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Greece debt crisis: Eurozone ministers to decide on bailout Greece debt crisis: Eurozone predicts tough talks
(about 1 hour later)
Eurozone finance chiefs are gathering in Brussels for a meeting that could decide whether new Greek proposals are sufficient to secure a third bailout and prevent a possible eurozone exit. Eurozone finance chiefs have warned of tough negotiations ahead as they meet to decide whether Greece's new reform proposals merit a third debt bailout.
Eurogroup chief Jeroen Dijsselbloem warned of a tough meeting ahead, saying there is a "major issue of trust" over Greece's ability to implement reforms. Germany's Finance Minister Wolfgang Schaeuble said the talks would be "extremely difficult", while Eurogroup chief Jeroen Dijsselbloem said there was "major issue of trust" with Greece.
Greece's parliament overnight backed PM Alexis Tsipras's new proposals.Greece's parliament overnight backed PM Alexis Tsipras's new proposals.
The plan includes measures that were rejected in last Sunday's referendum. The plan includes measures rejected in last Sunday's referendum in Greece.
Some members of Mr Tsipras's own Syriza party voted against the proposals in anger at his apparent U-turn.
Follow the latest updates hereFollow the latest updates here
The creditors - the European Commission, European Central Bank and International Monetary Fund - have sent a first joint assessment to the eurozone ministers. As the 19 eurozone ministers gathered in Brussels to discuss Greece's plans, many said they remained to be convinced that Athens would follow through on its proposals.
"Under certain conditions, they jointly see the proposals as a basis for negotiation," an EU official told Reuters.
Analysis: Chris Morris, BBC Europe correspondentAnalysis: Chris Morris, BBC Europe correspondent
Technical experts from the EU and the IMF have recommended that Greece's latest proposals for economic reforms and budget cuts can be a basis for negotiating a new international bailout.Technical experts from the EU and the IMF have recommended that Greece's latest proposals for economic reforms and budget cuts can be a basis for negotiating a new international bailout.
That's an important step, and if approved it should be enough to prevent Greece sliding into bankruptcy. But eurozone finance ministers will also want to have their say, and opinion is divided.That's an important step, and if approved it should be enough to prevent Greece sliding into bankruptcy. But eurozone finance ministers will also want to have their say, and opinion is divided.
Some countries are optimistic: they believe Greece has at the eleventh hour come up with a serious and credible plan. Others are much less certain.Some countries are optimistic: they believe Greece has at the eleventh hour come up with a serious and credible plan. Others are much less certain.
A huge lack of trust has developed over the past few months, and there are grave doubts in many countries about whether Greece will ever implement many of these reforms even if they are agreed on paper.A huge lack of trust has developed over the past few months, and there are grave doubts in many countries about whether Greece will ever implement many of these reforms even if they are agreed on paper.
Will a deal be reached?Will a deal be reached?
Why did Greece hold a referendum?Why did Greece hold a referendum?
Did Greeks really fail to pay 89.5% of taxes?Did Greeks really fail to pay 89.5% of taxes?
Greece is asking creditors for €53.5bn ($59.47bn; £38.4bn) to cover Greece's debts until 2018, but the amount of the new bailout could reach €74bn, as Greece is seeking a restructuring of its massive debt, which it says is unsustainable. "There are many concerns, quite a bit of criticism both on the content of the proposals, but also on the even more difficult issue of trust," Mr Dijsselbloem said.
"How can we really expect this government to implement what it's now promising. I thing it's going to be quite a difficult meeting."
Mr Schaeuble was blunt: "We will definitely not be able to rely on promises."
France, which has been more positive towards Greece's latest proposals, said it would play a mediating role in Saturday's meeting.
But Finance Minister Michel Sapin conceded that ministers needed "to have confidence again, to have certainty that decisions which are spoken of are decisions which are actually taken".
The job of convincing the ministers has fallen to Greece's new Finance Minister Euclid Tsakalotos, who has replaced Yanis Varoufakis.
Greece is asking creditors for €53.5bn ($59.47bn; £38.4bn) to cover Greece's debts until 2018, but the amount of the new bailout could reach €74bn, as Greece is seeking a restructuring of its massive debt, which it says is unsustainable.
Of the €74bn, €58bn could come from the EU's bailout fund, the European Stability Mechanism, with €16bn from the IMF, sources said.Of the €74bn, €58bn could come from the EU's bailout fund, the European Stability Mechanism, with €16bn from the IMF, sources said.
