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Greek crisis: Creditors give Alexis Tsipras an ultimatum - live updates Greek crisis: Creditors give Alexis Tsipras an ultimatum - live updates
(35 minutes later)
11.03am BST11:03
Belgian police waits for tsipras @la_stampa pic.twitter.com/p3KgsmQKjW
11.01am 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.
Regling 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 out
10.58am 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.
Useful summary of where the #Greece talks might go from here by David Mackie at JP Morgan: pic.twitter.com/cpKRkTL51s
10.56am BST10:56
Austria: 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.
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.
Schelling made the comments as he arrived at the Commission HQ for this afternoon’s eurogroup meeting
Reuters snapped the key points:
#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....
Austria's Schelling says Eurogroup delayed by 30 mins
Updated at 11.00am BST
10.46am BST10:46
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. #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.
Deal 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 BST10:35
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.
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 a request for more emergency liquidity for 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 10.22am BST Updated 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