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| Greece debt crisis: Athens offered 'temporary Grexit' if no deal - live updates | Greece debt crisis: Athens offered 'temporary Grexit' if no deal - live updates |
| (35 minutes later) | |
| 7.24pm BST19:24 | |
| Official: Tsipras given "mental waterboarding" over reform plans | |
| Alexis Tsipras was given a very rough ride in his meeting with Tusk, Merkel and Hollande, our Europe editor Ian Traynor reports. | |
| Tsipras was told that Greece will either become an effective “ward” of the eurozone, by agreeing to immediately implement swift reforms this week. | |
| Or, it leaves the euro area and watches its banks collapse. | |
| One official dubbed it “extensive mental waterboarding”, in an attempt to make the Greek PM fall into line. | |
| An unpleasant image, that highlights just how far we have now fallen from those European standards of solidarity and unity. | |
| #greece merkel/holland session with tsipras said to resemble 'extensive mental waterboarding' - top official | |
| #greece #euco tsipras' choice - a ward of the eurozone or on yr own, banking collapse, euro-less | |
| And what on earth is Tsipras going to do? Capitulate, or walk away? | |
| Teneo Intelligence's latest on #GREECE: Asked to surrender, the risk is that Tsipras walks out pic.twitter.com/utNEUZGRll | |
| 7.04pm BST19:04 | |
| By our reckoning, there are four eurozone members who believe Greece should stay in the euro at all costs, five more who’d like to avoid Grexit if possible, and nine who are open to the idea: | |
| 6.56pm BST18:56 | 6.56pm BST18:56 |
| Economics professor Karl Whelan, of University College Dublin, believes the proposal for ‘temporary Grexit’ shows that Germany is determined to get Greece out of the eurozone. | Economics professor Karl Whelan, of University College Dublin, believes the proposal for ‘temporary Grexit’ shows that Germany is determined to get Greece out of the eurozone. |
| He’s tweeted his thoughts: | He’s tweeted his thoughts: |
| 1. The inclusion (in brackets so not agreed) of the temporary exit option shows that this is still the German position. | 1. The inclusion (in brackets so not agreed) of the temporary exit option shows that this is still the German position. |
| 2. This document is going to heads of state. It is not credible that this is not the agreed German government position i.e just Schäuble's. | 2. This document is going to heads of state. It is not credible that this is not the agreed German government position i.e just Schäuble's. |
| 3. No haircuts inside euro but a "possible restructuring" if Grexit is a huge sweetener designed to boost support for Grexit in Greece. | 3. No haircuts inside euro but a "possible restructuring" if Grexit is a huge sweetener designed to boost support for Grexit in Greece. |
| 4. The offer of restructuring outside the euro but not inside has got nothing to do with the provisions of the Treaty. | 4. The offer of restructuring outside the euro but not inside has got nothing to do with the provisions of the Treaty. |
| 5. Germany has an effective veto on ESM loan agreements. German strategy appears to be to set conditions that won't be met and force Grexit. | 5. Germany has an effective veto on ESM loan agreements. German strategy appears to be to set conditions that won't be met and force Grexit. |
| 6.53pm BST18:53 | 6.53pm BST18:53 |
| The eurozone summit is restarting shortly, according to Cyprus government spokesperson Nikos Christodoulides. | The eurozone summit is restarting shortly, according to Cyprus government spokesperson Nikos Christodoulides. |
| 6.52pm BST18:52 | 6.52pm BST18:52 |
| The proposal that Greece hands over €50bn of state assets has gone down predictably badly: | The proposal that Greece hands over €50bn of state assets has gone down predictably badly: |
| An EU entity set up to seize "naughty" EZ state's assets. And rest of EZ not only didn't fight it, but demanded it! Game-set-match, Germany. | An EU entity set up to seize "naughty" EZ state's assets. And rest of EZ not only didn't fight it, but demanded it! Game-set-match, Germany. |
| can't even say we're going to hell in a handbasket because the germans will probably seize it as part of the €50bn valued assets. #Greece | can't even say we're going to hell in a handbasket because the germans will probably seize it as part of the €50bn valued assets. #Greece |
| 6.35pm BST18:35 | 6.35pm BST18:35 |
| The leaked proposal also suggests Greece hands over €50bn of “valuable Greek assets” over to eurozone authorities to be sold off over time! | The leaked proposal also suggests Greece hands over €50bn of “valuable Greek assets” over to eurozone authorities to be sold off over time! |
| That would kick in if Greece cannot deliver “a significantly speeded up” privatisation programme. | That would kick in if Greece cannot deliver “a significantly speeded up” privatisation programme. |
| It would be a remarkable loss of sovereignty, even for a country used to being overseen by officials from the IMF, ECB and EU for most of the last five years. | It would be a remarkable loss of sovereignty, even for a country used to being overseen by officials from the IMF, ECB and EU for most of the last five years. |
| 6.08pm BST18:08 | 6.08pm BST18:08 |
| Proposal: Greece to be offered euro time-out if no deal | Proposal: Greece to be offered euro time-out if no deal |
| The four-page proposal on the table tonight is now circulating in Brussels. | The four-page proposal on the table tonight is now circulating in Brussels. |
| It confirms that Greece could indeed by offered a ‘temporary’ exit from the eurozone if it doesn’t agree a deal with its creditors tonight. | It confirms that Greece could indeed by offered a ‘temporary’ exit from the eurozone if it doesn’t agree a deal with its creditors tonight. |
| [In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring]. | [In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring]. |
| Sky’s Ed Conway has helpfully uploaded all four pages. Turn straight to the last section to see the reference to a time-out. | Sky’s Ed Conway has helpfully uploaded all four pages. Turn straight to the last section to see the reference to a time-out. |
| Here’s the full 4pg eurogroup document on #Greece, inc “time-out”, total amt needed (€82-6bn) & reform proposals pic.twitter.com/sKUpbykcBX | Here’s the full 4pg eurogroup document on #Greece, inc “time-out”, total amt needed (€82-6bn) & reform proposals pic.twitter.com/sKUpbykcBX |
| The square brackets are important – that means that finance ministers couldn’t actually agree on this point, so have bumped it up to the leaders. | |
| This must be one of the “big issues” that Jeroen Dijsselbloem, Eurogroup president, said was unresolved as he arrived at the summit. | |
| If you’re just tuning in, this idea was proposed in a German finance ministry paper. Curiously, some ministers have said that Grexit wasn’t discussed at last night’s meeting … yet, there is the reference … | |
| #greece y'day word at €group was schaeuble's paper neither presented nor discussed. €group's 4pages to summit today replicate it almost all | #greece y'day word at €group was schaeuble's paper neither presented nor discussed. €group's 4pages to summit today replicate it almost all |
| But as we mentioned earlier, François Hollande dismissed the idea of a temporary Grexit as he arrived at the Summit. And many observers are unimpressed (or aghast) | |
| If a "time-out" Grexit clause is attached to ANY European document, Eurozone signs its death certificate: "death by time-out". | If a "time-out" Grexit clause is attached to ANY European document, Eurozone signs its death certificate: "death by time-out". |
| So will he cave in, or will Angela Merkel? | So will he cave in, or will Angela Merkel? |
| The meeting taking place now, between Tsipras, Donald, Merkel and Hollande is really crucial... | The meeting taking place now, between Tsipras, Donald, Merkel and Hollande is really crucial... |
| Updated at 7.13pm BST | |
| 5.36pm BST17:36 | 5.36pm BST17:36 |
| Tsipras, Merkel, Hollande and Tusk hold meeting | Tsipras, Merkel, Hollande and Tusk hold meeting |
| As I type, Donald Tusk, Alexis Tsipras, Angela Merkel and Francois Hollande are holding a top-level meeting to discuss the proposals. | As I type, Donald Tusk, Alexis Tsipras, Angela Merkel and Francois Hollande are holding a top-level meeting to discuss the proposals. |
| Διακοπή #EuroSummit -Τετραμερής συνάντηση @PrimeministerGR @atsipras - @fhollande - #Merkel - @eucopresident. #Greece pic.twitter.com/nn9JjzudUJ | Διακοπή #EuroSummit -Τετραμερής συνάντηση @PrimeministerGR @atsipras - @fhollande - #Merkel - @eucopresident. #Greece pic.twitter.com/nn9JjzudUJ |
| The Greek finance minister is also there, which means that Euclid is in a quadrilateral..... | The Greek finance minister is also there, which means that Euclid is in a quadrilateral..... |
| 5.24pm BST17:24 | 5.24pm BST17:24 |
| Finnish finance chief Alex Stubb has explained that Greece has just 72 hours to agree to the demands of its creditors. | Finnish finance chief Alex Stubb has explained that Greece has just 72 hours to agree to the demands of its creditors. |
