of words, a lot of theory, a lot of lies, and no action...All of these add up to a big question mark.” |
| “If they ideologically decide they won’t abide by this agreement, then you may have a default.”. | “If they ideologically decide they won’t abide by this agreement, then you may have a default.”. |
| It’s hard to see Tsipras and Samaras in the same administration, given their clear antipathy. But desperate times and all that.... | It’s hard to see Tsipras and Samaras in the same administration, given their clear antipathy. But desperate times and all that.... |
| #Samaras says he'd join the coalition to keep Greece in #euro http://t.co/odjPrIvh36 pic.twitter.com/9JL1Xmlx0A | #Samaras says he'd join the coalition to keep Greece in #euro http://t.co/odjPrIvh36 pic.twitter.com/9JL1Xmlx0A |
| Updated at 8.44am BST | Updated at 8.44am BST |
| 8.22am BST08:22 | 8.22am BST08:22 |
| The Agenda: Greek reform plan 'still lacks detail' | The Agenda: Greek reform plan 'still lacks detail' |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| We’re heading into the Easter break without any signs of a deal to unlock some bailout cash for Greece, despite some encouraging signs on Wednesday. | We’re heading into the Easter break without any signs of a deal to unlock some bailout cash for Greece, despite some encouraging signs on Wednesday. |
| Yesterday the Greek finance ministry submitted its most detailed economic reform plan yet; 26-pages of tax measures, administrative reforms and privatisations. | Yesterday the Greek finance ministry submitted its most detailed economic reform plan yet; 26-pages of tax measures, administrative reforms and privatisations. |
| Greece also warned its eurozone partners that the very viability of the EU was at stake, saying: | Greece also warned its eurozone partners that the very viability of the EU was at stake, saying: |
| The Hellenic Republic considers itself to be a proud and indefeasible member of the European Union and an irrevocable member of the Eurozone. Yet the viability of that Union, and especially of the common currency, is now in question, in the minds of many Greek citizens as it is in the minds of many among our European partners. | The Hellenic Republic considers itself to be a proud and indefeasible member of the European Union and an irrevocable member of the Eurozone. Yet the viability of that Union, and especially of the common currency, is now in question, in the minds of many Greek citizens as it is in the minds of many among our European partners. |
| The question before us all, as Europeans, is whether the European Union can rise to the challenge before it..... | The question before us all, as Europeans, is whether the European Union can rise to the challenge before it..... |
| (last night’s liveblog has the details..... and the FT has the full list) | (last night’s liveblog has the details..... and the FT has the full list) |
| But a stream of eurozone insider have warned that Greece has still not convinced its creditors. | But a stream of eurozone insider have warned that Greece has still not convinced its creditors. |
| The Wall Street Journal reports: | The Wall Street Journal reports: |
| The list is a “very long way from being a basis [for a deal],” a eurozone official said. “They should negotiate in competence and good faith with the institutions first, and then we will see.” | The list is a “very long way from being a basis [for a deal],” a eurozone official said. “They should negotiate in competence and good faith with the institutions first, and then we will see.” |
| Another official warned: | Another official warned: |
| “It still lacks detail and substance in many places.” | “It still lacks detail and substance in many places.” |
| And with the Western Easter break starting tomorrow, and Orthodox Easter a week later, the negotiations look bogged down. Eurozone finance chiefs may not decide whether Greece has done enough until their next scheduled meeting in three week’s time. | And with the Western Easter break starting tomorrow, and Orthodox Easter a week later, the negotiations look bogged down. Eurozone finance chiefs may not decide whether Greece has done enough until their next scheduled meeting in three week’s time. |
| As Michael Hewson of CMC Markets puts it: | As Michael Hewson of CMC Markets puts it: |
| A great deal of scepticism remains about the prospect of any type of deal before the next EU finance ministers meeting on April 24th, which given that Greece needs to make various payments of nearly €2.5bn, between now and then, doesn’t bode well for any sort of resolution this week, or next week, for that matter. | A great deal of scepticism remains about the prospect of any type of deal before the next EU finance ministers meeting on April 24th, which given that Greece needs to make various payments of nearly €2.5bn, between now and then, doesn’t bode well for any sort of resolution this week, or next week, for that matter. |
| Overshadowing everything, of course, is the €430m due to the IMF next Thursday. Athens insists that it will meet it. But yesterday’s warning from interior minister Nikos Voutsis that the payment could be delayed has raised the pressure. | Overshadowing everything, of course, is the €430m due to the IMF next Thursday. Athens insists that it will meet it. But yesterday’s warning from interior minister Nikos Voutsis that the payment could be delayed has raised the pressure. |
| Greece threatens to default on IMF says the front page of @TeleFinance. pic.twitter.com/kKc5WMdobm | Greece threatens to default on IMF says the front page of @TeleFinance. pic.twitter.com/kKc5WMdobm |
| So, it could be a quieter day... or perhaps not. Either way, we’ll be covering the main events through the day... | So, it could be a quieter day... or perhaps not. Either way, we’ll be covering the main events through the day... |