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Greek crisis: Finance ministers meeting ends with no deal - live updates Greek crisis: Finance ministers meeting ends with no deal - live updates
(35 minutes later)
4.14pm BST16:14
#Eurogroup cancelled in order to assess what points of latest Greek proposal can be included in the creditors' offer (EU sources) #Greece
4.13pm BST16:13
Reuters has now published the full quotes from Yanis Varoufakis as he left the eurogroup.
And he reveals that some euro finance ministers refused to support the latest offer from the IMF/ECB/EC today (which included some concessions to Athens)
Varoufakis said:
“Interestingly, several colleagues disagreed and criticised not only our text but also the text of the institutions.”
“We shall continue our deliberations, the institutions are going to look again at the two documents - our documents and their own, there will be discussions with the Greek government, and we’ll continue until we find a solution”
Minister @yanisvaroufakis making doorstep statement on way to EU summit said Eurogroup ministers disagreed over the document of institutions
4.02pm BST16:02
It’s the same old, same old story.
Pierre Moscovici, the EU commissioner, has said that there is still no agreement on the pension reforms and VAT rate changes that Greece should implement.
3.52pm BST15:52
Varoufakis: Talks will continue
Greece’s finance minister, Yanis Varoufakis, is telling the press pack that discussions will continue, and hinted at there was much disagreement at today’s meeting.
Grexit @yanisvaroufakis no agreement. More discussions. Wouldn't say when
3.46pm BST15:46
Jeroen Dijsselbloem, Eurogroup president, has told reporters in Brussels that the door is still open for Greece to accept the proposals tabled by its creditors today (see earlier).
3.43pm BST15:433.43pm BST15:43
Eurozone finance ministers have agreed to meet again in two days time - they must be sick of the sight of each other.Eurozone finance ministers have agreed to meet again in two days time - they must be sick of the sight of each other.
I've also confirmed that #eurogroup will reconvene on #Greece on Saturday. #NeverEndingStoryI've also confirmed that #eurogroup will reconvene on #Greece on Saturday. #NeverEndingStory
#Eurogroup is over now. No conclusion on #Greece. Another Eurogroup (the 5th in 10 days) on Saturday morning#Eurogroup is over now. No conclusion on #Greece. Another Eurogroup (the 5th in 10 days) on Saturday morning
3.39pm BST15:393.39pm BST15:39
EUROGROUP ENDS WITH NO DEALEUROGROUP ENDS WITH NO DEAL
It’s official: The meeting of eurozone finance ministers has ended without a deal (that’s via Finland’s fast-tweeting finance minister)It’s official: The meeting of eurozone finance ministers has ended without a deal (that’s via Finland’s fast-tweeting finance minister)
That's it for today. Institutions and Greece to continue work. #Eurogroup back later, but not today.That's it for today. Institutions and Greece to continue work. #Eurogroup back later, but not today.
So what happens next?So what happens next?
We could be looking at another eurogroup meeting on Saturday morning....We could be looking at another eurogroup meeting on Saturday morning....
Next #Eurogroup for #Greece on Saturday morning acc to #EU sourceNext #Eurogroup for #Greece on Saturday morning acc to #EU source
3.35pm BST15:353.35pm BST15:35
Several Brussels reporters are reporting that the “indefinitely suspended” Eurogroup meeting resumed a few minutes ago, and then broke up again. Classic.Several Brussels reporters are reporting that the “indefinitely suspended” Eurogroup meeting resumed a few minutes ago, and then broke up again. Classic.
The #eurogroup will soon be over.The #eurogroup will soon be over.
I'm hearing #eurogroup is now finished. #GreeceI'm hearing #eurogroup is now finished. #Greece
3.31pm BST15:313.31pm BST15:31
Our Europe editor, Ian Traynor, reports that leaders are very keen to avoid another emergency summit on Greece (they’ve already held one this week, back on Monday).Our Europe editor, Ian Traynor, reports that leaders are very keen to avoid another emergency summit on Greece (they’ve already held one this week, back on Monday).
But that relies on finance ministers reaching a deal on their own.But that relies on finance ministers reaching a deal on their own.
#grexit #euco msg from leaders going in is we don't want another eurozone summit. let the eurogroup sort it. then again...#grexit #euco msg from leaders going in is we don't want another eurozone summit. let the eurogroup sort it. then again...
3.29pm BST15:293.29pm BST15:29
Ireland’s Enda Kenny predicts a long weekend ahead of us:Ireland’s Enda Kenny predicts a long weekend ahead of us:
Irish PM Kenny: Difficult to reach a #Greece deal today. I can see the Greek negotiations going into the weekend.Irish PM Kenny: Difficult to reach a #Greece deal today. I can see the Greek negotiations going into the weekend.
Updated at 3.29pm BSTUpdated at 3.29pm BST
3.28pm BST15:283.28pm BST15:28
Once inside the Commission, Alexis Tsipras has held some intense-looking chats with Martin Schulz, president of the European Parliament....Once inside the Commission, Alexis Tsipras has held some intense-looking chats with Martin Schulz, president of the European Parliament....
...and Italian prime minister Matteo Renzi....and Italian prime minister Matteo Renzi.
3.16pm BST15:163.16pm BST15:16
Greek PM predicts a compromiseGreek PM predicts a compromise
Alexis Tsipras actually teased a reporter as he arrived in Brussels for tonight’s Summit.Alexis Tsipras actually teased a reporter as he arrived in Brussels for tonight’s Summit.
Asked “What’s going on”, he replied “What’s going on? You don’t know?” (“No, we don’t”, the reporter shot back).Asked “What’s going on”, he replied “What’s going on? You don’t know?” (“No, we don’t”, the reporter shot back).
The Greek PM then predicted a deal, saying:The Greek PM then predicted a deal, saying:
European history is full of disagreements, negotiations, and then compromises.European history is full of disagreements, negotiations, and then compromises.
So after the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis.So after the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis.
Do you have a basis for agreement?Do you have a basis for agreement?
Yes, it is a basis, a good basis, Tsipras replies.Yes, it is a basis, a good basis, Tsipras replies.
He declined to be drawn on Britain’s In-Out referendum.He declined to be drawn on Britain’s In-Out referendum.
Props to BBC's James Landsdale shouting at Tsipras about Cameron's referendum. "Do you care about Cameron's reforms..." *SILENCE*Props to BBC's James Landsdale shouting at Tsipras about Cameron's referendum. "Do you care about Cameron's reforms..." *SILENCE*
Updated at 3.17pm BSTUpdated at 3.17pm BST
3.03pm BST15:033.03pm BST15:03
Greece’s prime minister Alexis Tsipras tells reporters that he’s confident a deal will be reached, as he arrives at the European Council Summit.Greece’s prime minister Alexis Tsipras tells reporters that he’s confident a deal will be reached, as he arrives at the European Council Summit.
After all, arguments and compromises are what Europe’s all about.After all, arguments and compromises are what Europe’s all about.
Going into EU summit @atsipras says he is confident that an agreement can be found. Europe is about "disagremeents & comprimises" #GreeceGoing into EU summit @atsipras says he is confident that an agreement can be found. Europe is about "disagremeents & comprimises" #Greece
Updated at 3.04pm BSTUpdated at 3.04pm BST
2.50pm BST14:502.50pm BST14:50
As finance ministers scramble for the Eurogroup exits, Francois Hollande has arrived at the EU Summit.As finance ministers scramble for the Eurogroup exits, Francois Hollande has arrived at the EU Summit.
Speaking in French, the president states twice that an Greek agreement is possible, and necessary. But it’s up to the negotiating teams to work it out.Speaking in French, the president states twice that an Greek agreement is possible, and necessary. But it’s up to the negotiating teams to work it out.
Hollande and Merkel now both say 'we have to let the negotiators work' on Greece. Hands washedHollande and Merkel now both say 'we have to let the negotiators work' on Greece. Hands washed
2.45pm BST14:452.45pm BST14:45
Eurogroup 'indefinitely suspended'Eurogroup 'indefinitely suspended'
Eurozone ministers have told Greece to come back with a better set of proposals -- in the meantime, their meeting is ‘indefinitely suspended’Eurozone ministers have told Greece to come back with a better set of proposals -- in the meantime, their meeting is ‘indefinitely suspended’
*EUROGROUP WAITS FOR GREECE TO COME BACK WITH BETTER PROPOSAL *EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL*EUROGROUP WAITS FOR GREECE TO COME BACK WITH BETTER PROPOSAL *EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL
2.43pm BST14:432.43pm BST14:43
NEWSFLASH: Eurozone finance minister have just taken a break from their Eurogroup meeting.NEWSFLASH: Eurozone finance minister have just taken a break from their Eurogroup meeting.