| As he left the eurogroup, Stubb explained that ministers were demanding “far-reaching conditionality, on three counts: | As he left the eurogroup, Stubb explained that ministers were demanding “far-reaching conditionality, on three counts: |
| Number one, it needs to implement laws by July 15. Number two, tough conditions on for instance labour reforms and pensions and VAT and taxes. | Number one, it needs to implement laws by July 15. Number two, tough conditions on for instance labour reforms and pensions and VAT and taxes. |
| And then number three, quite tough measures also on for instance privatisation and privatisation funds. | And then number three, quite tough measures also on for instance privatisation and privatisation funds. |
| And the most important thing, he added, is that the whole package has to be approved by both the Greek government and the Greek parliament. | And the most important thing, he added, is that the whole package has to be approved by both the Greek government and the Greek parliament. |
| Let’s see if EU leaders come to the same conclusion tonight.... | Let’s see if EU leaders come to the same conclusion tonight.... |
| Updated at 5.25pm BST | Updated at 5.25pm BST |
| 5.09pm BST17:09 | 5.09pm BST17:09 |
| Ouch. This, according to Politico’s Tara Palmeri, is what the Eurogroup has proposed that Greece signs up to and passes into law, by Wednesday. | |
| Here's the list of reforms in the #Eurogroup draft that Greek government has to pass by Wednesday to get bailout pic.twitter.com/nEF8OmDBiA | Here's the list of reforms in the #Eurogroup draft that Greek government has to pass by Wednesday to get bailout pic.twitter.com/nEF8OmDBiA |
| Updated at 7.14pm BST | |
| 5.05pm BST17:05 | 5.05pm BST17:05 |
| Developments in Brussels: Eurozone leaders are taking a break from their discussions, to consult with advisors (and in Malta’s case, to tweet about it) | Developments in Brussels: Eurozone leaders are taking a break from their discussions, to consult with advisors (and in Malta’s case, to tweet about it) |
| #EuroSummit breaks for consultations. #Eurogroup document is most significant step so far. Need to focus on key points -JM | #EuroSummit breaks for consultations. #Eurogroup document is most significant step so far. Need to focus on key points -JM |
| #Eurozone Summit...long break for consultations...#Greece | #Eurozone Summit...long break for consultations...#Greece |
| 4.59pm BST16:59 | 4.59pm BST16:59 |
| Rather alarmingly, Germany’s proposal of a temporary Grexit has also made its way into the eurogroup conclusions: | Rather alarmingly, Germany’s proposal of a temporary Grexit has also made its way into the eurogroup conclusions: |
| If no agreement Greece should be offered swift negotiations on a time out from the euro via @IdafeMartin pic.twitter.com/HYnsn3BZ8q | If no agreement Greece should be offered swift negotiations on a time out from the euro via @IdafeMartin pic.twitter.com/HYnsn3BZ8q |
| The German finance ministry suggested this idea in a paper which leaked yesterday. The argument is that Greece can’t restructure its debts while a member of the eurozone. | The German finance ministry suggested this idea in a paper which leaked yesterday. The argument is that Greece can’t restructure its debts while a member of the eurozone. |
| But the idea is full of problems -- it completely sinks the idea that the eurozone is indivisible, and reduces it to a mere currency peg. | But the idea is full of problems -- it completely sinks the idea that the eurozone is indivisible, and reduces it to a mere currency peg. |
| Also, it’s hard to go back once you’re out: | Also, it’s hard to go back once you’re out: |
| Temporary Grexit is like temporary divorce. Most if not all end up being permanent. | Temporary Grexit is like temporary divorce. Most if not all end up being permanent. |
| I’m sure Francois Hollande will repeat his opposition to the idea tonight: | I’m sure Francois Hollande will repeat his opposition to the idea tonight: |
| 4.52pm BST16:52 | 4.52pm BST16:52 |
| Brussels reporters have got hold of the statement from the eurogroup, following today’s meeting of finance ministers. | Brussels reporters have got hold of the statement from the eurogroup, following today’s meeting of finance ministers. |
| And it shows that Greece needs fresh financing of up to €86bn over the next three years: | And it shows that Greece needs fresh financing of up to €86bn over the next three years: |
| Greece financing needs according to the EG draft pic.twitter.com/8dlCaY8vrp | Greece financing needs according to the EG draft pic.twitter.com/8dlCaY8vrp |
| The statement floats the possibility of restructuring Greece’s debt pile, but this wouldn’t be considered straight away. Full haircuts on the face value of Greek bonds isn’t an option. | The statement floats the possibility of restructuring Greece’s debt pile, but this wouldn’t be considered straight away. Full haircuts on the face value of Greek bonds isn’t an option. |
| The EG draft on the Greek debt: haircuts cannot be undertaken pic.twitter.com/5hxrJJdqGe | The EG draft on the Greek debt: haircuts cannot be undertaken pic.twitter.com/5hxrJJdqGe |
| 4.39pm BST16:39 | 4.39pm BST16:39 |
| Here’s a video clip of the leaders arriving at today’s summit on Greece: | Here’s a video clip of the leaders arriving at today’s summit on Greece: |
| 4.32pm BST16:32 | 4.32pm BST16:32 |
| Martin Schultz has also stated firmly that “Greece and its people must not be humiliated.’’ | Martin Schultz has also stated firmly that “Greece and its people must not be humiliated.’’ |
| And under questioning from journalists, he also agreed that foreign lenders were being “strict with Greece.” | And under questioning from journalists, he also agreed that foreign lenders were being “strict with Greece.” |
| Our Athens correspondent Helena Smith explored that point in today’s Observer, writing: | Our Athens correspondent Helena Smith explored that point in today’s Observer, writing: |
| After seeing my adopted country in freefall, after watching friends fret at the prospect of overnight impoverishment and weep at the indignity of bank closures and capital controls, it is impossible not to ask whether all – or any – of this was necessary. Did Greece need to get to this place? Did the economy need to die before our eyes for the government to declare that “honourable compromise” had been reached? In recent weeks, the spectre of chaos has haunted Greece. As Tsipras has pondered, primitive instincts have not been far away. | After seeing my adopted country in freefall, after watching friends fret at the prospect of overnight impoverishment and weep at the indignity of bank closures and capital controls, it is impossible not to ask whether all – or any – of this was necessary. Did Greece need to get to this place? Did the economy need to die before our eyes for the government to declare that “honourable compromise” had been reached? In recent weeks, the spectre of chaos has haunted Greece. As Tsipras has pondered, primitive instincts have not been far away. |
| For truth, five years on, has arrived in the form of a €13bn package of savings – the key to further financial assistance – that is so severe, so bitter-sweet in the wake of the hardship that this “war” has already caused, it is unclear what will follow...... | For truth, five years on, has arrived in the form of a €13bn package of savings – the key to further financial assistance – that is so severe, so bitter-sweet in the wake of the hardship that this “war” has already caused, it is unclear what will follow...... |
| Related: Was this humiliation of Greeks really necessary? | Related: Was this humiliation of Greeks really necessary? |
| 4.19pm BST16:19 | 4.19pm BST16:19 |
| Leaders are hard at work discussing Greece now, accompanied by some rather twee miniature flower arrangements: | Leaders are hard at work discussing Greece now, accompanied by some rather twee miniature flower arrangements: |
| Discussions on #Greece now underway at #EuroSummit pic.twitter.com/06sT4pdZQf | Discussions on #Greece now underway at #EuroSummit pic.twitter.com/06sT4pdZQf |
| Updated at 4.27pm BST | Updated at 4.27pm BST |
| 4.02pm BST16:02 | 4.02pm BST16:02 |
| European parliament president, Martin Schulz, is giving a press conference now, underlining the importance of a deal. | |
| We are now at a crossroads, he warns. | We are now at a crossroads, he warns. |
| There must be a decision tonight, and I hope it will be a positive decision. | There must be a decision tonight, and I hope it will be a positive decision. |
| Asked is EU reputation at stake if Greek government collapses, @MartinSchulz said "yes" #EUCO | Asked is EU reputation at stake if Greek government collapses, @MartinSchulz said "yes" #EUCO |
| Updated at 7.15pm BST | |
| 3.48pm BST15:48 | 3.48pm BST15:48 |
| Photos: Hugs as euro summit begins | Photos: Hugs as euro summit begins |
