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| Version 1 | Version 2 |
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| Greece awaits ECB decision on emergency aid | Greece awaits ECB decision on emergency aid |
| (about 3 hours later) | |
| Greece is waiting to hear whether it will be granted emergency aid from the European Central Bank, as it scrambles to pay wages and pensions without the financial lifeline of an EU bailout. | Greece is waiting to hear whether it will be granted emergency aid from the European Central Bank, as it scrambles to pay wages and pensions without the financial lifeline of an EU bailout. |
| The country is insolvent and almost bankrupt after five years of €240bn (£170bn) in European bailouts dried up at the stroke of midnight and it became the first EU member to default on its creditors. | The country is insolvent and almost bankrupt after five years of €240bn (£170bn) in European bailouts dried up at the stroke of midnight and it became the first EU member to default on its creditors. |
| Related: Greek debt crisis: creditors consider next moves after IMF default – live | Related: Greek debt crisis: creditors consider next moves after IMF default – live |
| On Tuesday, Greece missed a deadline to make a €1.5bn payment to the International Monetary Fund, dealing a historic blow to a Europe committed to the irreversibility of its 16-year-old single currency. | On Tuesday, Greece missed a deadline to make a €1.5bn payment to the International Monetary Fund, dealing a historic blow to a Europe committed to the irreversibility of its 16-year-old single currency. |
| Attention is turning to the ECB, which has poured €89bn into the Greek financial system in recent months to keep banks afloat. The Greek government will be waiting to hear whether the ECB will extend this credit line when the bank’s decision-making governing council meets later on Wednesday in Frankfurt, Germany. | Attention is turning to the ECB, which has poured €89bn into the Greek financial system in recent months to keep banks afloat. The Greek government will be waiting to hear whether the ECB will extend this credit line when the bank’s decision-making governing council meets later on Wednesday in Frankfurt, Germany. |
| A weekend request from Athens to extend emergency liquidity funding by €6bn was turned down by the ECB. Some analysts think the bank may prefer to do nothing rather than risk charges of political interference. | A weekend request from Athens to extend emergency liquidity funding by €6bn was turned down by the ECB. Some analysts think the bank may prefer to do nothing rather than risk charges of political interference. |
| Eurozone finance ministers are due to hold a conference call at 5.30pm (4.30pm BST/6.30pm Athens) to discuss the Greek situation, but are not expected to re-open talks with Greece ahead of the country’s referendum on Sunday. Talks were pushed back by six hours at the request of several ministers. | |
| In the hastily organised referendum that triggered the breakdown of talks, Greeks are being asked to vote on creditors’ bailout terms that are no longer on the table. Athens is campaigning for a no vote, while eurozone leaders have insisted the choice is between staying in the euro or reverting to the drachma. | In the hastily organised referendum that triggered the breakdown of talks, Greeks are being asked to vote on creditors’ bailout terms that are no longer on the table. Athens is campaigning for a no vote, while eurozone leaders have insisted the choice is between staying in the euro or reverting to the drachma. |
| A poll published on Wednesday showed the lead for the no side narrowed after capital controls were introduced at the weekend. | A poll published on Wednesday showed the lead for the no side narrowed after capital controls were introduced at the weekend. |
| The ProRata institute poll, published in the Efimerida ton Syntatkton newspaper and reported by Reuters, showed 54% of those planning to vote would oppose the bailout against 33% in favour. But among those polled after the introduction of capital controls, only 46% planned to vote no. | The ProRata institute poll, published in the Efimerida ton Syntatkton newspaper and reported by Reuters, showed 54% of those planning to vote would oppose the bailout against 33% in favour. But among those polled after the introduction of capital controls, only 46% planned to vote no. |
| The strongest support for a no vote comes from voters for the ruling hard-left Syriza party (77%), the far-right Golden Dawn (80%) and the Communists (57%). In contrast 65% of people who support the the traditional parties of the centre-right and centre-left, New Democracy and Pasok, plan to vote yes, as do 68% of voters supporting the centrist To Potami faction. | |
| On a day of feverish rumours and hectic telephone diplomacy, eurozone finance ministers decided that a last-ditch offer from Athens was too little, too late. With less than nine hours to go before Greece’s financial lifeline vanished, the government of Alexis Tispras called for a two-year loan from the eurozone totalling €29.1bn, debt relief, as well as a temporary extension of its bailout to avoid missing the IMF payment. | On a day of feverish rumours and hectic telephone diplomacy, eurozone finance ministers decided that a last-ditch offer from Athens was too little, too late. With less than nine hours to go before Greece’s financial lifeline vanished, the government of Alexis Tispras called for a two-year loan from the eurozone totalling €29.1bn, debt relief, as well as a temporary extension of its bailout to avoid missing the IMF payment. |
| At a last-minute meeting of eurozone finance ministers, the Greek finance minister Yanis Varoufakis offered to cancel Sunday’s referendum, if the eurogroup agreed to the terms. | At a last-minute meeting of eurozone finance ministers, the Greek finance minister Yanis Varoufakis offered to cancel Sunday’s referendum, if the eurogroup agreed to the terms. |
| The German chancellor, Angela Merkel, had already decided there would be no new negotiations until the referendum takes place. | The German chancellor, Angela Merkel, had already decided there would be no new negotiations until the referendum takes place. |
| During the Tuesday evening conference call, eurozone ministers decided there was not enough time to ratify the Greek plan in the Athens’ parliament or the German Bundestag. They also felt that the numbers no longer made sense because the Greek economy had deteriorated further since the imposition of capital controls. | During the Tuesday evening conference call, eurozone ministers decided there was not enough time to ratify the Greek plan in the Athens’ parliament or the German Bundestag. They also felt that the numbers no longer made sense because the Greek economy had deteriorated further since the imposition of capital controls. |
| The collapse of talks means Greece has lost not only a €7.2bn tranche of bailout funds, but €10.9bn that could have been used to recapitalise its cash-starved banks. | The collapse of talks means Greece has lost not only a €7.2bn tranche of bailout funds, but €10.9bn that could have been used to recapitalise its cash-starved banks. |
| Being on the IMF’s list of countries “in arrears” – along with Sudan, Somalia and Zimbabwe – means Greece also loses the €16.6bn it could have got from the fund by March 2016 if it completed its bailout. | Being on the IMF’s list of countries “in arrears” – along with Sudan, Somalia and Zimbabwe – means Greece also loses the €16.6bn it could have got from the fund by March 2016 if it completed its bailout. |
| Greece needs to find about €9.3bn to pay debts falling due to the IMF, the ECB and some private creditors over the summer, but this sum does not include the bill for public sector wages and pensions. The next big milestone is a €3.5bn debt repayment to the ECB on 20 July. | Greece needs to find about €9.3bn to pay debts falling due to the IMF, the ECB and some private creditors over the summer, but this sum does not include the bill for public sector wages and pensions. The next big milestone is a €3.5bn debt repayment to the ECB on 20 July. |
| Observers reported chaotic scenes in streets in Greece this morning, with pensioners queuing to withdraw their monthly pension from a limited number of banks open specifically for that reason. | Observers reported chaotic scenes in streets in Greece this morning, with pensioners queuing to withdraw their monthly pension from a limited number of banks open specifically for that reason. |