And an EU official has told Bloomberg that there is no sign of an agreement, after around two hours discussing the latest proposal from Greece’s creditors (see earlier leak) and Greece’s counter-proposal.And an EU official has told Bloomberg that there is no sign of an agreement, after around two hours discussing the latest proposal from Greece’s creditors (see earlier leak) and Greece’s counter-proposal.
*NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL *EUROGROUP MEETING HAS BEEN INTERRUPTED: EU OFFICIAL*NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL *EUROGROUP MEETING HAS BEEN INTERRUPTED: EU OFFICIAL
2.36pm BST14:362.36pm BST14:36
Angela Merkel does not appear to share Donald Tusk’s optimism of a happy ending.Angela Merkel does not appear to share Donald Tusk’s optimism of a happy ending.
Arriving at the EU summit, she tells reporters that she has the impression that Greece has “gone backwards” on some issues” -- but in any event it’s up to finance ministers at the Eurogroup meeting today to decide.Arriving at the EU summit, she tells reporters that she has the impression that Greece has “gone backwards” on some issues” -- but in any event it’s up to finance ministers at the Eurogroup meeting today to decide.
Ok. Now let's start these talks. pic.twitter.com/sBLpRSgjlTOk. Now let's start these talks. pic.twitter.com/sBLpRSgjlT
2.34pm BST14:342.34pm BST14:34
My colleague Sean Clarke has created a really handy interactive, showing the main issues which Greece and its creditors are still arguing over today (it’s updated to reflect today’s proposals)My colleague Sean Clarke has created a really handy interactive, showing the main issues which Greece and its creditors are still arguing over today (it’s updated to reflect today’s proposals)
Related: Greek debt crisis: What's on the table?Related: Greek debt crisis: What's on the table?
2.27pm BST14:272.27pm BST14:27
The endless to-and-froing over Greece’s bailout programme has been dragging down spirits in a country that has already suffered years of austerity.The endless to-and-froing over Greece’s bailout programme has been dragging down spirits in a country that has already suffered years of austerity.
From Thessaloniki, my colleague Angelique Chrisafis reports:From Thessaloniki, my colleague Angelique Chrisafis reports:
At Thessaloniki’s bustling market, along the narrow alleys of bargain clothes and some of the cheapest meat and vegetables in the city, the continuing uncertainty surrounding a bailout deal was weighing down those already struggling to get through the month.At Thessaloniki’s bustling market, along the narrow alleys of bargain clothes and some of the cheapest meat and vegetables in the city, the continuing uncertainty surrounding a bailout deal was weighing down those already struggling to get through the month.
Michalis Nastos, 54, who runs a clothing stall selling €10 jeans, €6 shirts and an array of cheap summer dresses, had been following the finer details of the negotiation offers and was bracing himself for the impact of possible steep VAT rises and pension changes.Michalis Nastos, 54, who runs a clothing stall selling €10 jeans, €6 shirts and an array of cheap summer dresses, had been following the finer details of the negotiation offers and was bracing himself for the impact of possible steep VAT rises and pension changes.
“The uncertainty of this whole process has a psychological effect – people worry about what’s going to happen, they don’t know how or when it’s going to end. We just know everyone is going to be affected, particularly by any rise in VAT.”“The uncertainty of this whole process has a psychological effect – people worry about what’s going to happen, they don’t know how or when it’s going to end. We just know everyone is going to be affected, particularly by any rise in VAT.”
Already his profits had fallen by more than 50% after years of crisis, unemployment and tax hikes. The market, which once served mostly low-income families, now increasingly attracts a wider range of customers from all over the city in search of the lowest prices.Already his profits had fallen by more than 50% after years of crisis, unemployment and tax hikes. The market, which once served mostly low-income families, now increasingly attracts a wider range of customers from all over the city in search of the lowest prices.
Nastos said his main fear was the proposed rise in VAT — an indirect sales tax that would push prices up and indiscriminately affect all shoppers, most of whom are already struggling with the effects of previous tax hikes. “Of course I’m against VAT rises, it’s already very high, it will have a knock-on effect. It’s the little details that will really affect people. The price of bread would go up — that’s important because people in Greece still eat a lot of bread, so you could see the price of a sesame-seed loaf rise from say 50 cents to 70 cents, that would really have an impact. Packaging costs will rise, energy, basics like pasta. Low-income people won’t be able to afford to buy and more and more people won’t be able to make it.”Nastos said his main fear was the proposed rise in VAT — an indirect sales tax that would push prices up and indiscriminately affect all shoppers, most of whom are already struggling with the effects of previous tax hikes. “Of course I’m against VAT rises, it’s already very high, it will have a knock-on effect. It’s the little details that will really affect people. The price of bread would go up — that’s important because people in Greece still eat a lot of bread, so you could see the price of a sesame-seed loaf rise from say 50 cents to 70 cents, that would really have an impact. Packaging costs will rise, energy, basics like pasta. Low-income people won’t be able to afford to buy and more and more people won’t be able to make it.”
Raising the retirement age was another key issue in discussions in Brussels. One fifth of the Greek population is over 65 and, with the extended family serving as a social safety net, one in two Greek households currently rely on pensions to make ends meet. May have already seen pensions cut and about 45% of pensioners receive pensions below what is considered the poverty limit of €665 per month.Raising the retirement age was another key issue in discussions in Brussels. One fifth of the Greek population is over 65 and, with the extended family serving as a social safety net, one in two Greek households currently rely on pensions to make ends meet. May have already seen pensions cut and about 45% of pensioners receive pensions below what is considered the poverty limit of €665 per month.
Natsos, who had worked in the market trade for 32 years, would likely have to wait another 11 years to retire. “The problem is the country just can’t cover its pensions obligations to this number of people,” he said. But he was more concerned about the long-term state of the economy.Natsos, who had worked in the market trade for 32 years, would likely have to wait another 11 years to retire. “The problem is the country just can’t cover its pensions obligations to this number of people,” he said. But he was more concerned about the long-term state of the economy.
“Greece definitely needs help, there has to be some kind of debt relief, the country won’t be able to make it otherwise.”“Greece definitely needs help, there has to be some kind of debt relief, the country won’t be able to make it otherwise.”
Michalis Hadji-Athanasiadis, 84, a former police officer who had retired aged 50, said his pension had shrunk from €1,600 a month to €1,000 a month, and his extra benefits had been cut. But his pension was still far higher than the shrinking salary of his 52-year-old daughter who was a high-school teacher and who, like her brother and his wife, still lived with their parents to make ends meet.Michalis Hadji-Athanasiadis, 84, a former police officer who had retired aged 50, said his pension had shrunk from €1,600 a month to €1,000 a month, and his extra benefits had been cut. But his pension was still far higher than the shrinking salary of his 52-year-old daughter who was a high-school teacher and who, like her brother and his wife, still lived with their parents to make ends meet.
He said:He said:
“People are hungry. For five months it seems there has been no progress and business is down everywhere, a lot of shops have closed. Income is down, with VAT going up everything you need to buy becomes so much more expensive.”“People are hungry. For five months it seems there has been no progress and business is down everywhere, a lot of shops have closed. Income is down, with VAT going up everything you need to buy becomes so much more expensive.”
Near the market, one woman in her 50s, who said her main income came from selling black market Balkan cigarettes, described how customers used to buy five or six packets but were now only buying one or two. “It feels like life is over,” she said. “We can barely manage to feed ourselves.” Her adult children, who had lost their jobs as shop-assistants during the recession both lived with her.Near the market, one woman in her 50s, who said her main income came from selling black market Balkan cigarettes, described how customers used to buy five or six packets but were now only buying one or two. “It feels like life is over,” she said. “We can barely manage to feed ourselves.” Her adult children, who had lost their jobs as shop-assistants during the recession both lived with her.
She adds:She adds:
“It feels like they’re going after the little guy, all the high-income people got away with it and got their money out of the country.”“It feels like they’re going after the little guy, all the high-income people got away with it and got their money out of the country.”
2.21pm BST14:212.21pm BST14:21
Tsipras speaks with Greek presidentTsipras speaks with Greek president
Over in Athens the government has announced that the Greek prime minister has just spoken by telephone to the country’s head of state Prokopis Pavlopoulos.Over in Athens the government has announced that the Greek prime minister has just spoken by telephone to the country’s head of state Prokopis Pavlopoulos.
Helena Smith reports.Helena Smith reports.
“The prime minister Alexis Tsipras had telephone contact with the president of the republic Prokopis Pavlopoulos a little while ago. He informed the president about the negotiations which are underway,” the statement said.“The prime minister Alexis Tsipras had telephone contact with the president of the republic Prokopis Pavlopoulos a little while ago. He informed the president about the negotiations which are underway,” the statement said.