| Alexis Tsipras and Jean-Claude Juncker shared a friendly hug, as the start of today’s eurozone leaders summit. A sign of genuine progress? | Alexis Tsipras and Jean-Claude Juncker shared a friendly hug, as the start of today’s eurozone leaders summit. A sign of genuine progress? |
| Tsipras also spoke with other leaders. | Tsipras also spoke with other leaders. |
| He didn’t win a hug from Angela Merkel, but the two did speak, with François Hollande alongside. | |
| Belgian PM Charles Michel joined the group too: | Belgian PM Charles Michel joined the group too: |
| Updated at 7.15pm BST | |
| 3.39pm BST15:39 | 3.39pm BST15:39 |
| Austria’s finance minister has laid out the position – the Greek parliament must decide on Monday that it supports everything that is agreed today. Otherwise, no bailout. | |
| #greece austria's schelling - key point is gk parlt has to support everything tomorrow, then start legislating. if not, no bailout talks | #greece austria's schelling - key point is gk parlt has to support everything tomorrow, then start legislating. if not, no bailout talks |
| Updated at 7.16pm BST | |
| 3.24pm BST15:24 | 3.24pm BST15:24 |
| The meeting has begun! | The meeting has begun! |
| The #EuroSummit on #Greece has just started. pic.twitter.com/X115x0qc2l | The #EuroSummit on #Greece has just started. pic.twitter.com/X115x0qc2l |
| 3.22pm BST15:22 | 3.22pm BST15:22 |
| Now Matteo Renzi arrives, and tells the media that it is vital to reach a deal, both for Greece and Europe (which faces other challenges too). | Now Matteo Renzi arrives, and tells the media that it is vital to reach a deal, both for Greece and Europe (which faces other challenges too). |
| Italian PM Renzi reiterates #Greece is important, but Europe also has other important issues to deal with (terrorism, Ukraine, etc.) | Italian PM Renzi reiterates #Greece is important, but Europe also has other important issues to deal with (terrorism, Ukraine, etc.) |
| Italian PM Renzi: Situation is very complicated. We're all committed to reaching a deal that is about #Greece but also about Europe. | Italian PM Renzi: Situation is very complicated. We're all committed to reaching a deal that is about #Greece but also about Europe. |
| 3.16pm BST15:16 | 3.16pm BST15:16 |
| We have come a long way, but a couple of big issues are still open - says @J_Dijsselbloem @France24_en @savaricas | We have come a long way, but a couple of big issues are still open - says @J_Dijsselbloem @France24_en @savaricas |
| 3.15pm BST15:15 | 3.15pm BST15:15 |
| Dijsselbloem: We've come a long way | Dijsselbloem: We've come a long way |
| Jeroen Dijsselbloem, head of the Eurogroup, has been whisked from one meeting to the other. | Jeroen Dijsselbloem, head of the Eurogroup, has been whisked from one meeting to the other. |
| Arriving at the summit, he says: | Arriving at the summit, he says: |
| We have come a long way, solved a lot of issues, but some big issues still remain. | We have come a long way, solved a lot of issues, but some big issues still remain. |
| So we will brief the leaders and they can decide on those last issues, Dijsselbloem replies. | So we will brief the leaders and they can decide on those last issues, Dijsselbloem replies. |
| And then he vanishes into the Summit, closely followed by Mario Draghi - who gives the camera a winning smile but doesn’t stop to chat. Disappointing. | And then he vanishes into the Summit, closely followed by Mario Draghi - who gives the camera a winning smile but doesn’t stop to chat. Disappointing. |
| Updated at 4.00pm BST | Updated at 4.00pm BST |
| 3.10pm BST15:10 | 3.10pm BST15:10 |
| Eurogroup over, Euro summit start soon... | Eurogroup over, Euro summit start soon... |
| It’s official -- eurozone finance ministers have ended their meeting, passing the baton to the leaders at their summit. | It’s official -- eurozone finance ministers have ended their meeting, passing the baton to the leaders at their summit. |
| And Finland’s Alexander Stubb has tweeted that progress has been made -- how much remains to be seen. | And Finland’s Alexander Stubb has tweeted that progress has been made -- how much remains to be seen. |
| #Eurogroup over and out. Handover to #Eurosummit. Progress made. | #Eurogroup over and out. Handover to #Eurosummit. Progress made. |
| “Out”, you say, Alex? | “Out”, you say, Alex? |
| Not sure about wisdom of 'over and OUT' as a sum of the #eurogroup https://t.co/ivQEdgiKfs | Not sure about wisdom of 'over and OUT' as a sum of the #eurogroup https://t.co/ivQEdgiKfs |
| Tusk @eucopresident will start #EuroSummit on #Greece in a few minutes | Tusk @eucopresident will start #EuroSummit on #Greece in a few minutes |
| 3.07pm BST15:07 | 3.07pm BST15:07 |
| Ireland’s Enda Kenny says Greece needs to demonstrate their commitment to staying in the eurozone. | Ireland’s Enda Kenny says Greece needs to demonstrate their commitment to staying in the eurozone. |
| That means measures being taken in the Athens parliament this week, to show “intent and seriousness”. | That means measures being taken in the Athens parliament this week, to show “intent and seriousness”. |
| We are quite willing to work towards a conclusion, so that talks can talk on a programme that can keep Greece in the eurozone, says Kenny, adding: | We are quite willing to work towards a conclusion, so that talks can talk on a programme that can keep Greece in the eurozone, says Kenny, adding: |
| We don’t want to look back in 10 years time and think this could have been saved, but wasn’t. | We don’t want to look back in 10 years time and think this could have been saved, but wasn’t. |
| Kenny has been Ireland’s leader since the early days of its bailout programme, which it exited 18 months ago, and that gives him insight into what Greece needs to do: | Kenny has been Ireland’s leader since the early days of its bailout programme, which it exited 18 months ago, and that gives him insight into what Greece needs to do: |
| In Ireland’s case, trust was only built with the Troika through incremental analysis and payment when we had shown what we could do. | In Ireland’s case, trust was only built with the Troika through incremental analysis and payment when we had shown what we could do. |
| Updated at 3.08pm BST | Updated at 3.08pm BST |
| 2.53pm BST14:53 | 2.53pm BST14:53 |
| Malta’s prime minister, Joseph Muscat, says that leaders will be discussing “all options” at today’s summit, not simply Plan B (ie, Grexit). | Malta’s prime minister, Joseph Muscat, says that leaders will be discussing “all options” at today’s summit, not simply Plan B (ie, Grexit). |
| His first preference is that Greece should stay in the eurozone, but not at any cost. The starting point should be the assessment of the institutions. | His first preference is that Greece should stay in the eurozone, but not at any cost. The starting point should be the assessment of the institutions. |
| And Muscat adds that: | And Muscat adds that: |
| There needs to be a realisation that what was enough 10 days ago might not be enough today, because the situation in Greece has deteriorated. | There needs to be a realisation that what was enough 10 days ago might not be enough today, because the situation in Greece has deteriorated. |
| Maltese PM Muscat: Fact that full European Council not convened shows that all options are on table, full #EUCO would have discussed Plan B | Maltese PM Muscat: Fact that full European Council not convened shows that all options are on table, full #EUCO would have discussed Plan B |
| Updated at 2.59pm BST | Updated at 2.59pm BST |
| 2.38pm BST14:38 | 2.38pm BST14:38 |
| Europe’s future is at stake tonight, says European parliament president Martin Schulz as he arrives at the summit. | Europe’s future is at stake tonight, says European parliament president Martin Schulz as he arrives at the summit. |
| Schulz: We must reach an agreement today and I believe we will, as the future of Europe is at stake #EuroSummit | Schulz: We must reach an agreement today and I believe we will, as the future of Europe is at stake #EuroSummit |
| 2.31pm BST14:31 | 2.31pm BST14:31 |
| Juncker: I'll fight until the last millisecond | Juncker: I'll fight until the last millisecond |
| Now Jean-Claude Juncker, Commission president arrives. And he takes a question from the British press pack: | Now Jean-Claude Juncker, Commission president arrives. And he takes a question from the British press pack: |
| What is stopping a deal? | What is stopping a deal? |
| I’m entering the meeting now, Juncker replies (ie, ask me afterwards) | I’m entering the meeting now, Juncker replies (ie, ask me afterwards) |
| Are you hopeful? | Are you hopeful? |
| I will fight until the very last millisecond for a deal, and I hope that we will have a deal. | I will fight until the very last millisecond for a deal, and I hope that we will have a deal. |
| 2.26pm BST14:26 | 2.26pm BST14:26 |
| Hollande: We'll do whatever it takes | Hollande: We'll do whatever it takes |
| Next in line is the French president’s limo. | Next in line is the French president’s limo. |
| Francois Hollande brings an uncompromising message to the Summit, underlining that France is Greece’s ally at this vital moment. | Francois Hollande brings an uncompromising message to the Summit, underlining that France is Greece’s ally at this vital moment. |
