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| Greece debt talks: Crisis deepens amid deadlock | Greece debt talks: Crisis deepens amid deadlock |
| (about 1 hour later) | |
| Eurozone finance ministers are meeting in a desperate bid to find a solution to the Greece debt crisis amid deadlock between Athens and its creditors. | Eurozone finance ministers are meeting in a desperate bid to find a solution to the Greece debt crisis amid deadlock between Athens and its creditors. |
| Greece faces default if it fails to make a €1.6bn (£1.1bn) IMF debt repayment by Tuesday. | |
| But, as Europe's leaders arrived for a Brussels summit, Germany's Angela Merkel warned talks were going nowhere. | |
| Top-level negotiations between Greece's prime minister and international lenders ended earlier without a deal. | |
| "We still haven't made the necessary progress; in some places it looks like we're even going backwards," Chancellor Merkel told reporters. | |
| If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy. | |
| Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece. | Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece. |
| European Council President Donald Tusk was a little more upbeat, but appeared to base his optimism on instinct: "I have a good hunch that unlike in Sophocles' tragedies this Greek story will have a happy end." | |
| Latest updates: Business live | |
| Greek debt talks - main sticking points | |
| Can Greece stay in the euro? | |
| Chris Morris: Tsipras may face impossible choice | |
| How did Greece get in this mess? | |
| The Greek government has criticised the international creditors for rejecting its ideas, which were initially welcomed. | The Greek government has criticised the international creditors for rejecting its ideas, which were initially welcomed. |
| Eurogroup head Jeroen Dijsselbloem said finance ministers, who had been due to finalise a deal, would be using the creditors' plans as a basis for an agreement. | Eurogroup head Jeroen Dijsselbloem said finance ministers, who had been due to finalise a deal, would be using the creditors' plans as a basis for an agreement. |
| "The only thing we have presented to the Eurogroup is what the institutions have made together," he said. | "The only thing we have presented to the Eurogroup is what the institutions have made together," he said. |
| "We don't have agreement from the Greeks on that so we will have to hear in the Eurogroup meeting from the Greek side what their ideas are, what they could agree to, what they could not agree to and we'll take it from there." | "We don't have agreement from the Greeks on that so we will have to hear in the Eurogroup meeting from the Greek side what their ideas are, what they could agree to, what they could not agree to and we'll take it from there." |
| Greece's Finance Minister Yanis Varoufakis will attend the meeting and put forward Athens' own proposal. | Greece's Finance Minister Yanis Varoufakis will attend the meeting and put forward Athens' own proposal. |
| The Greek plan is believed to include: | The Greek plan is believed to include: |
| See the proposals in full | See the proposals in full |
| Correspondents say they include far more tax rises and far fewer spending cuts than creditors had suggested, and the IMF in particular is refusing to accept them. | Correspondents say they include far more tax rises and far fewer spending cuts than creditors had suggested, and the IMF in particular is refusing to accept them. |
| Why the IMF is worried - by Andrew Walker, BBC economics correspondent | Why the IMF is worried - by Andrew Walker, BBC economics correspondent |
| Throughout the Greek crisis, the IMF has been concerned that the programme should add up. That means that specific actions should be able to achieve whatever targets are agreed for the Greek government's borrowing needs. | Throughout the Greek crisis, the IMF has been concerned that the programme should add up. That means that specific actions should be able to achieve whatever targets are agreed for the Greek government's borrowing needs. |
| In the current impasse, one concern is that the Greek proposals include too much emphasis on tax rather than spending. | In the current impasse, one concern is that the Greek proposals include too much emphasis on tax rather than spending. |
| The IMF worry is that might aggravate the economy's weakness. For the long term the IMF's concern is that Greece should ultimately have a sustainable debt burden and has been telling the eurozone that it should be thinking about debt relief. | The IMF worry is that might aggravate the economy's weakness. For the long term the IMF's concern is that Greece should ultimately have a sustainable debt burden and has been telling the eurozone that it should be thinking about debt relief. |
| Like the other players in this crisis, the IMF has politics to contend with: IMF member countries (Brazil has been a notable example) who have in the past been unhappy about the organisation's financial support for Greece. | Like the other players in this crisis, the IMF has politics to contend with: IMF member countries (Brazil has been a notable example) who have in the past been unhappy about the organisation's financial support for Greece. |
| The Greek PM Alexis Tsipras held talks on Thursday morning with IMF leader Christine Lagarde and European Central Bank head Mario Draghi as well as Jean-Claude Juncker, the president of the European Commission, and Eurogroup leader Mr Dijsselbloem. | |
| Technical experts met several hours earlier to continue deliberations. However, no deal was struck. | |
| If an agreement is reached, it will have to be endorsed by Greece's parliament, with some critics at home accusing the prime minister of reneging on his party's campaign pledge to end austerity. | If an agreement is reached, it will have to be endorsed by Greece's parliament, with some critics at home accusing the prime minister of reneging on his party's campaign pledge to end austerity. |
| Tight schedule - the week ahead | Tight schedule - the week ahead |
| EU summit agenda | EU summit agenda |
| Are you in Greece? What is your reaction to the latest developments? Email haveyoursay@bbc.co.uk with your story. | Are you in Greece? What is your reaction to the latest developments? Email haveyoursay@bbc.co.uk with your story. |
| If you would be happy to speak further to a BBC journalist, please include a contact telephone number. | If you would be happy to speak further to a BBC journalist, please include a contact telephone number. |
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