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Greece debt crisis: Crunch talks to avert default Greece debt talks: Crisis deepens amid deadlock
(about 1 hour later)
Greek PM Alexis Tsipras has resumed talks with international creditors, with time running out to find a solution to Greece's debt crisis. Urgent talks between Greece's Prime Minister, Alexis Tsipras, and the country's international lenders have ended without agreement on how to solve its debt crisis, officials say.
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, who had been due to finalise a deal, will now discuss a plan proposed by creditors.
Eurozone finance ministers hope to endorse a deal when they meet again, ahead of a summit of EU leaders. Greece's Yanis Varoufakis will attend and argue Athens' counter-proposal.
Greece must repay a €1.6bn (£1.1bn) IMF loan by next Tuesday or face default. Time is running out to secure a deal. 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 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.
Euro down "There is a set of documents unanimously agreed by the [creditor] institutions that has now gone to the Eurogroup and can be the basis for a deal," an EU official told AFP.
After some early gains the euro has gone into reverse today. It currently buys $1.1178 down 0.24%. Shares in Frankfurt and Paris have given up early gains and are now trading lower. Greek shares are down around 2%. Meanwhile Greek officials said Athens would be sticking to its own proposals, presented on Monday.
Latest updates: Business liveLatest updates: Business live
"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:
See the proposals in full
Mr Tsipras has criticised Greece's 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.
The Greek plan is believed to include:
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.
'Determined' effort IMF worry - Andrew Walker, BBC economics correspondent
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. 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.
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.
The Greek prime minister 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 Jeroen Dijsselbloem.
Technical experts met several hours earlier to continue deliberations.Technical experts met several hours earlier to continue deliberations.
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," Mr Dijsselbloem said.
Greek debt talks - main sticking pointsGreek debt talks - main sticking points
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?
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.
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.
Tight schedule - the week aheadTight schedule - the week ahead
EU summit agendaEU summit agenda
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