| We will do everything in its power to find an agreement tonight, he declares. This isn’t just about Greece, this is about Europe. | We will do everything in its power to find an agreement tonight, he declares. This isn’t just about Greece, this is about Europe. |
| Hollande: France will do everything to find an agreement this eve, talks not just about Greece but Europe. #Greece | Hollande: France will do everything to find an agreement this eve, talks not just about Greece but Europe. #Greece |
| Hollande also appears to ridicule the ‘temporary Grexit’ idea suggested by the German finance ministry in a paper that leaked yesterday. | Hollande also appears to ridicule the ‘temporary Grexit’ idea suggested by the German finance ministry in a paper that leaked yesterday. |
| The situation is clear - you’re in, or you’re out. | The situation is clear - you’re in, or you’re out. |
| Hollande: There is no Grexit on time. It's either Grexit or no Grexit. | Hollande: There is no Grexit on time. It's either Grexit or no Grexit. |
| Updated at 2.55pm BST | Updated at 2.55pm BST |
| 2.22pm BST14:22 | 2.22pm BST14:22 |
| Merkel: Trust has been lost | Merkel: Trust has been lost |
| Chancellor Merkel tells reporters that the most important currency, trust, has been lost. | Chancellor Merkel tells reporters that the most important currency, trust, has been lost. |
| And she warns that the eurogroup are unlikely to give a unanimous recommendation at their own meeting earlier today. An agreement won’t come at any price..... | And she warns that the eurogroup are unlikely to give a unanimous recommendation at their own meeting earlier today. An agreement won’t come at any price..... |
| Merkel: the most important currency has gone missing. And that's Trust. There will be no agreement at any cost. #Greece #Grexit | Merkel: the most important currency has gone missing. And that's Trust. There will be no agreement at any cost. #Greece #Grexit |
| And then she vanishes inside, without taking further questions. | And then she vanishes inside, without taking further questions. |
| 2.17pm BST14:17 | 2.17pm BST14:17 |
| A flurry of activity as Angela Merkel’s motorcade rolls up.... | A flurry of activity as Angela Merkel’s motorcade rolls up.... |
| 2.16pm BST14:16 | 2.16pm BST14:16 |
| Trust comes up again. Slovenian PM tells @ITVRichard he hopes it can be forgotten and trust can be rebuilt #Greece | Trust comes up again. Slovenian PM tells @ITVRichard he hopes it can be forgotten and trust can be rebuilt #Greece |
| 2.14pm BST14:14 | 2.14pm BST14:14 |
| Slovenia’s prime minister says he’d rather avoid Grexit, but Athens must make firm commitments to get aid funds (reports Jennifer, who is tweeting from her second doorstep of the morning) | Slovenia’s prime minister says he’d rather avoid Grexit, but Athens must make firm commitments to get aid funds (reports Jennifer, who is tweeting from her second doorstep of the morning) |
| Slovenian PM Miro Cerar: we wd like Greeks to remain in eurozone, but must be pledges and obligations on Greek side to make a deal. | Slovenian PM Miro Cerar: we wd like Greeks to remain in eurozone, but must be pledges and obligations on Greek side to make a deal. |
| 2.12pm BST14:12 | 2.12pm BST14:12 |
| Dutch PM Mark Rutte has already perched on the hawkish territory, saying Greece won’t get any bailout cash unless they take “all measures” expected. | Dutch PM Mark Rutte has already perched on the hawkish territory, saying Greece won’t get any bailout cash unless they take “all measures” expected. |
| #EuroSummit @MinPres "The road to aid is only open if Greeks are willing to take all measures" http://t.co/abjAFIRvnu pic.twitter.com/LvmYopab4k | #EuroSummit @MinPres "The road to aid is only open if Greeks are willing to take all measures" http://t.co/abjAFIRvnu pic.twitter.com/LvmYopab4k |
| 2.08pm BST14:08 | 2.08pm BST14:08 |
| Tsipras: We owe it to the people of Europe to compromise | Tsipras: We owe it to the people of Europe to compromise |
| Alexis Tsipras has just arrived for tonight’s eurozone summit, and told reporters that an agreement could be within reach. | Alexis Tsipras has just arrived for tonight’s eurozone summit, and told reporters that an agreement could be within reach. |
| I am here ready for compromise, the Greek PM says. | I am here ready for compromise, the Greek PM says. |
| We owe that to the people of Europe who want Europe united, and not divided. | We owe that to the people of Europe who want Europe united, and not divided. |
| We can reach an agreement tonight if all parties want it. | We can reach an agreement tonight if all parties want it. |
| "We can reach an agreement tonight if all parties want it," says Alexis Tsipras on way in to #eurosummit #greece | "We can reach an agreement tonight if all parties want it," says Alexis Tsipras on way in to #eurosummit #greece |
| .@Tsipras_EU has arrived in Brussels. Says: “I am ready for compromise. We can reach an agreement tonight if all parties want it.” #Greece | .@Tsipras_EU has arrived in Brussels. Says: “I am ready for compromise. We can reach an agreement tonight if all parties want it.” #Greece |
| You can watch all the arrivals here. | You can watch all the arrivals here. |
| Updated at 2.10pm BST | Updated at 2.10pm BST |
| 2.04pm BST14:04 | 2.04pm BST14:04 |
| Green Party MEP Ska Keller is alarmed by the eurogroup’s latest demands on Greece: | Green Party MEP Ska Keller is alarmed by the eurogroup’s latest demands on Greece: |
| #Eurogroup demands "rigorous reviews of collective bargaining". In clear words: cut rights of labor unions. Is This Europe?? #notinmyname | #Eurogroup demands "rigorous reviews of collective bargaining". In clear words: cut rights of labor unions. Is This Europe?? #notinmyname |
| 2.00pm BST14:00 | 2.00pm BST14:00 |
| The #Eurogroup draft. Very tough stuff, and I'm told today's discussion is on tougher elements. http://t.co/chUlzbW7sv #Greece | The #Eurogroup draft. Very tough stuff, and I'm told today's discussion is on tougher elements. http://t.co/chUlzbW7sv #Greece |
| 1.56pm BST13:56 | 1.56pm BST13:56 |
| Eurogroup wants more measures from Greece | Eurogroup wants more measures from Greece |
| Greece will have to do even more, on top of the €13bn of austerity measures agreed last week, if it wants to get its third bailout. | Greece will have to do even more, on top of the €13bn of austerity measures agreed last week, if it wants to get its third bailout. |
| Reuters has now got hold of the draft statement from today’s meeting. And it confirms what was suspected - Greece must “broaden its tax base”, make further reforms to its sales tax and pension systems, and boost its privatisation programme, among other measures. | Reuters has now got hold of the draft statement from today’s meeting. And it confirms what was suspected - Greece must “broaden its tax base”, make further reforms to its sales tax and pension systems, and boost its privatisation programme, among other measures. |
| And that means that there’s no chance of an agreement today, as fresh legislation would be needed. | And that means that there’s no chance of an agreement today, as fresh legislation would be needed. |
| As Reuters explains: | As Reuters explains: |
| “The Eurogroup... came to the conclusion that there is not yet the basis to start the negotiations on a new programme,” the draft statement, seen by Reuters, said. | “The Eurogroup... came to the conclusion that there is not yet the basis to start the negotiations on a new programme,” the draft statement, seen by Reuters, said. |
| To begin such talks, the ministers would first want Greece to improve its VAT and pension systems, broaden its tax base to boost revenues and strengthen the independence of ELSTAT, the Greek statistics agency. | To begin such talks, the ministers would first want Greece to improve its VAT and pension systems, broaden its tax base to boost revenues and strengthen the independence of ELSTAT, the Greek statistics agency. |
| So, we could be looking at another week of drama: | So, we could be looking at another week of drama: |
| Eurogroup, possible scenario: Greece gets reforms through parliament by Wednesday and then gets a bridge for negotiations about ESM bailout. | Eurogroup, possible scenario: Greece gets reforms through parliament by Wednesday and then gets a bridge for negotiations about ESM bailout. |
| But can Alexis Tsipras persuade his MPs to accept such a package, given the small rebellion on Friday night over its initial offer? | But can Alexis Tsipras persuade his MPs to accept such a package, given the small rebellion on Friday night over its initial offer? |
| How is that package outlined in Eurogroup draft seen by Reuters supposed to pass through #Greece's parliament? | How is that package outlined in Eurogroup draft seen by Reuters supposed to pass through #Greece's parliament? |
| 1.38pm BST13:38 | 1.38pm BST13:38 |
| Rumours of white smoke soon from the Eurogroup. | Rumours of white smoke soon from the Eurogroup. |
