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Greece debt crisis: Crunch talks to avert default Greece debt crisis: Crunch talks to avert default
(about 2 hours later)
Greek PM Alexis Tsipras is due to resume negotiations with international creditors with time running out to find a solution to Greece's debt crisis. Greek PM Alexis Tsipras has resumed talks with international creditors, with time running out to find a solution to Greece's debt crisis.
A late-night session with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) failed to close the gaps.A late-night session with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) failed to close the gaps.
Eurozone finance ministers hope to endorse a deal when they meet again, ahead of a summit of EU leaders.Eurozone finance ministers hope to endorse a deal when they meet again, ahead of a summit of EU leaders.
Greece must repay a €1.6bn (£1.1bn) IMF loan by next Tuesday or face default.Greece must repay a €1.6bn (£1.1bn) IMF loan by next Tuesday or face default.
That could lead to Greece exiting the eurozone, with possible repercussions for the rest of Europe and the world economy.That could lead to Greece exiting the eurozone, with possible repercussions for the rest of Europe and the world economy.
Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece.Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece.
"The Greek government remains firm on its positions," a Greek official told reporters after two hours of overnight talks - following a seven-hour session earlier - in Brussels. "The Greek government remains firm on its positions," a Greek official told reporters after two hours of overnight talks - following a seven-hour session earlier - in Brussels on Wednesday.
European Commissioner Pierre Moscovici struck a hopeful tone ahead of Thursday's talks, tweeting: "Where there's a will there's a way."
The latest Greek proposals are believed to include:The latest Greek proposals are believed to include:
See the proposals in fullSee the proposals in full
Mr Tsipras went into negotiations on Wednesday criticising creditors for rejecting his ideas, which they say are not viable. Mr Tsipras has criticised Greece's creditors for rejecting his ideas, which they say are not viable.
Correspondents says 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 says 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.
'Determined' effort'Determined' effort
Negotiators resumed their efforts again at 06:00 (04:00 GMT) with Mr Tsipras due to meet creditors at 09:00, Greek officials said. The Greek prime minister resumed 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 Jeroen Dijsselbloem.
On Wednesday, eurozone finance ministers cut short an emergency meeting meant to finalise a deal, when it became clear there was no deal to discuss.On Wednesday, eurozone finance ministers cut short an emergency meeting meant to finalise a deal, when it became clear there was no deal to discuss.
"Unfortunately we have not reached an agreement yet, but we are determined to continue work," Eurogroup chairman Jeroen Dijsselbloem said. "Unfortunately we have not reached an agreement yet, but we are determined to continue work," Mr Dijsselbloem said.
Tight schedule - the week aheadTight schedule - the week ahead
Can Greece stay in the euro?Can Greece stay in the euro?
Chris Morris: Tsipras may face impossible choiceChris Morris: Tsipras may face impossible choice
How did Greece get in this mess?How did Greece get in this mess?
EU summit agendaEU summit agenda
If 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.
The Greek crisis threatens to overshadow the EU summit opening on Thursday afternoon.The Greek crisis threatens to overshadow the EU summit opening on Thursday afternoon.
Also on the agenda will be the migration crisis, which has seen thousands of illegal migrants arriving in southern Europe, and security concerns in the wake of the conflict in Ukraine.Also on the agenda will be the migration crisis, which has seen thousands of illegal migrants arriving in southern Europe, and security concerns in the wake of the conflict in Ukraine.
UK Prime Minister David Cameron will also outline his plans for reform of the EU ahead of an in/out referendum to be held in Britain before the end of 2017.UK Prime Minister David Cameron will also outline his plans for reform of the EU ahead of an in/out referendum to be held in Britain before the end of 2017.