Greece's creditors have already provided more than €200bn in two bailouts over the past five years. The second expired on 30 June, when Greece fell into arrears on an IMF loan.Greece's creditors have already provided more than €200bn in two bailouts over the past five years. The second expired on 30 June, when Greece fell into arrears on an IMF loan.
A euro working group held a technical review of the new proposals in Brussels on Saturday morning. The creditors - the European Commission, European Central Bank and International Monetary Fund - sent a first joint assessment to the eurozone ministers on Thursday.
The 19 eurozone finance ministers will now review the proposals and decide whether they form the basis for a new loan deal, and whether to supply Greece with interim funding. "Under certain conditions, they jointly see the proposals as a basis for negotiation," an EU official told Reuters.
There will then be a meeting of Eurogroup leaders in Brussels on Sunday afternoon, followed two hours later by a full meeting of EU leaders.
Although the new package has drawn support from the likes of France and Italy, the reaction from Germany, which is more exposed to Greek debt, has been more subdued.
One EU source told Agence France-Presse the new Greek plan stood only a "50-50" chance of approval on Saturday.
Crisis countdownCrisis countdown
Will EU leaders choose Grexit?Will EU leaders choose Grexit?
How has austerity affected the eurozone?How has austerity affected the eurozone?
Ripple effect of crisis reaches GeorgiaRipple effect of crisis reaches Georgia
Following the eurozone finance ministers summit, Eurogroup leaders will meet in Brussels on Sunday afternoon, followed two hours later by a full meeting of EU leaders.
Without a deal, Greece risks crashing out of the euro.Without a deal, Greece risks crashing out of the euro.
Banks have been closed for two weeks now and a €60 (£43; $66) daily limit on cash machine withdrawals, imposed on 28 June, remains in force for Greek citizens. Many people say they have only been able to withdraw €50, as there are no smaller denomination notes.Banks have been closed for two weeks now and a €60 (£43; $66) daily limit on cash machine withdrawals, imposed on 28 June, remains in force for Greek citizens. Many people say they have only been able to withdraw €50, as there are no smaller denomination notes.
The measures submitted in the new Greek document include:The measures submitted in the new Greek document include:
Many of the ideas had previously been opposed by Mr Tsipras - and when put to the Greeks in a referendum last Sunday were soundly rejected.Many of the ideas had previously been opposed by Mr Tsipras - and when put to the Greeks in a referendum last Sunday were soundly rejected.
The prime minister admitted that the package "entails many proposals that are far from our pledges, from what we feel is right for the recovery of the economy" and were only "marginally better" than proposals put forward by the creditors last month. Despite this, the reform proposals won cross-party support in Greece's parliament, with 251 of the 300 MPs voting in the early hours of Saturday to back the plan.
Mr Tsipras has admitted that the package "entails many proposals that are far from our pledges, from what we feel is right for the recovery of the economy" and were only "marginally better" than proposals put forward by the creditors last month.
The BBC's Mark Lowen in Athens says the package is a major climbdown for the prime minister.The BBC's Mark Lowen in Athens says the package is a major climbdown for the prime minister.
Some members of his own Syriza party voted against the proposals in last night's vote in anger at his apparent U-turn.
At the scene: Jasmine Coleman, BBC News, AthensAt the scene: Jasmine Coleman, BBC News, Athens
Punters are watching for their numbers on TV screens outside a betting cafe in central Athens. Next to broadcasts of motorbike racing, lottery draws and athletics, TV commentators give the latest on the debt crisis.Punters are watching for their numbers on TV screens outside a betting cafe in central Athens. Next to broadcasts of motorbike racing, lottery draws and athletics, TV commentators give the latest on the debt crisis.
But George Vassis, 45, is not betting on the politics. "Who knows what will happen?" he asks. Like many here, he is weary after months of talks and economic decline.But George Vassis, 45, is not betting on the politics. "Who knows what will happen?" he asks. Like many here, he is weary after months of talks and economic decline.
He runs a business information company and wants an end to the current deadlock. "Something must be done. The measures the government is offering are bad, but it's the only way to go forward."He runs a business information company and wants an end to the current deadlock. "Something must be done. The measures the government is offering are bad, but it's the only way to go forward."
Mr Tsipras has faced backlash to his proposals, but for George much of the damage has already been done. His company will have to make redundancies either way - he is just waiting to find out how many.Mr Tsipras has faced backlash to his proposals, but for George much of the damage has already been done. His company will have to make redundancies either way - he is just waiting to find out how many.
All Greek to you? Debt jargon explainedAll Greek to you? Debt jargon explained
How easy is it to swap currencies?How easy is it to swap currencies?