| #Eurogroup statement expected within 60 minutes #Greece | #Eurogroup statement expected within 60 minutes #Greece |
| Just as well, as eurozone leaders should be arriving soon for their summit (kick-off in 80 minutes). | Just as well, as eurozone leaders should be arriving soon for their summit (kick-off in 80 minutes). |
| Estonia’s PM has landed a little while ago. | Estonia’s PM has landed a little while ago. |
| Arrived in Brussels, some colleagues apparently already here. pic.twitter.com/nyzHcpjtMJ | Arrived in Brussels, some colleagues apparently already here. pic.twitter.com/nyzHcpjtMJ |
| Updated at 1.43pm BST | Updated at 1.43pm BST |
| 1.23pm BST13:23 | 1.23pm BST13:23 |
| Here’s how those pictures of ministers chatting at the Eurogroup are made. | Here’s how those pictures of ministers chatting at the Eurogroup are made. |
| The other side of the mirror #Eurogroup #GreekCrisis http://t.co/SwW7EelELg pic.twitter.com/C498QsWRjF | The other side of the mirror #Eurogroup #GreekCrisis http://t.co/SwW7EelELg pic.twitter.com/C498QsWRjF |
| Updated at 1.26pm BST | Updated at 1.26pm BST |
| 1.18pm BST13:18 | 1.18pm BST13:18 |
| Renzi: Unthinkable to humiliate Greece any more | Renzi: Unthinkable to humiliate Greece any more |
| We broke the news in last night’s liveblog that Matteo Renzi, Italy’s prime minister, was going to tell Germany that the humiliation of Greece must stop. | We broke the news in last night’s liveblog that Matteo Renzi, Italy’s prime minister, was going to tell Germany that the humiliation of Greece must stop. |
| And now it’s happened. | And now it’s happened. |
| Renzi told Italian newspaper Il Messaggero that: | Renzi told Italian newspaper Il Messaggero that: |
| “Now common sense must prevail and an agreement must be reached. Italy does not want Greece to exit the euro and to Germany I say: enough is enough. | “Now common sense must prevail and an agreement must be reached. Italy does not want Greece to exit the euro and to Germany I say: enough is enough. |
| Now that Tsipras has made proposals in line with the European demands, we must absolutely sign a deal. Humiliating a European partner after Greece has given up on just about everything is unthinkable.” | Now that Tsipras has made proposals in line with the European demands, we must absolutely sign a deal. Humiliating a European partner after Greece has given up on just about everything is unthinkable.” |
| Renzi is going to make similar comments to Chancellor Merkel tonight. | Renzi is going to make similar comments to Chancellor Merkel tonight. |
| Updated at 1.48pm BST | Updated at 1.48pm BST |
| 1.08pm BST13:08 | 1.08pm BST13:08 |
| EU official: Grexit not on the agenda tonight | EU official: Grexit not on the agenda tonight |
| A eurozone official has told reporters that leaders will NOT be planning for Grexit tonight. | A eurozone official has told reporters that leaders will NOT be planning for Grexit tonight. |
| Instead, they are hoping going to make progress on Plan A – a new bailout deal for Greece. | Instead, they are hoping going to make progress on Plan A – a new bailout deal for Greece. |
| Eurozone official says plan B (#Grexit) is not on table tonight at #eurozone summit #Greece @FT | Eurozone official says plan B (#Grexit) is not on table tonight at #eurozone summit #Greece @FT |
| Associate Press has more details: | Associate Press has more details: |
| The official, who spoke on condition of anonymity because he was not authorised to speak publicly, said eurozone leaders hope to issue a statement that would pave the way for the formal for the start of Greek bailout negotiations. The leaders are due to meet later. | The official, who spoke on condition of anonymity because he was not authorised to speak publicly, said eurozone leaders hope to issue a statement that would pave the way for the formal for the start of Greek bailout negotiations. The leaders are due to meet later. |
| That, the official added, would give the “green light” to the European Central Bank to turn up the emergency liquidity assistance it provides to Greek banks. | That, the official added, would give the “green light” to the European Central Bank to turn up the emergency liquidity assistance it provides to Greek banks. |
| The usual proviso applies … | The usual proviso applies … |
| When "EU officials" appear in stories, it's important to study where on earth they come from: France, Germany, Finland, Commission? | When "EU officials" appear in stories, it's important to study where on earth they come from: France, Germany, Finland, Commission? |
| Updated at 1.27pm BST | Updated at 1.27pm BST |
| 1.04pm BST13:04 | 1.04pm BST13:04 |
| Look who has arrived in Brussels – it’s the interim leader of Greece’s largest opposition party, New Democracy. | Look who has arrived in Brussels – it’s the interim leader of Greece’s largest opposition party, New Democracy. |
| Evaggelos Meimarakis arrives at the #EPPSummit pic.twitter.com/2ObbP62KTG | Evaggelos Meimarakis arrives at the #EPPSummit pic.twitter.com/2ObbP62KTG |
| Evangelos Meimarakis is meeting with fellow right-wing politicians at an event before the eurozone summit, so it’s all above board. | Evangelos Meimarakis is meeting with fellow right-wing politicians at an event before the eurozone summit, so it’s all above board. |
| Updated at 1.25pm BST | Updated at 1.25pm BST |
| 12.53pm BST12:53 | 12.53pm BST12:53 |
| Leaked! Eurogroup draft statement pushing for more austerity | Leaked! Eurogroup draft statement pushing for more austerity |
| Reuters have got hold of the draft statement drawn up by eurozone officials last night. | Reuters have got hold of the draft statement drawn up by eurozone officials last night. |
| It’s not the final agreement – more like the starting point for today’s meeting. | It’s not the final agreement – more like the starting point for today’s meeting. |
| It shows that the eurozone has demanded even deeper measures from Athens, which Euclid Tsakalotos has apparently acceded to. | It shows that the eurozone has demanded even deeper measures from Athens, which Euclid Tsakalotos has apparently acceded to. |
| It includes getting Greece’s primary budget surplus up to a chunky 3.5% in 2018, rigorous labour market and pension reforms, a more solid privatisation programme with “improved governance” (does that mean external ‘assistance’?) | It includes getting Greece’s primary budget surplus up to a chunky 3.5% in 2018, rigorous labour market and pension reforms, a more solid privatisation programme with “improved governance” (does that mean external ‘assistance’?) |
| Here’s the list: | Here’s the list: |
| Eurogroup draft on demands for Greek reforms | Eurogroup draft on demands for Greek reforms |
| And it says that “The Eurogroup thus welcomes the additional following commitments of the Greek authorities on the basis of a clear timetable”: | And it says that “The Eurogroup thus welcomes the additional following commitments of the Greek authorities on the basis of a clear timetable”: |
| This is all in addition to the original plan, so tricky for Athens to commit to and achieve. | This is all in addition to the original plan, so tricky for Athens to commit to and achieve. |
| But Paul Mason, the Channel 4 journalist with close links to Syriza, reckons a deal is possible on these terms. | But Paul Mason, the Channel 4 journalist with close links to Syriza, reckons a deal is possible on these terms. |
| This draft seen by Reuters is the basis for a deal. A tough one but in the same ballpark as the old one -http://t.co/A03SZngkG3 | This draft seen by Reuters is the basis for a deal. A tough one but in the same ballpark as the old one -http://t.co/A03SZngkG3 |
| Updated at 1.29pm BST | Updated at 1.29pm BST |
| 12.48pm BST12:48 | 12.48pm BST12:48 |
| Readers who were in bed or out on the town last night will have missed the end of last night’s Eurogroup meeting, so here’s a video clip: | Readers who were in bed or out on the town last night will have missed the end of last night’s Eurogroup meeting, so here’s a video clip: |
| Updated at 1.27pm BST | Updated at 1.27pm BST |
| 12.42pm BST12:42 | 12.42pm BST12:42 |
| There’s a rumour that last night’s Eurogroup meeting turned nasty at one point, with Germany’s finance minister clashing with the head of the ECB: | There’s a rumour that last night’s Eurogroup meeting turned nasty at one point, with Germany’s finance minister clashing with the head of the ECB: |
| "do you think I'm a fool?" - Schäuble reportedly had a row with Draghi yesterday https://t.co/zEYaV8MpNN | "do you think I'm a fool?" - Schäuble reportedly had a row with Draghi yesterday https://t.co/zEYaV8MpNN |
| Updated at 1.27pm BST | Updated at 1.27pm BST |
| 12.37pm BST12:37 | 12.37pm BST12:37 |
| Greece may not have a guardian angel watching over it, but it got the next best thing this morning - a flyover by the International Space Station. | Greece may not have a guardian angel watching over it, but it got the next best thing this morning - a flyover by the International Space Station. |