Pavlopoulos, a veteran politician on the right before assuming the largely ceremonial role of president earlier this year, has said he will go to “the boundaries of my authorities” to ensure that Greece remains at the heart of Europe in the single currency.Pavlopoulos, a veteran politician on the right before assuming the largely ceremonial role of president earlier this year, has said he will go to “the boundaries of my authorities” to ensure that Greece remains at the heart of Europe in the single currency.
“I know that my role, not least because of my election by the majority of the parliament who chose me, is to ensure the course of the country in Europe and the euro zone,” he said last week.“I know that my role, not least because of my election by the majority of the parliament who chose me, is to ensure the course of the country in Europe and the euro zone,” he said last week.
“And that in front of this aim there has to be a solid internal front of all democratic forces. Petty party views and friction can’t come before the achievement of such a goal.”“And that in front of this aim there has to be a solid internal front of all democratic forces. Petty party views and friction can’t come before the achievement of such a goal.”
Updated at 3.04pm BSTUpdated at 3.04pm BST
2.21pm BST14:212.21pm BST14:21
Full quote #Greece pic.twitter.com/9QaJ2t5DGcFull quote #Greece pic.twitter.com/9QaJ2t5DGc
2.16pm BST14:162.16pm BST14:16
Austria’s chancellor, Werner Faymann, is also optimistic....although he warns that the crisis could run for several more days.Austria’s chancellor, Werner Faymann, is also optimistic....although he warns that the crisis could run for several more days.
Austria's Werner Faymann: I am hoping for a solution to Greece if not tonight than by Monday or Tuesday at the latestAustria's Werner Faymann: I am hoping for a solution to Greece if not tonight than by Monday or Tuesday at the latest
2.02pm BST14:022.02pm BST14:02
Tusk: My hunch is Greek story can have a happy endingTusk: My hunch is Greek story can have a happy ending
Donald Tusk, head of the European Council, has arrived at today’s EU summit meeting - and predicted that the Greek crisis will not end in tragedy.Donald Tusk, head of the European Council, has arrived at today’s EU summit meeting - and predicted that the Greek crisis will not end in tragedy.
On Greece, he tells reporters that:On Greece, he tells reporters that:
Work is underway, and for sure it will need still many hours.Work is underway, and for sure it will need still many hours.
The last hours have been really critical, but I have a good hunch that unlike in Sophocles’ tragedies, this Greek story will have a happy ending.The last hours have been really critical, but I have a good hunch that unlike in Sophocles’ tragedies, this Greek story will have a happy ending.
He adds that he’ll give the media more information tonight after leaders have met (they’ll be discussing the migration crisis and Britain’s plan for an EU referendum).He adds that he’ll give the media more information tonight after leaders have met (they’ll be discussing the migration crisis and Britain’s plan for an EU referendum).
European Council pres Donald Tusk says #Greece will need many hours, but has a hunch that Greek story will have a happy ending.European Council pres Donald Tusk says #Greece will need many hours, but has a hunch that Greek story will have a happy ending.
Updated at 2.13pm BSTUpdated at 2.13pm BST
1.42pm BST13:421.42pm BST13:42
More photos from inside the eurogroup, showing Yanis Varoufakis in quite decent spirits:More photos from inside the eurogroup, showing Yanis Varoufakis in quite decent spirits:
Updated at 2.23pm BSTUpdated at 2.23pm BST
1.30pm BST13:301.30pm BST13:30
There is already speculation that ANOTHER meeting might be called over the weekend, which is bound to lift spirits in Brussels, Athens and beyond.There is already speculation that ANOTHER meeting might be called over the weekend, which is bound to lift spirits in Brussels, Athens and beyond.
Brussels chatter of possible 'very last chance' Eurogroup meeting on Saturday.Brussels chatter of possible 'very last chance' Eurogroup meeting on Saturday.
Sigh, the next last chance meeting on the horizon.. https://t.co/uJXUs64YpWSigh, the next last chance meeting on the horizon.. https://t.co/uJXUs64YpW
1.27pm BST13:271.27pm BST13:27
Here’s the seating plan for today’s meeting, via Finland’s finance minister.Here’s the seating plan for today’s meeting, via Finland’s finance minister.
For good old times sake, here is the seating order in the #Eurogroup. Different from normal rotation. pic.twitter.com/cAGGZvy4nDFor good old times sake, here is the seating order in the #Eurogroup. Different from normal rotation. pic.twitter.com/cAGGZvy4nD
It’s interesting that Ireland’s finance minister, Michael Noonan, is next to Yanis Varoufakis.It’s interesting that Ireland’s finance minister, Michael Noonan, is next to Yanis Varoufakis.
Noonan denied claims he’d “stabbed the Greek people in the back” this week by reportedly suggesting that capital controls might be needed.Noonan denied claims he’d “stabbed the Greek people in the back” this week by reportedly suggesting that capital controls might be needed.
1.12pm BST13:121.12pm BST13:12
Photos: Inside the eurogroupPhotos: Inside the eurogroup
The photographers in Brussels have surpassed themselves, with a selection of photos from inside today’s eurogroup meeting.The photographers in Brussels have surpassed themselves, with a selection of photos from inside today’s eurogroup meeting.
Everyone looks remarkably upbeat, given the importance of this meeting, and the dangerous consequences that could follow.Everyone looks remarkably upbeat, given the importance of this meeting, and the dangerous consequences that could follow.
Updated at 1.19pm BSTUpdated at 1.19pm BST
1.02pm BST13:021.02pm BST13:02
Finland’s finance minister, Alex Stubb, has warned that there’s still a significant gap between the two sides....Finland’s finance minister, Alex Stubb, has warned that there’s still a significant gap between the two sides....
FINLAND'S STUBB: GREECE DOCUMENTS HAVE `PRETTY BIG' DIFFERENCES earlier reports said differences were 'not that big'FINLAND'S STUBB: GREECE DOCUMENTS HAVE `PRETTY BIG' DIFFERENCES earlier reports said differences were 'not that big'
12.57pm BST12:5712.57pm BST12:57
Malta: We've received a document from Varoufakis....Malta: We've received a document from Varoufakis....
Malta’s finance minister, Edward Scicluna, has just explained what’s happening right now in Brussels.Malta’s finance minister, Edward Scicluna, has just explained what’s happening right now in Brussels.
Arriving at the Eurogroup, he tells reporters that the latest Greek proposal is going to be compared with the 11-page of ideas drawn up by creditors, to see where the disagreements are..Arriving at the Eurogroup, he tells reporters that the latest Greek proposal is going to be compared with the 11-page of ideas drawn up by creditors, to see where the disagreements are..
“We’ve run out of comments, we’re also running out of patience, but we’ve received the document from [Greek finance minister Yanis] Varoufakis just over half an hour ago, so we just merged them before coming here.“We’ve run out of comments, we’re also running out of patience, but we’ve received the document from [Greek finance minister Yanis] Varoufakis just over half an hour ago, so we just merged them before coming here.
We need to see what’s been deleted and what’s been added, Sciclina explains, so we can see if a deal is possible.We need to see what’s been deleted and what’s been added, Sciclina explains, so we can see if a deal is possible.
Are you edging closer to a deal?Are you edging closer to a deal?
Scicluna suggests that they are positive signs..Scicluna suggests that they are positive signs..
The fact we are talking from the same book.... that there’s a specific text, which the three institution have submitted, and there are additions and deletions from that document, well...The fact we are talking from the same book.... that there’s a specific text, which the three institution have submitted, and there are additions and deletions from that document, well...
At least we’re talking from the same text. But there are disageements -- and honestly now I don’t know what they are.At least we’re talking from the same text. But there are disageements -- and honestly now I don’t know what they are.
Scicluna also refuses to speculate on whether this is the last chance of a deal, or what might happen next....Scicluna also refuses to speculate on whether this is the last chance of a deal, or what might happen next....
12.44pm BST12:4412.44pm BST12:44
#EU's Moscovici: Troika plan is solid, economically, socially. Says #Greece solution is 'within reach.' (BBG)#EU's Moscovici: Troika plan is solid, economically, socially. Says #Greece solution is 'within reach.' (BBG)
12.39pm BST12:3912.39pm BST12:39
Several ministers and officials are slipping into the meeting without speaking, including ECB chief Mario Draghi:Several ministers and officials are slipping into the meeting without speaking, including ECB chief Mario Draghi:
12.38pm BST12:3812.38pm BST12:38
Confused about the chances of a deal today? Join the club. Even Slovakia’s finance minister says the situation is up in the air.Confused about the chances of a deal today? Join the club. Even Slovakia’s finance minister says the situation is up in the air.
I honestly don't know what are the chances to reach a deal today #Greece #eurozone #Eurogroup #ECB #IMFI honestly don't know what are the chances to reach a deal today #Greece #eurozone #Eurogroup #ECB #IMF
Updated at 12.38pm BSTUpdated at 12.38pm BST
12.34pm BST12:3412.34pm BST12:34
Dijsselbloem: No Greek agreement yetDijsselbloem: No Greek agreement yet
Jeroen Dijsselbloen, head of the eurogroup, has confirmed that a deal hasn’t yet been reached.Jeroen Dijsselbloen, head of the eurogroup, has confirmed that a deal hasn’t yet been reached.
Arriving at today’s meeting, he says:Arriving at today’s meeting, he says:
The only thing we have presented to the eurogroup is what the institutions have drawn up. We don’t have a Greek agreement on that...The only thing we have presented to the eurogroup is what the institutions have drawn up. We don’t have a Greek agreement on that...
Dijsselbloem confirms no deal with the Greeks, will have to wait and see what their ideas are.Dijsselbloem confirms no deal with the Greeks, will have to wait and see what their ideas are.
12.29pm BST12:2912.29pm BST12:29
Oh dear. Germany’s finance minister is not happy. We have not made progress, Wolfgang Schäuble tells reporters in Brussels, adding that Greece has moved “backwards”.Oh dear. Germany’s finance minister is not happy. We have not made progress, Wolfgang Schäuble tells reporters in Brussels, adding that Greece has moved “backwards”.
12.27pm BST12:2712.27pm BST12:27
Several experienced crisis watchers agree that Greece’s lenders have given some ground in their latest proposals, while sticking firm on other issues:Several experienced crisis watchers agree that Greece’s lenders have given some ground in their latest proposals, while sticking firm on other issues:
Creditors' proposal includes several concessions to #Greece. Blame game not as easy now.Creditors' proposal includes several concessions to #Greece. Blame game not as easy now.
Institutions agree on 13% VAT on basic (and not unprocessed) food, but not on hotels at 23% (vs #Greece proposal at 13%). #ec #ecb #imfInstitutions agree on 13% VAT on basic (and not unprocessed) food, but not on hotels at 23% (vs #Greece proposal at 13%). #ec #ecb #imf
Quite a step institutions postpone by 2 years (end 2019) phasing out supplements for low income pensioners #Greece https://t.co/3RUuTxtGDtQuite a step institutions postpone by 2 years (end 2019) phasing out supplements for low income pensioners #Greece https://t.co/3RUuTxtGDt
12.18pm BST12:1812.18pm BST12:18
Carsten Brzeski of ING reckons that the two sides are getting closer:Carsten Brzeski of ING reckons that the two sides are getting closer:
According to this new compromise obtained by @SpiegelPeter differences have become smaller once again. Debt relief looks like final red lineAccording to this new compromise obtained by @SpiegelPeter differences have become smaller once again. Debt relief looks like final red line
12.16pm BST12:1612.16pm BST12:16
Creditors are also refusing to accept the Greek plan of raising the corporation tax rate from 26% to 29%. In their latest proposal, it would rise to 28%.Creditors are also refusing to accept the Greek plan of raising the corporation tax rate from 26% to 29%. In their latest proposal, it would rise to 28%.
They are also keeping a firm red line through Athens plan for a one-off 12% tax on all corporate profits over €500,000.They are also keeping a firm red line through Athens plan for a one-off 12% tax on all corporate profits over €500,000.
But one other measure has survived, as the FT points out:But one other measure has survived, as the FT points out:
But the plan keeps Mr Tsipras’s plan to raise luxury tax on yachts from 10% per cent to 13%.But the plan keeps Mr Tsipras’s plan to raise luxury tax on yachts from 10% per cent to 13%.
12.13pm BST12:1312.13pm BST12:13
Now this is interesting too.... Greece’s creditors are offering that these VAT hikes could be “reviewed at the end of 2016”, if Athens has proved that it has raised more revenue through fighting tax evasion and better VAT collection.Now this is interesting too.... Greece’s creditors are offering that these VAT hikes could be “reviewed at the end of 2016”, if Athens has proved that it has raised more revenue through fighting tax evasion and better VAT collection.
Updated at 12.19pm BSTUpdated at 12.19pm BST
12.10pm BST12:1012.10pm BST12:10
This leaked proposal shows that creditors have given some ground on the VAT issue -- although they still want to raise a full 1% of GDP through various reforms.This leaked proposal shows that creditors have given some ground on the VAT issue -- although they still want to raise a full 1% of GDP through various reforms.
They have accepted that Greece could maintain a 6% low rate for pharmaceuticals, books, and the theatre. In previous plans, this rate would have been abolished.They have accepted that Greece could maintain a 6% low rate for pharmaceuticals, books, and the theatre. In previous plans, this rate would have been abolished.
But, they are still insisting that the lower VAT rate on Greece’s islands is abolished. Alexis Tsipras’s junior coalition partner, ANEL, has already refused to accept such a move.But, they are still insisting that the lower VAT rate on Greece’s islands is abolished. Alexis Tsipras’s junior coalition partner, ANEL, has already refused to accept such a move.
Creditors also want restaurants and hotels to face the full 23% VAT rate -- they have already warned that this would cost thousands of jobs.Creditors also want restaurants and hotels to face the full 23% VAT rate -- they have already warned that this would cost thousands of jobs.
VAT @ 23% for hotels, restaurants & processed food 13% for elect, basic food 6% for pharma Feasibility blueprint pic.twitter.com/GMVccKk3e7VAT @ 23% for hotels, restaurants & processed food 13% for elect, basic food 6% for pharma Feasibility blueprint pic.twitter.com/GMVccKk3e7
12.00pm BST12:0012.00pm BST12:00
LEAKED: The creditors' new Greek proposalLEAKED: The creditors' new Greek proposal
The FT has just published the document which Greece’s creditors have drawn up and submitted to the eurozone finance ministers (nice one, Peter).The FT has just published the document which Greece’s creditors have drawn up and submitted to the eurozone finance ministers (nice one, Peter).
At first glance, it looks pretty similar to the infamous red-ink counter-proposal that the IMF drew up earlier this week. But there are some concessions on pensions.At first glance, it looks pretty similar to the infamous red-ink counter-proposal that the IMF drew up earlier this week. But there are some concessions on pensions.
Leaked: Got my hands on 9-page #Greece bailout plan sent to #eurogroup earlier today. Copy posted here: http://t.co/s06qInNIUBLeaked: Got my hands on 9-page #Greece bailout plan sent to #eurogroup earlier today. Copy posted here: http://t.co/s06qInNIUB
The full 11-page document is online here.The full 11-page document is online here.
Peter Spiegel says:Peter Spiegel says:
Under the plan sent to finance ministers, Athens would ensure the retirement age is moved to 67 by 2022, significantly faster that Alexis Tsipras, the Greek prime minister, had sought. Originally, Athens was pushing for 2036, but Mr Tsipras’ compromise plan submitted on Monday moved that to 2025.Under the plan sent to finance ministers, Athens would ensure the retirement age is moved to 67 by 2022, significantly faster that Alexis Tsipras, the Greek prime minister, had sought. Originally, Athens was pushing for 2036, but Mr Tsipras’ compromise plan submitted on Monday moved that to 2025.
There is an important creditor concession in the pension reforms, too, though. Creditors have been trying to get rid of a “solidarity grant” programme that provides a top-up bonus to poorer pensioners, know by the Greek acronym EKAS, by 2017 at the latest. Athens had offered 2020. The new plan splits the difference and goes with December 2019.There is an important creditor concession in the pension reforms, too, though. Creditors have been trying to get rid of a “solidarity grant” programme that provides a top-up bonus to poorer pensioners, know by the Greek acronym EKAS, by 2017 at the latest. Athens had offered 2020. The new plan splits the difference and goes with December 2019.
The EKAS phase-out will start immediately, however, with the wealthiest 20 per cent of the recipients losing the benefit as soon as legislation is passed.The EKAS phase-out will start immediately, however, with the wealthiest 20 per cent of the recipients losing the benefit as soon as legislation is passed.
There are some other elements of the Greek plan that survived as well, including raising contributions pensioners must make towards healthcare from 4% to 6%.There are some other elements of the Greek plan that survived as well, including raising contributions pensioners must make towards healthcare from 4% to 6%.
Leaked: Greece bailout plan sent to eurogroupLeaked: Greece bailout plan sent to eurogroup
Analysts are digesting the proposals right now....Analysts are digesting the proposals right now....
Updated at 12.01pm BSTUpdated at 12.01pm BST
11.49am BST11:4911.49am BST11:49
No deal.No deal.
It’s now clear that there isn’t an agreement between the two sides, despite this morning’s ultimatum.It’s now clear that there isn’t an agreement between the two sides, despite this morning’s ultimatum.
