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Greece crisis: why are Monday’s debt talks so important? Greece crisis: why are Monday’s debt talks so important?
(35 minutes later)
Monday is being described as a critical day for Greece.Monday is being described as a critical day for Greece.
First up, the the board of European Central Bank will meet at 9.30am London time.First up, the the board of European Central Bank will meet at 9.30am London time.
At 10am, Alexis Tsipras, the greek prime minister, is supposed to meet the heads of the International Monetary Fund, the European Central Bank, the European Commission and the Eurogroup. At 10am, Alexis Tsipras, the Greek prime minister, is supposed to meet the heads of the International Monetary Fund, the European Central Bank, the European Commission and the Eurogroup.
Then at 11.30am, eurozone finance ministers meet in Brussels, where a deal on Greece's bailout could be agreed.Then at 11.30am, eurozone finance ministers meet in Brussels, where a deal on Greece's bailout could be agreed.
All that comes ahead of the big event at 6pm, when eurozone leaders meet for an emergency summit to debate the Greek crisis.All that comes ahead of the big event at 6pm, when eurozone leaders meet for an emergency summit to debate the Greek crisis.
That’s right, there is actually a week to go until the deadline for Greece’s next debt repayment of €1.6 billion, owed to the International Monetary Fund by June 30.That’s right, there is actually a week to go until the deadline for Greece’s next debt repayment of €1.6 billion, owed to the International Monetary Fund by June 30.
To afford that, Greece must ‘unlock’ a further  €7.2 billion in aid by reaching an agreement on reforms to cut government spending.To afford that, Greece must ‘unlock’ a further  €7.2 billion in aid by reaching an agreement on reforms to cut government spending.
An agreement on Monday will allow time for a new bail-out package to be transferred. A last minute deal might be too late to get the money across in time.An agreement on Monday will allow time for a new bail-out package to be transferred. A last minute deal might be too late to get the money across in time.
Monday’s meeting also allows further time if talks fail again – though anything later in the week would be complicated by a European Council meeting on Thursday and Friday that will take up the time of those needed during Greek talks.Monday’s meeting also allows further time if talks fail again – though anything later in the week would be complicated by a European Council meeting on Thursday and Friday that will take up the time of those needed during Greek talks.
There is hope that Monday is the day. Greek bank account holders have been withdrawing money from the banks at a terrifying rate over the weekend - pre-ordered withdrawals for Monday are reported to have reached €1 billion. This might scare the Greek government into action.There is hope that Monday is the day. Greek bank account holders have been withdrawing money from the banks at a terrifying rate over the weekend - pre-ordered withdrawals for Monday are reported to have reached €1 billion. This might scare the Greek government into action.
The Greek government sent reform proposals to its international lenders on Sunday. It then transpired they had initially sent the wrong documents.The Greek government sent reform proposals to its international lenders on Sunday. It then transpired they had initially sent the wrong documents.
European Commissioner Martin Selmayr said on Twitter that the new proposals were a "good basis for progress at tomorrow’s EuroSummit".European Commissioner Martin Selmayr said on Twitter that the new proposals were a "good basis for progress at tomorrow’s EuroSummit".
New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt".New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt".
He described negotiations as “eine Zangengeburt” or “a forceps delivery”.He described negotiations as “eine Zangengeburt” or “a forceps delivery”.