| Captain Scott Kelly, who is spending a year on the ISS, tweeted a picture of Athens and his best wishes. | Captain Scott Kelly, who is spending a year on the ISS, tweeted a picture of Athens and his best wishes. |
| #Athens, #Greece, #GoodMorning from @Space_Station. Wishing you the best. #YearInSpace pic.twitter.com/zAMEz5JvlW | #Athens, #Greece, #GoodMorning from @Space_Station. Wishing you the best. #YearInSpace pic.twitter.com/zAMEz5JvlW |
| 12.33pm BST12:33 | 12.33pm BST12:33 |
| Luxembourg’s warning to Germany that Grexit would trigger “deep conflict” in Europe has raised the stakes higher today. | Luxembourg’s warning to Germany that Grexit would trigger “deep conflict” in Europe has raised the stakes higher today. |
| But is that really Berlin’s plan? Bojan Pancevski of the Sunday Times reckons not. | But is that really Berlin’s plan? Bojan Pancevski of the Sunday Times reckons not. |
| But it will not go for #Grexit. A total #Greece submission and probably new government by end of week in the works https://t.co/BaXgQcHelI | But it will not go for #Grexit. A total #Greece submission and probably new government by end of week in the works https://t.co/BaXgQcHelI |
| Political tensions are already rising in Germany, over the “five-year temporary Grexit” proposed in a finance ministry report. The Green Party has dismissed it as both unacceptable and unconstitutional, according to Euractiv. | Political tensions are already rising in Germany, over the “five-year temporary Grexit” proposed in a finance ministry report. The Green Party has dismissed it as both unacceptable and unconstitutional, according to Euractiv. |
| German Green Party: "Schäuble's plans are "not only unacceptable, but also unconstitutional" https://t.co/DrXrh3snbv | German Green Party: "Schäuble's plans are "not only unacceptable, but also unconstitutional" https://t.co/DrXrh3snbv |
| 12.18pm BST12:18 | 12.18pm BST12:18 |
| Katie Allen | Katie Allen |
| Writing before this weekend’s meetings, Philip Shaw, economist at Investec, went over what the week ahead holds for the ECB, particularly when president Mario Draghi holds his press conference after Thursday’s monetary policy meeting. | Writing before this weekend’s meetings, Philip Shaw, economist at Investec, went over what the week ahead holds for the ECB, particularly when president Mario Draghi holds his press conference after Thursday’s monetary policy meeting. |
| Shaw believes a potential Grexit will turn out to be a real test of what Draghi means by “whatever it takes”. | Shaw believes a potential Grexit will turn out to be a real test of what Draghi means by “whatever it takes”. |
| The absence of a deal would, in our view, begin the path to Grexit. In that case, the press conference will probably be dominated by the ECB’s role in handling the situation. On the ECB’s specific role in a Grexit scenario, Mr Draghi said this week that if no deal is struck this weekend, the ECB will not extend emergency liquidity assistance (ELA) for Greek banks. | The absence of a deal would, in our view, begin the path to Grexit. In that case, the press conference will probably be dominated by the ECB’s role in handling the situation. On the ECB’s specific role in a Grexit scenario, Mr Draghi said this week that if no deal is struck this weekend, the ECB will not extend emergency liquidity assistance (ELA) for Greek banks. |
| That could trigger a banking collapse as soon as Monday. On Thursday, questions will be asked on the ECB’s next steps on intervention, including any role in transitioning to a separate currency. | That could trigger a banking collapse as soon as Monday. On Thursday, questions will be asked on the ECB’s next steps on intervention, including any role in transitioning to a separate currency. |
| Perhaps more significant will be comments Mr Draghi will no doubt make on how ECB policy can limit Grexit contagion to financial markets and eurozone economies more generally. We should expect reassurances on the extent of the policy firewall in place, including the OMT program, the EFSF and QE. On the latter, Mr Draghi pointed out that if circumstances allow, the Governing Council would “reconsider the size, the timing, the design of the [QE] programme”. | Perhaps more significant will be comments Mr Draghi will no doubt make on how ECB policy can limit Grexit contagion to financial markets and eurozone economies more generally. We should expect reassurances on the extent of the policy firewall in place, including the OMT program, the EFSF and QE. On the latter, Mr Draghi pointed out that if circumstances allow, the Governing Council would “reconsider the size, the timing, the design of the [QE] programme”. |
| Contagion seems limited so far – for example, alongside encouraging eurozone-wide indicators, peripheral bond yields have not blown out (Spanish and Italian 10-year sovereign bond yields are both at 2.2%). But a Grexit could make things worse, posing a true test of whether the ECB is willing to do “whatever it takes” to save the euro” | Contagion seems limited so far – for example, alongside encouraging eurozone-wide indicators, peripheral bond yields have not blown out (Spanish and Italian 10-year sovereign bond yields are both at 2.2%). But a Grexit could make things worse, posing a true test of whether the ECB is willing to do “whatever it takes” to save the euro” |
| Updated at 1.31pm BST | Updated at 1.31pm BST |
| 11.56am BST11:56 | 11.56am BST11:56 |
| Luxembourg warns Germany: Grexit must be prevented | Luxembourg warns Germany: Grexit must be prevented |
| Ian Traynor | Ian Traynor |
| Jean Asselborn, the Luxembourg foreign minister, has declared that “Grexit has to be prevented, warning that: | Jean Asselborn, the Luxembourg foreign minister, has declared that “Grexit has to be prevented, warning that: |
| “It would be fateful for Germany’s reputation in the EU and the world. | “It would be fateful for Germany’s reputation in the EU and the world. |
| “Germany’s responsibility is great. It’s about not conjuring up the ghosts of the past,” Asselborn told Munich’s Sueddeutsche Zeitung. | “Germany’s responsibility is great. It’s about not conjuring up the ghosts of the past,” Asselborn told Munich’s Sueddeutsche Zeitung. |
| And he warned that the crisis could send a schism through the heart of Europe. | And he warned that the crisis could send a schism through the heart of Europe. |
| “If Germany goes for Grexit, it will trigger a deep conflict with France. That would be a catastrophe for Europe.” | “If Germany goes for Grexit, it will trigger a deep conflict with France. That would be a catastrophe for Europe.” |
| Updated at 12.22pm BST | Updated at 12.22pm BST |
| 11.52am BST11:52 | 11.52am BST11:52 |
| Europe's stock markets on track for Monday selloff | Europe's stock markets on track for Monday selloff |
| European stock markets are going to fall sharply when trading begins on Monday, unless there is serious progress today. | European stock markets are going to fall sharply when trading begins on Monday, unless there is serious progress today. |
| The German DAX, which jumped 319 points on Friday after Greece announced its proposals, is going to hand around 200 points back, according to the futures markets. | The German DAX, which jumped 319 points on Friday after Greece announced its proposals, is going to hand around 200 points back, according to the futures markets. |
| IG index Sunday markets pricing Dax -200 Ftse -61 Dow -120 - Which I'd eyeball and say is a 30% grexit chance if we were at 5% close of Fri | IG index Sunday markets pricing Dax -200 Ftse -61 Dow -120 - Which I'd eyeball and say is a 30% grexit chance if we were at 5% close of Fri |
| IG’s Chris Beauchamp explains: | IG’s Chris Beauchamp explains: |
| Like a dysfunctional family, the cracks in European unity are coming to the surface, and not just between the Greeks and the rest. | Like a dysfunctional family, the cracks in European unity are coming to the surface, and not just between the Greeks and the rest. |
| If no deal is done by tonight, the market reaction will be severe, although should things look to be turning too unpleasant there is always the prospect that the ECB will step in with some emergency action to stabilise matters. | If no deal is done by tonight, the market reaction will be severe, although should things look to be turning too unpleasant there is always the prospect that the ECB will step in with some emergency action to stabilise matters. |
| Updated at 11.53am BST | Updated at 11.53am BST |
| 11.44am BST11:44 | 11.44am BST11:44 |
| A few more photos from this morning’s meeting: | A few more photos from this morning’s meeting: |
| Updated at 1.33pm BST | Updated at 1.33pm BST |
| 11.42am BST11:42 | 11.42am BST11:42 |
| Today’s meeting of euro leaders could last a long time..... (reminder, it starts at 4pm Brussels time) | Today’s meeting of euro leaders could last a long time..... (reminder, it starts at 4pm Brussels time) |
| EU source: don’t read anything positive/negative into cancellation of EU Council. Simply that euro leaders will need a LONG time tonight | EU source: don’t read anything positive/negative into cancellation of EU Council. Simply that euro leaders will need a LONG time tonight |
| 11.21am BST11:21 | 11.21am BST11:21 |
| Looks like Euclid Tsakalotos and Christine Lagarde had a good chat before the Eurogroup meeting began: | Looks like Euclid Tsakalotos and Christine Lagarde had a good chat before the Eurogroup meeting began: |
| Updated at 11.45am BST | Updated at 11.45am BST |
| 11.08am BST11:08 | 11.08am BST11:08 |
| 'How much?!' pic.twitter.com/XyxzJ4tgoy | 'How much?!' pic.twitter.com/XyxzJ4tgoy |
| 11.04am BST11:04 | 11.04am BST11:04 |
| Photos: Eurogroup gets underway | Photos: Eurogroup gets underway |
| Photos from today’s eurogroup meeting are just arriving, so I’ll put the best in the blog now: | Photos from today’s eurogroup meeting are just arriving, so I’ll put the best in the blog now: |
| More to follow, with any luck.... | More to follow, with any luck.... |
| Updated at 11.08am BST | Updated at 11.08am BST |
| 10.57am BST10:57 | 10.57am BST10:57 |
| So what happens now? | So what happens now? |
| Newsnight’s Duncan Weldon reckons Greece is going to be presented with a very tough package of reforms in return for a three-year aid programme. | Newsnight’s Duncan Weldon reckons Greece is going to be presented with a very tough package of reforms in return for a three-year aid programme. |
| My *guess* now: Greece offered a much tougher deal than one already passed through Parliament with circa 24-48 hours to legislate on. | My *guess* now: Greece offered a much tougher deal than one already passed through Parliament with circa 24-48 hours to legislate on. |
| But AFP’s Danny Kemp points out that the two sides are far, far apart: | But AFP’s Danny Kemp points out that the two sides are far, far apart: |
| Words to make heart sink from Italy's Padoan: today is about establishing conditions to *start* negotiations, not closing a deal. | Words to make heart sink from Italy's Padoan: today is about establishing conditions to *start* negotiations, not closing a deal. |
| 10.53am BST10:53 | 10.53am BST10:53 |
| The eurogroup meeting of finance ministers has now begun. | The eurogroup meeting of finance ministers has now begun. |
| 10.53am BST10:53 | 10.53am BST10:53 |
| Stubb: No one is blocking a deal | Stubb: No one is blocking a deal |
| Finland’s finance minister, Alex Stubb, has also denied that some Eurogroup members (such as the Finns) are trying to thwart a bailout agreement: | Finland’s finance minister, Alex Stubb, has also denied that some Eurogroup members (such as the Finns) are trying to thwart a bailout agreement: |
| Reuters has Stubb’s full comments as he arrive: | Reuters has Stubb’s full comments as he arrive: |
| No one is blocking a deal, we are all constructively trying to find a solution in a very difficult situation. What we are saying is that the conditionality that has been presented by the Greeks are simply not enough at this stage.” | No one is blocking a deal, we are all constructively trying to find a solution in a very difficult situation. What we are saying is that the conditionality that has been presented by the Greeks are simply not enough at this stage.” |
| “We need to have clear commitments, clear conditionality and clear proof that those conditions will be implemented at the end of the day. I am still hopeful but I think we are very far away from the type of conditionality we need.” | “We need to have clear commitments, clear conditionality and clear proof that those conditions will be implemented at the end of the day. I am still hopeful but I think we are very far away from the type of conditionality we need.” |
| Last night, the Finnish news channels were buzzing with reports that Finland wouldn’t support a Greek bailout, for fear that the eurosceptic True Finns party would revolt and bring down the two-month-old coalition government. | Last night, the Finnish news channels were buzzing with reports that Finland wouldn’t support a Greek bailout, for fear that the eurosceptic True Finns party would revolt and bring down the two-month-old coalition government. |
| The Finnish prime minister has declared that the government is united on the issue. | The Finnish prime minister has declared that the government is united on the issue. |
| Fi Sipilä: The whole government of Finland stands together. Not only True Finns #EuroSummit #Eurogroup | Fi Sipilä: The whole government of Finland stands together. Not only True Finns #EuroSummit #Eurogroup |
| Updated at 1.34pm BST | Updated at 1.34pm BST |
| 10.48am BST10:48 | 10.48am BST10:48 |
| If trust is an issue with Greece, what is the point in demanding tougher and tougher measures that it will struggle to implement? | If trust is an issue with Greece, what is the point in demanding tougher and tougher measures that it will struggle to implement? |
| I’m paraphrasing, but that’s basically the message from Malta’s finance minister, Edward Scicluna, as he arrived at the eurogroup meeting: | I’m paraphrasing, but that’s basically the message from Malta’s finance minister, Edward Scicluna, as he arrived at the eurogroup meeting: |
| Maltese Fin Min Scicluna: we've got enough heads & expertise to come up with good framework | Maltese Fin Min Scicluna: we've got enough heads & expertise to come up with good framework |
| Scicluna: Will get more trust & be more convinced frm seeing Greece turning around rather than big package which will not be implemented | Scicluna: Will get more trust & be more convinced frm seeing Greece turning around rather than big package which will not be implemented |
| 10.45am BST10:45 | 10.45am BST10:45 |
| Austria’s finance minister, Hans Jörg Schelling, denied that ministers considered Greece’s exit from the eurozone yesterday. | Austria’s finance minister, Hans Jörg Schelling, denied that ministers considered Greece’s exit from the eurozone yesterday. |
| The problem, he adds, is getting commitments that Greece will actually implement the measures it is promising. | The problem, he adds, is getting commitments that Greece will actually implement the measures it is promising. |
| “We didn’t talk about Grexit. As I said yesterday, we have to made adjustments and guarantees for the implementation. | “We didn’t talk about Grexit. As I said yesterday, we have to made adjustments and guarantees for the implementation. |
| With the adjustments we have made a step forward but not with the guarantees.” | With the adjustments we have made a step forward but not with the guarantees.” |
| Extraordinary #Eurogroup: Doorstep #AT #Schelling We need implementation guarantees #Greece http://t.co/G14WIKFGjS pic.twitter.com/pCCtU5UjCg | Extraordinary #Eurogroup: Doorstep #AT #Schelling We need implementation guarantees #Greece http://t.co/G14WIKFGjS pic.twitter.com/pCCtU5UjCg |
| 10.40am BST10:40 | 10.40am BST10:40 |
| Dombrovskis: Agreement 'utterly unlikely' today | Dombrovskis: Agreement 'utterly unlikely' today |
| Vladis Dombrovskis, EC vice-president, suggests some progress could be made this morning - but an actual deal is far, far away. | Vladis Dombrovskis, EC vice-president, suggests some progress could be made this morning - but an actual deal is far, far away. |
| He told reporters: | He told reporters: |
| “Discussions were quite complicated so we hope for more progress today. I think it’s utterly unlikely the European Commission will get a mandate to start formal negotiations as regards a third programme or ESM programme today. | “Discussions were quite complicated so we hope for more progress today. I think it’s utterly unlikely the European Commission will get a mandate to start formal negotiations as regards a third programme or ESM programme today. |
| But I think the Eurogroup can prepare and provide input for discussions of the leaders later today.” | But I think the Eurogroup can prepare and provide input for discussions of the leaders later today.” |
| (thanks to Reuters for the quote) | (thanks to Reuters for the quote) |
| 10.34am BST10:34 | 10.34am BST10:34 |
| Luxembourg’s finance minister, Pierre Gramegna, also sounded gloomy as he arrived: | Luxembourg’s finance minister, Pierre Gramegna, also sounded gloomy as he arrived: |
| It's a very difficult junction, says lux fin min Pierre Gramegna. Economic situation in #Greece gets worse every day. | It's a very difficult junction, says lux fin min Pierre Gramegna. Economic situation in #Greece gets worse every day. |
| 10.29am BST10:29 | 10.29am BST10:29 |
| Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, insists that Greece can obtain a third bailout and remain in the euro. | Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, insists that Greece can obtain a third bailout and remain in the euro. |
| But it must agree deep reforms, and implement them too. | But it must agree deep reforms, and implement them too. |
| Pierre Moscovici: If #Greece commits to implement and vote now for reforms, there is a basis for a (bailout) programme. There is a path. | Pierre Moscovici: If #Greece commits to implement and vote now for reforms, there is a basis for a (bailout) programme. There is a path. |
| What we want is a deeply reformed Greece inside the Eurozone, says @pierremoscovici | What we want is a deeply reformed Greece inside the Eurozone, says @pierremoscovici |
| Updated at 10.29am BST | Updated at 10.29am BST |
| 10.27am BST10:27 | 10.27am BST10:27 |
| Greece’s new finance minister was brief and to the point as he arrived: | Greece’s new finance minister was brief and to the point as he arrived: |
| 'Morning' is all we get from a chirpy Euclid Tsakalotos of Greece | 'Morning' is all we get from a chirpy Euclid Tsakalotos of Greece |
| 10.26am BST10:26 | 10.26am BST10:26 |
| Slovakia: Not possible to reach a deal today | Slovakia: Not possible to reach a deal today |
| Peter Kažimír, Slovakia’s finance minister, has ruled out a Greek deal today. | Peter Kažimír, Slovakia’s finance minister, has ruled out a Greek deal today. |
| It’s just not possible, he says, citing the “breach of trust” between the eurozone and the Greek government. | It’s just not possible, he says, citing the “breach of trust” between the eurozone and the Greek government. |
| Slovakia's fin min Peter Kazimir: "it's not possible to reach a deal today." | Slovakia's fin min Peter Kazimir: "it's not possible to reach a deal today." |
| But he also suggests that “front-loading” Greece’s reform package could help rebuild trust. That means enforcing more austerity quickly: | But he also suggests that “front-loading” Greece’s reform package could help rebuild trust. That means enforcing more austerity quickly: |
| Kazimir: frontloading reform [would help restore some trust]. | Kazimir: frontloading reform [would help restore some trust]. |
| Slovakia’s Finance Minister Peter Kazimir says there won’t be a deal today. Nothing another weekend summit can’t solve, right?!? | Slovakia’s Finance Minister Peter Kazimir says there won’t be a deal today. Nothing another weekend summit can’t solve, right?!? |
| Updated at 10.34am BST | Updated at 10.34am BST |
| 10.21am BST10:21 | 10.21am BST10:21 |
| The weather in Brussels matches the mood - it’s grey, dreary and generally depressing. | The weather in Brussels matches the mood - it’s grey, dreary and generally depressing. |
| From beneath his umbrella, Finland’s Alex Stubb told reporters that a few steps were taken last night, but much more needs to be done. | From beneath his umbrella, Finland’s Alex Stubb told reporters that a few steps were taken last night, but much more needs to be done. |
| @alexstubb på väg in t #Eurogroup "If this was negotiation from 1 to 10, I think we’re still standing somewhere between 3 and 4" #Grekland | @alexstubb på väg in t #Eurogroup "If this was negotiation from 1 to 10, I think we’re still standing somewhere between 3 and 4" #Grekland |
| Updated at 11.16am BST | Updated at 11.16am BST |
| 10.17am BST10:17 | 10.17am BST10:17 |
| Italy blames lack of trust | Italy blames lack of trust |
| My colleague Jennifer Rankin is back outside the Eurogroup meeting, as ministers arrive. | My colleague Jennifer Rankin is back outside the Eurogroup meeting, as ministers arrive. |
| Pier Carlo Padoan, Italy’s finance minister, has blamed the ‘lack of trust’ with Greece, she reports. | Pier Carlo Padoan, Italy’s finance minister, has blamed the ‘lack of trust’ with Greece, she reports. |
| He’d like to see Athens rebuilt it, by taking measures in the Greek parliament this week. | He’d like to see Athens rebuilt it, by taking measures in the Greek parliament this week. |
| Italy's fin min Padoan: main obstacle to moving forward is lack of trust, wants to see Gk gov rebuild trust. #Greece | Italy's fin min Padoan: main obstacle to moving forward is lack of trust, wants to see Gk gov rebuild trust. #Greece |
| 10.10am BST10:10 | 10.10am BST10:10 |
| Tusk cancels EUCO summit | Tusk cancels EUCO summit |
| European Council president Donald Tusk has cancelled tonight’s meeting of all 28 EU heads of state and government. | European Council president Donald Tusk has cancelled tonight’s meeting of all 28 EU heads of state and government. |
| That meeting was meant to be THE decisive event, where leaders could potentially have planned for Greece’s exit from the single currency. | That meeting was meant to be THE decisive event, where leaders could potentially have planned for Greece’s exit from the single currency. |
| However, eurozone leaders will still meet, from 3pm BST (5pm if you’re in Greece). | However, eurozone leaders will still meet, from 3pm BST (5pm if you’re in Greece). |
| I have cancelled #EUCO today. #EuroSummit to start at 16h and last until we conclude talks on #Greece | I have cancelled #EUCO today. #EuroSummit to start at 16h and last until we conclude talks on #Greece |
| It underlines just how bad yesterday’s Eurogroup meeting was. | It underlines just how bad yesterday’s Eurogroup meeting was. |
| #greece saturday was the ugliest, most depressing day in bxl for a v long time. sunday better or worse? | #greece saturday was the ugliest, most depressing day in bxl for a v long time. sunday better or worse? |
| Updated at 10.11am BST | Updated at 10.11am BST |
| 10.05am BST10:05 | 10.05am BST10:05 |
| Introduction: Finance ministers resume talks over Greece | Introduction: Finance ministers resume talks over Greece |
| Good morning. | Good morning. |
| The eurozone is resuming its efforts to find a solution to the intractable Greek debt crisis, but hopes of a breakthrough today are already fading, fast. | The eurozone is resuming its efforts to find a solution to the intractable Greek debt crisis, but hopes of a breakthrough today are already fading, fast. |
| Over in Brussels, finance ministers are gathering to restart the meeting which broke up late last night amid deadlock, with euro members pushing Greece to offer more concessions. | Over in Brussels, finance ministers are gathering to restart the meeting which broke up late last night amid deadlock, with euro members pushing Greece to offer more concessions. |
| But the crisis runs deeper than that. Finland is refusing to back a third bailout, with eurosceptic coalition members threatening to bring the government down. | But the crisis runs deeper than that. Finland is refusing to back a third bailout, with eurosceptic coalition members threatening to bring the government down. |
| And Germany has drawn up a paper suggesting Greece should temporarily leave the eurozone. It doesn’t exactly dispel the idea that Berlin is pushing for Grexit. | And Germany has drawn up a paper suggesting Greece should temporarily leave the eurozone. It doesn’t exactly dispel the idea that Berlin is pushing for Grexit. |
| Eurozone leaders are due to meet later today. Perhaps a political solution can be found to break the deadlock? But in truth, Europe looks more battered and divided than at any time in this debt crisis. | Eurozone leaders are due to meet later today. Perhaps a political solution can be found to break the deadlock? But in truth, Europe looks more battered and divided than at any time in this debt crisis. |
| As our Europe editor, Ian Traynor, reported last night: | As our Europe editor, Ian Traynor, reported last night: |
| Saturday night’s talks were not to agree on a third bailout, but were negotiations on whether to launch more talks on Greece’s third rescue package in five years. The ministers faced formidable problems, said Schäuble, who argued debt relief for Greece, broadly seen as essential, was banned by the EU treaties: “Athens’s proposals are far from sufficient. The funding gaps are way beyond anything we’ve seen so far,” he said. | Saturday night’s talks were not to agree on a third bailout, but were negotiations on whether to launch more talks on Greece’s third rescue package in five years. The ministers faced formidable problems, said Schäuble, who argued debt relief for Greece, broadly seen as essential, was banned by the EU treaties: “Athens’s proposals are far from sufficient. The funding gaps are way beyond anything we’ve seen so far,” he said. |
| The hard line was echoed by Peter Kazimir, finance minister of Slovakia, who said that new austerity measures tabled by Athens were already past their sell-by date. | The hard line was echoed by Peter Kazimir, finance minister of Slovakia, who said that new austerity measures tabled by Athens were already past their sell-by date. |
| The eurozone has been united for five months in the negotiations with Tsipras, but with the stakes rising greatly in the last 10 days, major divisions have surfaced, with the French working tirelessly to save Greece and the hardliners now pushing Greece’s expulsion for the first time openly. | The eurozone has been united for five months in the negotiations with Tsipras, but with the stakes rising greatly in the last 10 days, major divisions have surfaced, with the French working tirelessly to save Greece and the hardliners now pushing Greece’s expulsion for the first time openly. |
| Related: Greece nears euro exit as bailout talks break up without agreement | Related: Greece nears euro exit as bailout talks break up without agreement |
| We’ll be tracking all the main events through the day..... | We’ll be tracking all the main events through the day..... |
| Updated at 11.30am BST | Updated at 11.30am BST |