The latest rumour is that both sides are going to submit their own proposals to the eurogroupThe latest rumour is that both sides are going to submit their own proposals to the eurogroup
*GREECE SUBMITTED SEPARATE DOCUMENT AT EUROGROUP: GOVT OFFICIAL / *GREEK OFFICIAL SAYS 2 DOCUMENTS SUBMITTED AT EUROGROUP*GREECE SUBMITTED SEPARATE DOCUMENT AT EUROGROUP: GOVT OFFICIAL / *GREEK OFFICIAL SAYS 2 DOCUMENTS SUBMITTED AT EUROGROUP
I can guess whose proposal will be turned down at the #Eurogroup #Greece https://t.co/xvj9PdcvlEI can guess whose proposal will be turned down at the #Eurogroup #Greece https://t.co/xvj9PdcvlE
11.40am BST11:4011.40am BST11:40
Yanis Varoufakis has arrived at the eurogroup meeting, carrying a sheet of paper along with his rucksack:Yanis Varoufakis has arrived at the eurogroup meeting, carrying a sheet of paper along with his rucksack:
Greece’s finance minister then heads inside without speaking to the assembled press.Greece’s finance minister then heads inside without speaking to the assembled press.
Updated at 11.47am BSTUpdated at 11.47am BST
11.33am BST11:3311.33am BST11:33
EU diplomat: Creditors are sending documents to eurogroupEU diplomat: Creditors are sending documents to eurogroup
An EU diplomat is briefing that the creditors have sent a proposal up to the eurogroup which, they say, could potentially be the basis for an agreement (Jennifer Rankin reports from Brussels)An EU diplomat is briefing that the creditors have sent a proposal up to the eurogroup which, they say, could potentially be the basis for an agreement (Jennifer Rankin reports from Brussels)
EU diplomat says creditors have sent documents to eurogroup that could form basis for agreement; insists no 'take it or leave it'.EU diplomat says creditors have sent documents to eurogroup that could form basis for agreement; insists no 'take it or leave it'.
Important point: This doesn’t mean that Greece has also signed up to the plan. It actually confirms that this morning’s meeting did not deliver a breakthrough.Important point: This doesn’t mean that Greece has also signed up to the plan. It actually confirms that this morning’s meeting did not deliver a breakthrough.
This distinction was missed by some traders, or computer algorithms, which just got rather overexcited:This distinction was missed by some traders, or computer algorithms, which just got rather overexcited:
#Germany's Dax jumps on latest #Greece optimism. pic.twitter.com/gT9glrLrLr#Germany's Dax jumps on latest #Greece optimism. pic.twitter.com/gT9glrLrLr
BUNDS pic.twitter.com/KUt2mI19wpBUNDS pic.twitter.com/KUt2mI19wp
11.26am BST11:2611.26am BST11:26
There goes Alexis Tsipras, out of the building after this morning’s talks ended:There goes Alexis Tsipras, out of the building after this morning’s talks ended:
Exit Tsipras @la_stampa pic.twitter.com/pabdrDxGNgExit Tsipras @la_stampa pic.twitter.com/pabdrDxGNg
11.22am BST11:2211.22am BST11:22
Greek officials are also briefing that a compromise wasn’t reached at this morning’s meeting.Greek officials are also briefing that a compromise wasn’t reached at this morning’s meeting.
Greek govt official says Greek proposals were realistic and Greek side has shown willingness for solutionGreek govt official says Greek proposals were realistic and Greek side has shown willingness for solution
Just to be clear: #Greece is not on board with proposals agreed unanimously by institutions for #Eurogroup as basis for deal (sources)Just to be clear: #Greece is not on board with proposals agreed unanimously by institutions for #Eurogroup as basis for deal (sources)
11.18am BST11:1811.18am BST11:18
It’s not looking good:It’s not looking good:
'Feasibility' means no agreement, documents now in prep by EC to see if it's feasible for eurogroup to talk. It's very difficult - source'Feasibility' means no agreement, documents now in prep by EC to see if it's feasible for eurogroup to talk. It's very difficult - source
11.13am BST11:1311.13am BST11:13
Lagarde out. Light smile @la_stampa #Grexit pic.twitter.com/vbfJqdYhX3Lagarde out. Light smile @la_stampa #Grexit pic.twitter.com/vbfJqdYhX3
11.11am BST11:1111.11am BST11:11
So, now what?So, now what?
1) Has Alexis Tsipras yielded at today’s meeting with Draghi, Lagarde, Juncker, Dijsselbloem and Redling, meaning an agreement can be passed onto the eurogroup?1) Has Alexis Tsipras yielded at today’s meeting with Draghi, Lagarde, Juncker, Dijsselbloem and Redling, meaning an agreement can be passed onto the eurogroup?
2) Or has he refused, meaning that eurozone finance ministers will be presented with a proposal drawn up by the creditors?2) Or has he refused, meaning that eurozone finance ministers will be presented with a proposal drawn up by the creditors?
There’s a lot of chatter around, but we should hear the truth soon enough.....There’s a lot of chatter around, but we should hear the truth soon enough.....
11.10am BST11:1011.10am BST11:10
Lagarde leaves the meeting too #Greece pic.twitter.com/w51dn3FHToLagarde leaves the meeting too #Greece pic.twitter.com/w51dn3FHTo
11.06am BST11:0611.06am BST11:06
Outriders waiting to escort PM Tsipras out of EU building after another round of debt talks over #Greece pic.twitter.com/buyWukkiGQOutriders waiting to escort PM Tsipras out of EU building after another round of debt talks over #Greece pic.twitter.com/buyWukkiGQ
11.03am BST11:0311.03am BST11:03
Belgian police waits for tsipras @la_stampa pic.twitter.com/p3KgsmQKjWBelgian police waits for tsipras @la_stampa pic.twitter.com/p3KgsmQKjW
11.01am BST11:0111.01am BST11:01
The meeting between Alexis Tsipras and the heads of Greece’ creditors appears to have broken up, with the main players heading out of the Commission.The meeting between Alexis Tsipras and the heads of Greece’ creditors appears to have broken up, with the main players heading out of the Commission.
Regling and Dijsselbloem have left the @EU_Commission . Talks still fraught with no breakthrough pic.twitter.com/UCQy1H6ITuRegling and Dijsselbloem have left the @EU_Commission . Talks still fraught with no breakthrough pic.twitter.com/UCQy1H6ITu
All the principals leaving @EU_Commission HQ. Motorcade w/@J_Dijsselbloem & others just pulled outAll the principals leaving @EU_Commission HQ. Motorcade w/@J_Dijsselbloem & others just pulled out
10.58am BST10:5810.58am BST10:58
JP Morgan’s economist, David Mackie, agrees that Sunday is the next serious deadline, and fears Greece could impose capital controls if it is missed.JP Morgan’s economist, David Mackie, agrees that Sunday is the next serious deadline, and fears Greece could impose capital controls if it is missed.
Useful summary of where the #Greece talks might go from here by David Mackie at JP Morgan: pic.twitter.com/cpKRkTL51sUseful summary of where the #Greece talks might go from here by David Mackie at JP Morgan: pic.twitter.com/cpKRkTL51s
10.56am BST10:5610.56am BST10:56
Austria: Sunday is the final deadlineAustria: Sunday is the final deadline
Austria’s finance minister, Hans Jörg Schelling, has stated that Sunday is the final deadline to reach an agreement with Greece.Austria’s finance minister, Hans Jörg Schelling, has stated that Sunday is the final deadline to reach an agreement with Greece.
That would then give enough time (just) for national parliaments to vote on the plan.That would then give enough time (just) for national parliaments to vote on the plan.
He hopes that a compromise can be reached by 4pm Brussels time, though, in time for the EU leaders summit.He hopes that a compromise can be reached by 4pm Brussels time, though, in time for the EU leaders summit.
Schelling made the comments as he arrived at the Commission HQ for this afternoon’s eurogroup meetingSchelling made the comments as he arrived at the Commission HQ for this afternoon’s eurogroup meeting
Reuters snapped the key points:Reuters snapped the key points:
#Austria's FinMin Schelling on #Greece: Summit has give FinMins 4pm deadline. (BBG)#Austria's FinMin Schelling on #Greece: Summit has give FinMins 4pm deadline. (BBG)
The Eurogroup meeting was scheduled to start at 1pm Brussels time, or noon BST, but appears to be running late....The Eurogroup meeting was scheduled to start at 1pm Brussels time, or noon BST, but appears to be running late....
Austria's Schelling says Eurogroup delayed by 30 minsAustria's Schelling says Eurogroup delayed by 30 mins
Updated at 11.00am BSTUpdated at 11.00am BST
10.46am BST10:4610.46am BST10:46
When all else fails, reach for a feasibility blueprint:When all else fails, reach for a feasibility blueprint:
As 11am deadline passes, officials trying to put final touches on a "feasibility blueprint" to serve as basis for #eurogroup talks. #GreeceAs 11am deadline passes, officials trying to put final touches on a "feasibility blueprint" to serve as basis for #eurogroup talks. #Greece
But how feasible can it be for Tsipras to cross his ‘red lines’ on pensions? This piece on MacroPolis explains how creditors rejected Greece’s plan to raise contribution levels, and also demands that reforms start straight away.But how feasible can it be for Tsipras to cross his ‘red lines’ on pensions? This piece on MacroPolis explains how creditors rejected Greece’s plan to raise contribution levels, and also demands that reforms start straight away.
Deal now in front of Tsipras is lenders' proposals he rejected plus some of the ones he made on Monday #Greece https://t.co/oH4a9oWBmJDeal now in front of Tsipras is lenders' proposals he rejected plus some of the ones he made on Monday #Greece https://t.co/oH4a9oWBmJ
10.35am BST10:3510.35am BST10:35
Correction: The ECB has actually agreed to a request to maintain Greece’s emergency liquidity at the current level, rather than raising it again, Reuters says.Correction: The ECB has actually agreed to a request to maintain Greece’s emergency liquidity at the current level, rather than raising it again, Reuters says.
That’s an encouraging sign; suggesting that Greek banks weren’t been hit by further cash withdrawals yesterday.That’s an encouraging sign; suggesting that Greek banks weren’t been hit by further cash withdrawals yesterday.
10.16am BST10:1610.16am BST10:16
The European Central Bank has just approved today’s emergency liquidity request from the Greek banking sector, according to the newswires.The European Central Bank has just approved today’s emergency liquidity request from the Greek banking sector, according to the newswires.
No word on how large the request is, but Greek officials are briefing that the ELA funding could be reviewed again tomorrow.No word on how large the request is, but Greek officials are briefing that the ELA funding could be reviewed again tomorrow.
Greek official says ECB stands ready to review ELA in next 24 hoursGreek official says ECB stands ready to review ELA in next 24 hours
The ECB has already provided around €89bn of ELA support, to allow Greek banks to handle the deposit flight while bailout negotiations continue.The ECB has already provided around €89bn of ELA support, to allow Greek banks to handle the deposit flight while bailout negotiations continue.
Of course the ECB will review ELA within 24 hours. If negotiations collapse, no more basis for a cap expansion.Of course the ECB will review ELA within 24 hours. If negotiations collapse, no more basis for a cap expansion.
Updated at 10.31am BSTUpdated at 10.31am BST
10.10am BST10:1010.10am BST10:10
The clocks have struck 11am in Brussels, and everyone watches to see if Greece does produce the new proposal demanded this morning....The clocks have struck 11am in Brussels, and everyone watches to see if Greece does produce the new proposal demanded this morning....
The church bell in Brussels #EU quarter just rings: It's 11. Time for #Greece MP @atsipras to decide. Eurozone or #Grexit #EurogroupThe church bell in Brussels #EU quarter just rings: It's 11. Time for #Greece MP @atsipras to decide. Eurozone or #Grexit #Eurogroup
As Hans Nichols puts it on Bloomberg TV, “until you see Alexis Tsipras’s motorcade heading to the airport”, there’s still hope.As Hans Nichols puts it on Bloomberg TV, “until you see Alexis Tsipras’s motorcade heading to the airport”, there’s still hope.
10.04am BST10:0410.04am BST10:04
Reuters has also heard that Greece was told to produce a new proposal this morning, or else...Reuters has also heard that Greece was told to produce a new proposal this morning, or else...
9.53am BST09:539.53am BST09:53
FT: Creditors issue bailout ultimatum to GreeceFT: Creditors issue bailout ultimatum to Greece
The crunch moment may just have arrived.The crunch moment may just have arrived.
According to the Financial Times, creditors have given Alexis Tsipras until 11am Brussels time to produce a ‘workable’ proposal. That’s in just under 10 minutes time!According to the Financial Times, creditors have given Alexis Tsipras until 11am Brussels time to produce a ‘workable’ proposal. That’s in just under 10 minutes time!
If he doesn’t give some ground, Athens could then get a ‘take it or leave it’ offer.....If he doesn’t give some ground, Athens could then get a ‘take it or leave it’ offer.....
Over to the FT’s Peter Spiegel and Alex Barker:Over to the FT’s Peter Spiegel and Alex Barker:
Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Alexis Tsipras, the Greek prime minister, until 11am Brussels time to come up with a workable economic reform plan to release €7.2bn in desperately needed rescue aid.Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Alexis Tsipras, the Greek prime minister, until 11am Brussels time to come up with a workable economic reform plan to release €7.2bn in desperately needed rescue aid.
According to two senior eurozone officials, if Mr Tsipras fails to reach an agreement — which people briefed on the talks say is now likely after fruitless all-night talks — the creditors’ offer will be presented to eurozone finance ministers for a “take it or leave it” choice by Athens.According to two senior eurozone officials, if Mr Tsipras fails to reach an agreement — which people briefed on the talks say is now likely after fruitless all-night talks — the creditors’ offer will be presented to eurozone finance ministers for a “take it or leave it” choice by Athens.
“The Greeks didn’t move at all,” said one senior official of the talks between Mr Tsipras and the heads of the European Commission, International Monetary Fund and European Central Bank, which stretched into the early hours of Thursday before breaking up and resuming at 9am.“The Greeks didn’t move at all,” said one senior official of the talks between Mr Tsipras and the heads of the European Commission, International Monetary Fund and European Central Bank, which stretched into the early hours of Thursday before breaking up and resuming at 9am.
“The level of frustration is so high. I don’t see a deal,” the official added. “It’s looking pretty grim right now.“The level of frustration is so high. I don’t see a deal,” the official added. “It’s looking pretty grim right now.
MNI’s Simon Marks also reports that tensions are very high....MNI’s Simon Marks also reports that tensions are very high....
Officials aware of ongoing talks eerily tight lipped right now!Officials aware of ongoing talks eerily tight lipped right now!
creditors now have no choice but to do the 'take it or leave it' they always wanted to avoid #Greece https://t.co/WgaKAwCgplcreditors now have no choice but to do the 'take it or leave it' they always wanted to avoid #Greece https://t.co/WgaKAwCgpl
Updated at 10.09am BSTUpdated at 10.09am BST
9.45am BST09:459.45am BST09:45
Interesting... The Greek stock market has reversed its early 2% fall and is now UP almost 1%. Optimism in Athens?Interesting... The Greek stock market has reversed its early 2% fall and is now UP almost 1%. Optimism in Athens?
9.44am BST09:449.44am BST09:44
Greece’s labour minister Panos Skourtletis has also been making some incendiary comments this morning, reports Helena Smith.Greece’s labour minister Panos Skourtletis has also been making some incendiary comments this morning, reports Helena Smith.
Accusing Athens’ international creditors of deliberately attempting to corrode the Greek government’s authority, Skourletis told the ERT TV station that NOTHING could now be ruled out.Accusing Athens’ international creditors of deliberately attempting to corrode the Greek government’s authority, Skourletis told the ERT TV station that NOTHING could now be ruled out.
“Nothing can be excluded by anyone in relation to the success or not of an agreement.”“Nothing can be excluded by anyone in relation to the success or not of an agreement.”
Skourletis claims that creditors are deliberately exhausting Greece financially - “asphyxiating the Greek economy” and rejecting any proposed reforms that would have a better effect socially, to weaken the country at the negotiating table.Skourletis claims that creditors are deliberately exhausting Greece financially - “asphyxiating the Greek economy” and rejecting any proposed reforms that would have a better effect socially, to weaken the country at the negotiating table.
“They want to reduce the government’s authority,” he added insisting that no deal could be cut if the issue of the country’s monumental debt pile - at €320bn the highest in the EU - was not also addressed.“They want to reduce the government’s authority,” he added insisting that no deal could be cut if the issue of the country’s monumental debt pile - at €320bn the highest in the EU - was not also addressed.
“There will be no deal without tackling debt and getting a growth program. No reduction in salaries or pensions”.“There will be no deal without tackling debt and getting a growth program. No reduction in salaries or pensions”.
Government insiders are saying that “all scenarios” are now being considered. The leftist daily Syntaktwn this morning said “rupture with Europe” was now also on the table.Government insiders are saying that “all scenarios” are now being considered. The leftist daily Syntaktwn this morning said “rupture with Europe” was now also on the table.
One source said.One source said.
“We can’t hide that, yes, there is shock on our part. They are immovable, unyielding.”“We can’t hide that, yes, there is shock on our part. They are immovable, unyielding.”
It all suggests that, even if Tsipras does reach a deal, getting it through the Athens parliament will be a major challenge:It all suggests that, even if Tsipras does reach a deal, getting it through the Athens parliament will be a major challenge:
Related: Greek debt crisis brings discord within Syriza as Tsipras hopes for leap of faithRelated: Greek debt crisis brings discord within Syriza as Tsipras hopes for leap of faith
9.22am BST09:229.22am BST09:22
Negotiations could easily drag on into the weekend, warns Robin Bew of the Economist Intelligence Unit.Negotiations could easily drag on into the weekend, warns Robin Bew of the Economist Intelligence Unit.
#Greece talks not looking so good. Still think they'll do some kind of deal but may run into weekend.#Greece talks not looking so good. Still think they'll do some kind of deal but may run into weekend.
9.21am BST09:219.21am BST09:21
Here’s our early dispatch from Brussels, by my colleague Jennifer Rankin:Here’s our early dispatch from Brussels, by my colleague Jennifer Rankin:
Related: Greece bailout crisis: talks enter last-minute search for a dealRelated: Greece bailout crisis: talks enter last-minute search for a deal
9.18am BST09:189.18am BST09:18
9.16am BST09:169.16am BST09:16
SYRIZA spokesman Fylis on Skai TV, doesn't sound like a man who expects Tsipras to return to Athens without some kind of deal #GreeceSYRIZA spokesman Fylis on Skai TV, doesn't sound like a man who expects Tsipras to return to Athens without some kind of deal #Greece
9.12am BST09:129.12am BST09:12
Syriza MP: We won't be humiliatedSyriza MP: We won't be humiliated
Helena SmithHelena Smith
More fighting talks from Syriza MPs this morning.More fighting talks from Syriza MPs this morning.
Alexis Mitropoulos says:Alexis Mitropoulos says:
“We are being confronted with a cartel of lenders....“We are being confronted with a cartel of lenders....
“The message that the government has to send is that we are a proud people. We are not going to accept being humiliated,”“The message that the government has to send is that we are a proud people. We are not going to accept being humiliated,”
Speaking on STAR TV, Mitropoulos adding that the EU and IMF had to respect the “democratic choice” of the Greek people.Speaking on STAR TV, Mitropoulos adding that the EU and IMF had to respect the “democratic choice” of the Greek people.
State-run TV station ERT is reporting that international lenders are now pushing for €2.3bn in extra measures on top of the €8bn Athens has already agreed to.State-run TV station ERT is reporting that international lenders are now pushing for €2.3bn in extra measures on top of the €8bn Athens has already agreed to.
“They want 1 % of GDP in Value added tax and are insisting that 23 percent be slapped on restaurants.”“They want 1 % of GDP in Value added tax and are insisting that 23 percent be slapped on restaurants.”
Updated at 9.12am BSTUpdated at 9.12am BST
9.06am BST09:069.06am BST09:06
A striking front page from Greece:A striking front page from Greece:
Today's @TOPONTIKI frontpage: Shameful #Europe: committed to the "lethal prescription" insists on executing #Greece pic.twitter.com/5iADe8xUb1Today's @TOPONTIKI frontpage: Shameful #Europe: committed to the "lethal prescription" insists on executing #Greece pic.twitter.com/5iADe8xUb1
The front-page headline of another paper, the left-leaning Syntaktwn newspaper, is also very forceful, Helena reports:The front-page headline of another paper, the left-leaning Syntaktwn newspaper, is also very forceful, Helena reports:
“Up to here and enough is enough!” it declared. “The prime minister rejected the far fetching demands of the lenders.”“Up to here and enough is enough!” it declared. “The prime minister rejected the far fetching demands of the lenders.”
Updated at 9.58am BSTUpdated at 9.58am BST
9.00am BST09:009.00am BST09:00
Helena SmithHelena Smith
Over in Athens, politicians, the media and commentariat all concur that D-Day has come.Over in Athens, politicians, the media and commentariat all concur that D-Day has come.
Our correspondent Helena Smith reports.Our correspondent Helena Smith reports.
Defiance and dismay are the name of the game in Athens this morning. Almost everyone agrees that both sides will have to do what has not been done in five months to date: make crunch decisions that may well change the course of tiny Greece’s history.Defiance and dismay are the name of the game in Athens this morning. Almost everyone agrees that both sides will have to do what has not been done in five months to date: make crunch decisions that may well change the course of tiny Greece’s history.
“These moments are something more than critical,” the news portal, newsit.gr, wrote with a touch of understatement. “White smoke” it said had still not appeared despite negotiations being drawn out into the small hours.“These moments are something more than critical,” the news portal, newsit.gr, wrote with a touch of understatement. “White smoke” it said had still not appeared despite negotiations being drawn out into the small hours.
A gap of around €600m appears to be the source of differences, although Greek officials worry that with the International Monetary Fund “taking such a tough stance” that figure could rise to €1bn in extra measures. Athens’ leftist-led government says it cannot add that to the €8bn euro in savings it has already offered.A gap of around €600m appears to be the source of differences, although Greek officials worry that with the International Monetary Fund “taking such a tough stance” that figure could rise to €1bn in extra measures. Athens’ leftist-led government says it cannot add that to the €8bn euro in savings it has already offered.
Leading officials in prime minister Alexis Tsipras’ radical left Syriza party repeated accusations this morning that by pushing Greece to the place where it has now pushed it, it had become quite clear that creditors had another agenda: regime change in Athens.Leading officials in prime minister Alexis Tsipras’ radical left Syriza party repeated accusations this morning that by pushing Greece to the place where it has now pushed it, it had become quite clear that creditors had another agenda: regime change in Athens.
The phones have been ringing off the hook between Brussels and Athens with Tsipras, conferring with ministers in the Greek capital – not least the labour minister Panos Skourletis.The phones have been ringing off the hook between Brussels and Athens with Tsipras, conferring with ministers in the Greek capital – not least the labour minister Panos Skourletis.
“The hardline faction (among lenders) does not want a an agreement, but rupture, the humiliation of Greece and the fall of the Tsipras government. It is not going to pass,” Syriza’s leading MEP, Dimitris Papadimoulis, wrote on his twitter account.“The hardline faction (among lenders) does not want a an agreement, but rupture, the humiliation of Greece and the fall of the Tsipras government. It is not going to pass,” Syriza’s leading MEP, Dimitris Papadimoulis, wrote on his twitter account.
Η σκληροπυρηνική φράξια των δανειστών δεν θέλει συμφωνία,αλλά ρήξη, ταπείνωση της Ελλάδας κ πτώση της Κυβέρνησης Τσίπρα.Δεν θα τους περάσει!Η σκληροπυρηνική φράξια των δανειστών δεν θέλει συμφωνία,αλλά ρήξη, ταπείνωση της Ελλάδας κ πτώση της Κυβέρνησης Τσίπρα.Δεν θα τους περάσει!
Creditors had, he railed, lost touch with reality.Creditors had, he railed, lost touch with reality.
“They refuse to tax e-gaming but want to add 23% VAT on milk. Are they doing it for … growth or out of interest?” he wrote in another tweet.“They refuse to tax e-gaming but want to add 23% VAT on milk. Are they doing it for … growth or out of interest?” he wrote in another tweet.
Οι δανειστές αρνούνται την φορολόγηση του ηλεκτρονικού τζόγου, αλλά θέλουν 23% ΦΠΑ στο γάλα. Το κάνουν για την... ανάπτυξη η για συμφέροντα;Οι δανειστές αρνούνται την φορολόγηση του ηλεκτρονικού τζόγου, αλλά θέλουν 23% ΦΠΑ στο γάλα. Το κάνουν για την... ανάπτυξη η για συμφέροντα;
8.54am BST08:548.54am BST08:54
Carsten Brzeski, ING’s chief economist, says people are “getting exhausted” with the endless routine of meetings and deadlines around the Greek crisis.Carsten Brzeski, ING’s chief economist, says people are “getting exhausted” with the endless routine of meetings and deadlines around the Greek crisis.
It’s very hard to tell fact from fiction, he told Bloomberg TV this morning.It’s very hard to tell fact from fiction, he told Bloomberg TV this morning.
The fact that Tsipras, Lagarde, Draghi and Juncker met until midnight, and technical staff resumed work early this morning, shows there is still political will for a deal.The fact that Tsipras, Lagarde, Draghi and Juncker met until midnight, and technical staff resumed work early this morning, shows there is still political will for a deal.
But still:But still:
“If anything, the chances that these negotiations will fail have increased over the last 24 hours.”“If anything, the chances that these negotiations will fail have increased over the last 24 hours.”
