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Greece debt crisis: EU summit cancelled as talks continue Greece debt crisis: EU summit cancelled as talks continue
(about 1 hour later)
A summit of all European Union members planned for Sunday has been cancelled as "very difficult" talks over a third bailout deal for Greece continue.A summit of all European Union members planned for Sunday has been cancelled as "very difficult" talks over a third bailout deal for Greece continue.
Eurozone finance ministers adjourned the talks last night and they have now resumed.Eurozone finance ministers adjourned the talks last night and they have now resumed.
European Council president Donald Tusk said a meeting of Eurogroup leaders would go ahead at 14:00GMT and "last until we conclude talks on Greece".European Council president Donald Tusk said a meeting of Eurogroup leaders would go ahead at 14:00GMT and "last until we conclude talks on Greece".
Without a deal, it is feared Greece could crash out of the euro.Without a deal, it is feared Greece could crash out of the euro.
The BBC's Jonny Dymond in Brussels says that rarely have EU meetings been cancelled at such short notice and with such a terse announcement.The BBC's Jonny Dymond in Brussels says that rarely have EU meetings been cancelled at such short notice and with such a terse announcement.
Marathon talks on Saturday had ended without agreement and Eurogroup leader Jeroen Dijsselbloem described negotiations as "very difficult".Marathon talks on Saturday had ended without agreement and Eurogroup leader Jeroen Dijsselbloem described negotiations as "very difficult".
"We have had an in-depth discussion of the Greek proposals, the issue of credibility and trust was discussed and also of course financial issues involved, but we haven't concluded our discussions," Mr Dijsselbloem, who heads the Eurogroup of finance ministers, told reporters."We have had an in-depth discussion of the Greek proposals, the issue of credibility and trust was discussed and also of course financial issues involved, but we haven't concluded our discussions," Mr Dijsselbloem, who heads the Eurogroup of finance ministers, told reporters.
"It is still very difficult but work is in progress.""It is still very difficult but work is in progress."
Talks resumed at 09:00 GMT.Talks resumed at 09:00 GMT.
Analysis: Robert Peston, BBC economics editor Analysis: Jenny Hill, BBC News, Brussels
One rather chilling thing I've learned, from well-placed bankers, is there have been no conversations between the Bank of Greece, the government or regulators and Greece's commercial banks about the technicalities of leaving the euro and adopting a new currency. The heads of all 28 EU member states would have faced two scenarios this evening. Either talking about the political implications of a deal struck by the eurozone finance ministers with Greece or, if talks failed, managing the fallout and discussing the implications of a possible "Grexit".
This is astonishing - and some would say pretty close to criminal - given that on Wednesday night the president of the European Union, Donald Tusk, was explicit that this weekend's negotiations were all about whether Greece would stay in the eurozone. So the cancellation of the summit could be interpreted in two different ways. The first - that talks are going so badly that there's no point in flying Europe's leaders in to discuss a deal that won't happen today.
"There have been absolutely no talks with the authorities on what we would do if we leave the euro - no technical preparations, nothing that we are aware of," said one senior banker. But under those circumstances you'd expect leaders to gather for emergency talks. Which is why some here interpret the cancellation as a positive sign; it implies that, while a deal is still a long way off, the will to strike that deal - today - is there, even if the negotiations have been slow, painful and at times bad-tempered.
He added, just in case I was in any doubt about the impact of leaving the euro on the Greek banks: "If it does happen, well I have no idea how and whether we would ever reopen". Robert Peston: Could euro survive a temporary Greek exit?
Read more from Robert The ministers have reportedly discussed in detail the option of easing Greece's debt burden as long as Athens enacts legislation immediately to reform taxation, pensions and administration. There will be no write-down of debt.
European Commission Vice President Valdis Dombrovskis said it was "utterly unlikely" a mandate would be achieved in Sunday's meeting to start formal negotiations on the third bailout. But the talks remain complex and European Commission Vice President Valdis Dombrovskis said it was "utterly unlikely" a mandate would be achieved in Sunday's meeting to start formal negotiations on the third bailout.
