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Greek debt crisis: PM Tsipras calls for realism as talks start Greek debt crisis: Brussels talks 'very good'
(about 4 hours later)
Talks on Greece's future are starting in Brussels, as the Greek prime minister urged European leaders to show realism with his country's debt. Talks in Brussels aimed at solving Greece's debt crisis went well and will resume "in a few days", Eurogroup chief Jeroen Dijsselbloem has said.
He described talks between Greek PM Alexis Tsipras and European Commission chief Jean-Claude Juncker as "very good" but did not give details.
Greece has a €300m (£216m) IMF repayment due on Friday.Greece has a €300m (£216m) IMF repayment due on Friday.
International creditors will present proposals for a deal to unlock funds. Prime Minister Alexis Tsipras has put forward a new plan of his own. Earlier, French President Francois Hollande suggested Greece and its lenders were on the brink of a deal.
French President Francois Hollande suggested Greece and its lenders were on the brink of a deal. International creditors have put forward proposals for a deal to unlock funds for Greece while Mr Tsipras has presented a new plan of his own.
"We are days, I might almost say hours away from a possible resolution," Mr Hollande said on Wednesday, adding that "asking too much of Greece would prevent the return of growth". "Very good meeting, we will continue the talks in a few days," Mr Dijsselbloem, the Dutch finance minister, told reporters.
Reports from Greece said Mr Hollande, Mr Tsipras and the German Chancellor, Angela Merkel, had already agreed to a deal on one key point.Reports from Greece said Mr Hollande, Mr Tsipras and the German Chancellor, Angela Merkel, had already agreed to a deal on one key point.
"We are days, I might almost say hours away from a possible resolution," Mr Hollande said earlier on Wednesday, adding that "asking too much of Greece would prevent the return of growth".
The reports said the three had agreed in a telephone conversation on Wednesday to lower Greece's primary budget surplus - the amount by which tax revenues exceed public spending.The reports said the three had agreed in a telephone conversation on Wednesday to lower Greece's primary budget surplus - the amount by which tax revenues exceed public spending.
The primary budget was expected to be one of the main sticking points in talks, and Greece had been keen to agree a lower figure.The primary budget was expected to be one of the main sticking points in talks, and Greece had been keen to agree a lower figure.
A European Commission spokeswoman had earlier dampened hopes of an imminent breakthrough, telling reporters that no "final outcome" was expected from Wednesday's talks.A European Commission spokeswoman had earlier dampened hopes of an imminent breakthrough, telling reporters that no "final outcome" was expected from Wednesday's talks.
'Division''Division'
Greece's current bailout arrangement with the IMF, European Central Bank (ECB) and European Commission runs out at the end of June.Greece's current bailout arrangement with the IMF, European Central Bank (ECB) and European Commission runs out at the end of June.
The cash-strapped government has been haggling since February over the release of the last €7.2bn in funds.The cash-strapped government has been haggling since February over the release of the last €7.2bn in funds.
As he prepared to leave Athens with several key ministers, Mr Tsipras said he was certain Europe's leaders would "sign up to realism". "We need unity, we must avoid division," he said in a statement.
The latest draft deal has been put together by international creditors following emergency talks late on Monday with Chancellor Merkel and President Hollande.The latest draft deal has been put together by international creditors following emergency talks late on Monday with Chancellor Merkel and President Hollande.
The details remain under wraps but the document is believed to call for pensions changes and an overhaul of labour laws.The details remain under wraps but the document is believed to call for pensions changes and an overhaul of labour laws.
According to Reuters news agency, Greece will be asked to post a budget surplus of 1% of GDP this year and 2% next.According to Reuters news agency, Greece will be asked to post a budget surplus of 1% of GDP this year and 2% next.
Greece has proposed 0.8% for 2015 and 1.5% for 2016, according to reports from Athens.Greece has proposed 0.8% for 2015 and 1.5% for 2016, according to reports from Athens.
Mr Tsipras will hear details of the plan in the meeting with European Commission President Jean-Claude Juncker. The head of eurozone finance ministers, Jeroen Dijsselbloem, is also expected to take part in the talks. Greek Prime Minister Alexis Tsipras's own proposals, which he described as "a realistic plan for Greece to exit the crisis", were earlier dismissed by Mr Dijsselbloem as going "nowhere near far enough".
The Greek leader's own proposals, which he described as "a realistic plan for Greece to exit the crisis", were dismissed by Mr Dijsselbloem as going "nowhere near far enough".
Eurozone still in denial - by Robert Peston, BBC economics editorEurozone still in denial - by Robert Peston, BBC economics editor
With €300m due to the IMF on Friday, and a further €1.3bn later this month, this has always been a row about book-keeping entries and the accounting treatment of debts.With €300m due to the IMF on Friday, and a further €1.3bn later this month, this has always been a row about book-keeping entries and the accounting treatment of debts.
It is a dispute about whether the eurozone's creditors will release funds so that they can pay themselves and avoid having to call Greece in default.It is a dispute about whether the eurozone's creditors will release funds so that they can pay themselves and avoid having to call Greece in default.
Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor.Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor.
But doesn't it normally tell you something pretty important about those who owe you money when you have to lend to them so that they can keep up the payments to you?But doesn't it normally tell you something pretty important about those who owe you money when you have to lend to them so that they can keep up the payments to you?
Read more from RobertRead more from Robert
Greek debt crisis: Special reportGreek debt crisis: Special report
Mr Tsipras's far-left Syriza party won elections in January on a pledge to oppose deeply unpopular austerity measures imposed by Greece's creditors.Mr Tsipras's far-left Syriza party won elections in January on a pledge to oppose deeply unpopular austerity measures imposed by Greece's creditors.
However, failure to reach a deal could trigger a Greek default and a potential exit from the eurozone.However, failure to reach a deal could trigger a Greek default and a potential exit from the eurozone.
Syriza's parliamentary group chairman Nikos Philis warned that if "we have no prospect of a deal on Friday or Monday, we won't pay the money", referring to the 5 June debt instalment to the IMF.Syriza's parliamentary group chairman Nikos Philis warned that if "we have no prospect of a deal on Friday or Monday, we won't pay the money", referring to the 5 June debt instalment to the IMF.
Mario Draghi, president of the ECB, said the bank wanted Greece to stay in the single currency, but that a "strong agreement" was needed between Athens and its creditors.Mario Draghi, president of the ECB, said the bank wanted Greece to stay in the single currency, but that a "strong agreement" was needed between Athens and its creditors.