8.54am BST08:548.54am BST08:54
8.39am BST08:398.39am BST08:39
Athens stock market fallsAthens stock market falls
The Greek stock market has just opened....and shares are, unsurprisingly, falling fast.The Greek stock market has just opened....and shares are, unsurprisingly, falling fast.
Bank shares have dropped by 5%, helping to drag the main ATG index down by almost 2%.Bank shares have dropped by 5%, helping to drag the main ATG index down by almost 2%.
Updated at 8.39am BSTUpdated at 8.39am BST
8.33am BST08:338.33am BST08:33
Europe’s stock markets have fallen a little in early trading, extending yesterday’s losses.Europe’s stock markets have fallen a little in early trading, extending yesterday’s losses.
Connor Campbell, financial analyst at Spreadex, says:Connor Campbell, financial analyst at Spreadex, says:
The markets are slightly more tentative this morning as another Greece dominant day looms...The markets are slightly more tentative this morning as another Greece dominant day looms...
An unhappy IMF on one side, which wants stronger pension reforms instead of a reliance on raised taxes, and an angry Greek government on the other means Tsipras, and Greece is general, is caught between the proverbial rock and a hard place as judgement day (i.e. a whopping €1.6bn payment to the Washington-based institution) grows ever closer.An unhappy IMF on one side, which wants stronger pension reforms instead of a reliance on raised taxes, and an angry Greek government on the other means Tsipras, and Greece is general, is caught between the proverbial rock and a hard place as judgement day (i.e. a whopping €1.6bn payment to the Washington-based institution) grows ever closer.
8.27am BST08:278.27am BST08:27
Greece and its creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting (which ended so early yesterday)Greece and its creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting (which ended so early yesterday)
8.21am BST08:218.21am BST08:21
Over in Brussels, MNI reporter Simon Marks has spotted Alexis Tsipras arriving back at the European Commission for more talks with the IMF, ECB and EC:Over in Brussels, MNI reporter Simon Marks has spotted Alexis Tsipras arriving back at the European Commission for more talks with the IMF, ECB and EC:
And the main man-@tsipras_eu has entered the ring. pic.twitter.com/v8LwofhiKxAnd the main man-@tsipras_eu has entered the ring. pic.twitter.com/v8LwofhiKx
8.14am BST08:148.14am BST08:14
Analysts at Royal Bank of Scotland reckon a deal probably won’t be reached today:Analysts at Royal Bank of Scotland reckon a deal probably won’t be reached today:
EU sources have been reported as saying that logistically Sat is deadline for negotiations if #IMF payment on Jun30th is to be made on time.EU sources have been reported as saying that logistically Sat is deadline for negotiations if #IMF payment on Jun30th is to be made on time.
RBS on #Greece negotiations: Our baseline (50%) continues to be that there will be an agreement before Tuesday but not likely today.RBS on #Greece negotiations: Our baseline (50%) continues to be that there will be an agreement before Tuesday but not likely today.
RBS: We certainly cannot rule out that a Greek deal only follows after missed IMF payment, change in Greek govt composition or cap controls.RBS: We certainly cannot rule out that a Greek deal only follows after missed IMF payment, change in Greek govt composition or cap controls.
8.06am BST08:068.06am BST08:06
Greek government: we're being blackmailedGreek government: we're being blackmailed
A senior official of Greece’s ruling Syriza party has claimed that creditors are trying to “blackmail” the country.A senior official of Greece’s ruling Syriza party has claimed that creditors are trying to “blackmail” the country.
Nikos Filis, the ruling Syriza party’s parliamentary spokesman, told Mega TV that:Nikos Filis, the ruling Syriza party’s parliamentary spokesman, told Mega TV that:
“The lenders’ demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax.”“The lenders’ demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax.”
Filis added that Greece is adamant that lenders must embrace the issue of debt relief:Filis added that Greece is adamant that lenders must embrace the issue of debt relief:
“There cannot be a deal without a substantial reference and specific steps on the issue of debt.”“There cannot be a deal without a substantial reference and specific steps on the issue of debt.”
(Thanks to Reuters for the quotes)(Thanks to Reuters for the quotes)
Updated at 8.45am BSTUpdated at 8.45am BST
7.58am BST07:587.58am BST07:58
Europe’s indefatigably optimistic economics affairs commissioner, Pierre Moscovoci, has tweeted that “Where there is a will, there is a way”.Europe’s indefatigably optimistic economics affairs commissioner, Pierre Moscovoci, has tweeted that “Where there is a will, there is a way”.
Là où il y a une volonté, il y a un cheminLà où il y a une volonté, il y a un chemin
That phrase was used by Angela Merkel earlier this month; wonder if she still agrees....That phrase was used by Angela Merkel earlier this month; wonder if she still agrees....
Updated at 9.15am BSTUpdated at 9.15am BST
7.51am BST07:517.51am BST07:51
Introduction: Here we go again (again)Introduction: Here we go again (again)
Good morning.Good morning.
Last ditch talks. Going to the wire. Groundhog Day. Pick your cliché, because it’s going to be another one of those moments.Last ditch talks. Going to the wire. Groundhog Day. Pick your cliché, because it’s going to be another one of those moments.
Greece and its creditors are hunkering down for another attempt to reach an agreement over its bailout package, which expires in just six days.Greece and its creditors are hunkering down for another attempt to reach an agreement over its bailout package, which expires in just six days.
Technical teams are already at their desks working away.Technical teams are already at their desks working away.
And soon, Greece’s prime minister, Alexis Tsipras, will meet with IMF managing director Christine Lagarde, ECB president Mario Draghi, and European Commission president Jean-Claude Juncker. Those talks are expected to start at 9am Brussels time, or 8am BST.And soon, Greece’s prime minister, Alexis Tsipras, will meet with IMF managing director Christine Lagarde, ECB president Mario Draghi, and European Commission president Jean-Claude Juncker. Those talks are expected to start at 9am Brussels time, or 8am BST.
They can’t have had much sleep -- emergency talks between the quartet lasted until after midnight. Juncker still had enough energy to wave at our Europe editor, Ian Traynor - which must be a good sign.They can’t have had much sleep -- emergency talks between the quartet lasted until after midnight. Juncker still had enough energy to wave at our Europe editor, Ian Traynor - which must be a good sign.
Juncker has left the building. He waved at @traynorbrussels. Really. He did pic.twitter.com/URGMlyK4FkJuncker has left the building. He waved at @traynorbrussels. Really. He did pic.twitter.com/URGMlyK4Fk
The meeting ended in the early hours of Thursday with Greece “remaining firm on its position” according to a Greek government official.The meeting ended in the early hours of Thursday with Greece “remaining firm on its position” according to a Greek government official.
The two sides are really struggling to close the yawning gap over the measures Greece must take to obtain bailout funds.The two sides are really struggling to close the yawning gap over the measures Greece must take to obtain bailout funds.
As we covered yesterday, the IMF refuses to accept Athens’ plan to raise €8bn mainly through tax rises, and is demanding much tougher pension reforms.As we covered yesterday, the IMF refuses to accept Athens’ plan to raise €8bn mainly through tax rises, and is demanding much tougher pension reforms.
Related: Alexis Tsipras's homework has been thrown back in his faceRelated: Alexis Tsipras's homework has been thrown back in his face
Today’s goal is to make serious progress this morning, so that eurozone finance ministers have a proposal to sign off when they meet - for the fourth time in a week - at 1pm Brussels time (or noon BST)Today’s goal is to make serious progress this morning, so that eurozone finance ministers have a proposal to sign off when they meet - for the fourth time in a week - at 1pm Brussels time (or noon BST)
Greek talks to resume today at 0800BST in order to construct new proposals, which can be presented at the Eurogroup summit 1200BSTGreek talks to resume today at 0800BST in order to construct new proposals, which can be presented at the Eurogroup summit 1200BST
Then, EU leaders gather for a two-day summit this evening that was meant to focus on the migration crisis, and Britain’s renegotiation plans. Greece, though, could hijack the event, with Tsipras’s insisting that Greece must be given debt relief.Then, EU leaders gather for a two-day summit this evening that was meant to focus on the migration crisis, and Britain’s renegotiation plans. Greece, though, could hijack the event, with Tsipras’s insisting that Greece must be given debt relief.
Morning from Brussels where multiple crises collide: med migrant crisis, Grexit & Brexit. #EUco Summit in 1 building. next door Greek talksMorning from Brussels where multiple crises collide: med migrant crisis, Grexit & Brexit. #EUco Summit in 1 building. next door Greek talks
We’ll be tracking all the events through the day....We’ll be tracking all the events through the day....
Updated at 8.19am BSTUpdated at 8.19am BST