Slovakian Finance Minister Peter Kazimir was similarly downbeat, saying: "It's not possible to reach a deal today. We can agree on certain recommendations for the heads of state. That's all. The breach of trust... it's so big, it's not possible to achieve the deal."Slovakian Finance Minister Peter Kazimir was similarly downbeat, saying: "It's not possible to reach a deal today. We can agree on certain recommendations for the heads of state. That's all. The breach of trust... it's so big, it's not possible to achieve the deal."
Finnish Finance Minister Alexander Stubb said he was "still hopeful" of a deal but that on a scale of one to 10, Greece and its eurozone partners were "somewhere between three and four" on achieving a deal.Finnish Finance Minister Alexander Stubb said he was "still hopeful" of a deal but that on a scale of one to 10, Greece and its eurozone partners were "somewhere between three and four" on achieving a deal.
Reports on Saturday suggested that German ministers were drawing up a plan that would allow Greece to exit the eurozone temporarily if this weekend's talks fail - something Athens says it is not aware of.Reports on Saturday suggested that German ministers were drawing up a plan that would allow Greece to exit the eurozone temporarily if this weekend's talks fail - something Athens says it is not aware of.
Dimitrios Papadimoulis, vice-president of the European Parliament and a member of Greece's ruling Syriza party, reacted angrily to the eurozone's approach in the talks so far.Dimitrios Papadimoulis, vice-president of the European Parliament and a member of Greece's ruling Syriza party, reacted angrily to the eurozone's approach in the talks so far.
"What is at play here is an attempt to humiliate Greece and Greeks, or to overthrow the [Alexis] Tsipras government," he said."What is at play here is an attempt to humiliate Greece and Greeks, or to overthrow the [Alexis] Tsipras government," he said.
The measures submitted in the latest Greek document include:The measures submitted in the latest Greek document include:
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?
ReferendumReferendum
Greece is asking creditors for €53.5bn ($59.47bn; £38.4bn) to cover its debts until 2018.Greece is asking creditors for €53.5bn ($59.47bn; £38.4bn) to cover its debts until 2018.
However, the amount of the new bailout could reach €74bn as Greece seeks a restructuring of its massive debt, which it says is unsustainable.However, the amount of the new bailout could reach €74bn as Greece seeks 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 have said.Of the €74bn, €58bn could come from the EU's bailout fund, the European Stability Mechanism, with €16bn from the IMF, sources have said.
The Greek government this week set out a new list of austerity measures to try to secure the bailout - many of which had been rejected by the Greek people in a referendum last Sunday.The Greek government this week set out a new list of austerity measures to try to secure the bailout - many of which had been rejected by the Greek people in a referendum last Sunday.
Greek Finance Minister Euclid Tsakalotos is attending the talks in Brussels, trying to convince his counterparts that his government can be trusted to push through its economic reform plan.Greek Finance Minister Euclid Tsakalotos is attending the talks in Brussels, trying to convince his counterparts that his government can be trusted to push through its economic reform plan.
As the talks drag on, Greece's financial situation is close to collapse.
Greece fell into arrears on an International Monetary Fund repayment on 20 June and faces a €3bn payment to the European Central Bank on 20 July.
Banks have been closed for two weeks and a €60 daily limit on cash machine withdrawals, imposed on 28 June, remains in force for Greek citizens.
Economy Minister Giorgos Stathakis told the BBC that if there was a deal, banks could reopen within the week, but he admitted it could take a "few months" to remove capital controls.
Are you in Greece? What is your reaction to the latest developments? Are you planning to travel to Greece this summer? Email haveyoursay@bbc.co.uk with your story.Are you in Greece? What is your reaction to the latest developments? Are you planning to travel to Greece this summer? Email haveyoursay@bbc.co.uk with your story.
Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: