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Version 14 Version 15
Eurozone finance ministers decide on Greek bailout - live updates Eurozone finance ministers decide on Greek bailout - live updates
(35 minutes later)
3.20pm BST15:20
I didn’t spot Greece’s finance minister, Euclid Tsakalotos, arriving at the Eurogroup meeting -- but he is there now.
Tsakalotos can’t have had much sleep, given he spent last night in the Athens parliament arguing over the bailout deal (the vote didn’t end until after 10am local time).
More photos from the meeting:
2.42pm BST14:422.42pm BST14:42
That’s it. The Eurogroup meeting is now underway, with most ministers expressing confidence that the third Greek bailout will be signed off today.That’s it. The Eurogroup meeting is now underway, with most ministers expressing confidence that the third Greek bailout will be signed off today.
Summary of doorsteps: Still some issues to iron out, but literally everyone (including Schäuble and Stubb) expects a deal today. #GreeceSummary of doorsteps: Still some issues to iron out, but literally everyone (including Schäuble and Stubb) expects a deal today. #Greece
2.38pm BST14:382.38pm BST14:38
Stubb: IMF involvment is a Catch-22 problemStubb: IMF involvment is a Catch-22 problem
Finland’s Alex Stubb has now arrived at the eurogroup meeting, and told reporters that he would be “very surprised” if a deal isn’t reached to approve the Greek bailout deal today.Finland’s Alex Stubb has now arrived at the eurogroup meeting, and told reporters that he would be “very surprised” if a deal isn’t reached to approve the Greek bailout deal today.
There are some ‘nitty gritty issues’ to solve today, including the involvement of the IMF in the Greek bailout, the size of the first bailout programme, and the timing of the financing.There are some ‘nitty gritty issues’ to solve today, including the involvement of the IMF in the Greek bailout, the size of the first bailout programme, and the timing of the financing.
Stubb adds that Finland is “very much” aligned with German on the need to involve the International Monetary Fund -- and puts his finger on the problem:Stubb adds that Finland is “very much” aligned with German on the need to involve the International Monetary Fund -- and puts his finger on the problem:
We should be honest and open that there is a bit of a Catch-22 to solve here.We should be honest and open that there is a bit of a Catch-22 to solve here.
The IMF will be involved only with debt relief, and we want the IMF to be involved but we don’t want debt relief. So some kind of solution will have to be found.The IMF will be involved only with debt relief, and we want the IMF to be involved but we don’t want debt relief. So some kind of solution will have to be found.
That solution could be a declaration from the IMF, which also refers to debt relief, he adds.That solution could be a declaration from the IMF, which also refers to debt relief, he adds.
Updated at 2.55pm BSTUpdated at 2.55pm BST
2.16pm BST14:162.16pm BST14:16
Slovakia’s Peter Kazimir adds that Greece must fulfil its commitments before it can get any debt relief:Slovakia’s Peter Kazimir adds that Greece must fulfil its commitments before it can get any debt relief:
#greece #€group slovak kazimir says debt relief (no haircuts) can come as a reward for good greek behaviour, not as bailout precondition#greece #€group slovak kazimir says debt relief (no haircuts) can come as a reward for good greek behaviour, not as bailout precondition
2.15pm BST14:152.15pm BST14:15
Slovakia’s finance minister, Peter Kazimir, tells reporters he agrees with Wolfgang Schäuble:Slovakia’s finance minister, Peter Kazimir, tells reporters he agrees with Wolfgang Schäuble:
Kazimir: It's "crucial" that IMF is on board. #GreeceKazimir: It's "crucial" that IMF is on board. #Greece
Updated at 2.15pm BSTUpdated at 2.15pm BST
2.13pm BST14:132.13pm BST14:13
Schäuble: IMF must be involved in Greek bailoutSchäuble: IMF must be involved in Greek bailout
Germany’s Wolfgang Schäuble just arrived, giving reporters a cheery smile and a few words in German.Germany’s Wolfgang Schäuble just arrived, giving reporters a cheery smile and a few words in German.
Schäuble says he is confident that a deal will be reached today. But he also warns that the IMF must be involved in the new Greek bailout, otherwise Germany can’t back the plan.Schäuble says he is confident that a deal will be reached today. But he also warns that the IMF must be involved in the new Greek bailout, otherwise Germany can’t back the plan.
#greece #€group 'at the end of the day (today) we will have a result' - schaeuble#greece #€group 'at the end of the day (today) we will have a result' - schaeuble
#greece #€group schaeuble - imf involvement is a precondition for D. need to hear about IMF's commitment#greece #€group schaeuble - imf involvement is a precondition for D. need to hear about IMF's commitment
The question of the IMF’s involvement isn’t clear, though, given that the Fund insists that Greece needs serious, and “dramatic” debt relief.The question of the IMF’s involvement isn’t clear, though, given that the Fund insists that Greece needs serious, and “dramatic” debt relief.
European countries haven’t made such bold commitments yet, and won’t discuss debt relief in detail until October.European countries haven’t made such bold commitments yet, and won’t discuss debt relief in detail until October.
As our financial editor Nils Pratley explains:As our financial editor Nils Pratley explains:
There will....be heavy pressure from Germany to compromise and dilute the debt relief. It will be hard to get any bailout package through the German parliament but the task might be impossible if the IMF won’t endorse it.There will....be heavy pressure from Germany to compromise and dilute the debt relief. It will be hard to get any bailout package through the German parliament but the task might be impossible if the IMF won’t endorse it.
Nevertheless, the IMF should stick to its guns. Greece needs serious debt relief, not token measures. It is about time that lenders accepted the economic reality that piecemeal measures are pointless when debt ratios reach 200%.Nevertheless, the IMF should stick to its guns. Greece needs serious debt relief, not token measures. It is about time that lenders accepted the economic reality that piecemeal measures are pointless when debt ratios reach 200%.
Related: European Union backs IMF view over Greece – then ignores itRelated: European Union backs IMF view over Greece – then ignores it
1.47pm BST13:471.47pm BST13:47
Malta’s Edward Scicluna is next to arrive -- he tells the press pack that he favours reprofiling Greece’s debt (eg, extending payback dates) rather than a haircut on the face value.Malta’s Edward Scicluna is next to arrive -- he tells the press pack that he favours reprofiling Greece’s debt (eg, extending payback dates) rather than a haircut on the face value.
And do you expect a short meeting, or a long one?And do you expect a short meeting, or a long one?
What I wish for, is that it’s not too long, Scicluna smiles hopefully.What I wish for, is that it’s not too long, Scicluna smiles hopefully.
Amen to that.Amen to that.
1.44pm BST13:441.44pm BST13:44
Next up, Pierre Gramegna of Luxembourg, who greets reporters in Brussels with a cheerful “good morning” (?!).Next up, Pierre Gramegna of Luxembourg, who greets reporters in Brussels with a cheerful “good morning” (?!).
#greece #€group lux's gramegna clearly a lateriser. arrives at 1430 with a 'good morning' greeting#greece #€group lux's gramegna clearly a lateriser. arrives at 1430 with a 'good morning' greeting
Sounding positive, Gramegna says Greece has made more progress in the last month than in the previous six months, and is hopeful that the bailout is approved today.Sounding positive, Gramegna says Greece has made more progress in the last month than in the previous six months, and is hopeful that the bailout is approved today.
Gramegna: I think the conditions are there to give the green light to 3rd bailout today. #GreeceGramegna: I think the conditions are there to give the green light to 3rd bailout today. #Greece
Updated at 1.45pm BSTUpdated at 1.45pm BST
1.41pm BST13:411.41pm BST13:41
Dijsselbloem then vanished into the building, swiftly followed by ECB president Mario Draghi (showing his usual skill at avoiding the press pack)Dijsselbloem then vanished into the building, swiftly followed by ECB president Mario Draghi (showing his usual skill at avoiding the press pack)
1.37pm BST13:371.37pm BST13:37
#greece #€group @J_Dijsselbloem said v little in english, in dutch he singled out bank recap, privatisation fund, debt as main problems#greece #€group @J_Dijsselbloem said v little in english, in dutch he singled out bank recap, privatisation fund, debt as main problems
1.32pm BST13:321.32pm BST13:32
Dijsselbloem predicts Eurogroup criticism over Greek bailout dealDijsselbloem predicts Eurogroup criticism over Greek bailout deal
Eurogroup president Jeroen Dijsselbloem has just arrived at today’s extraordinary Eurogroup meeting.Eurogroup president Jeroen Dijsselbloem has just arrived at today’s extraordinary Eurogroup meeting.
Like France’s Michel Sapin, Dijsselbloem is looking tanned and cheerful.Like France’s Michel Sapin, Dijsselbloem is looking tanned and cheerful.
But he warns that today’s meeting won’t be short.But he warns that today’s meeting won’t be short.
Some ministers will have questions, and criticism, on some issues, he predicts, adding:Some ministers will have questions, and criticism, on some issues, he predicts, adding:
Hopefully at the end of the evening we will have a positive outcome.Hopefully at the end of the evening we will have a positive outcome.
What about debt sustainability?What about debt sustainability?
Debt sustainability is still a major point of concern, certainly for the IMF, Dijsselbloem replies. We will look at it closely in October.Debt sustainability is still a major point of concern, certainly for the IMF, Dijsselbloem replies. We will look at it closely in October.
Hopefully we can make sure that it is sustainable by them, and make further guarantees if necessary, so that the IMF can come on board in October, because that’s very important to all of us.Hopefully we can make sure that it is sustainable by them, and make further guarantees if necessary, so that the IMF can come on board in October, because that’s very important to all of us.
#greece #€group @J_Dijsselbloem 'imf involvement very important to all of us'#greece #€group @J_Dijsselbloem 'imf involvement very important to all of us'
IMF involvement is particularly important for Germany, of course.....IMF involvement is particularly important for Germany, of course.....
Updated at 1.34pm BSTUpdated at 1.34pm BST
1.17pm BST13:171.17pm BST13:17
Finnish finance minister Alex Stubb has dropped a hint that today’s Eurogroup meeting will go smoothly:Finnish finance minister Alex Stubb has dropped a hint that today’s Eurogroup meeting will go smoothly:
Beginning #Brussels meetings with #EPP colleagues. Then #Eurogroup. I sense an optimistic atmosphere in town. #AugustInBrusselsBeginning #Brussels meetings with #EPP colleagues. Then #Eurogroup. I sense an optimistic atmosphere in town. #AugustInBrussels
The EPP is the group of centre-right European political parties, so Stubb should be conferring with finance ministers from Germany, Ireland, Portugal and Spain.The EPP is the group of centre-right European political parties, so Stubb should be conferring with finance ministers from Germany, Ireland, Portugal and Spain.
1.03pm BST13:031.03pm BST13:03
You can watch the eurozone finance ministers arriving for today’s meeting here.You can watch the eurozone finance ministers arriving for today’s meeting here.
1.02pm BST13:021.02pm BST13:02
Sapin: Greek debt relief will be discussed in the autumn.Sapin: Greek debt relief will be discussed in the autumn.
And we’re off! The first ministerial car has arrived in Brussels, and a suntanned looking French finance minister has got out.And we’re off! The first ministerial car has arrived in Brussels, and a suntanned looking French finance minister has got out.
Michel Sapin told reporters that today’s Eurogroup meeting follows “very important” work by Greece and the institutions (the Europe Commission, European Central Bank, IMF and European Stability Mechanism).Michel Sapin told reporters that today’s Eurogroup meeting follows “very important” work by Greece and the institutions (the Europe Commission, European Central Bank, IMF and European Stability Mechanism).
Our task today is to decide whether to approve the Greek deal, Sapin adds - the issue of debt reprofiling will be covered in the autumn (ie, not today).Our task today is to decide whether to approve the Greek deal, Sapin adds - the issue of debt reprofiling will be covered in the autumn (ie, not today).
Sapin: We need to respect our timeline. Re-profiling of Greek debt will be discussed in the autumn. #GreeceSapin: We need to respect our timeline. Re-profiling of Greek debt will be discussed in the autumn. #Greece
12.42pm BST12:4212.42pm BST12:42
Jeroen Dijsselbloem will speak to the Brussels press in an hour’s time, before the eurogroup meeting gets underway.Jeroen Dijsselbloem will speak to the Brussels press in an hour’s time, before the eurogroup meeting gets underway.
Doorstep extraordinary #Eurogroup around 2:30pm #GreeceDoorstep extraordinary #Eurogroup around 2:30pm #Greece
12.23pm BST12:2312.23pm BST12:23
This morning’s weak eurozone growth figures have pushed stock markets into the red today.This morning’s weak eurozone growth figures have pushed stock markets into the red today.
The main indices have all lost ground, as investors show disappointment at the slowdown in Germany and France.The main indices have all lost ground, as investors show disappointment at the slowdown in Germany and France.
Connor Campbell of SpreadEx explains:Connor Campbell of SpreadEx explains:
A swathe of disappointing GDP figures from across the Eurozone led to a weaker than expected region-wide number this Friday morning. This merely served to compound the current lack of appetite for risk and caused the DAX and CAC to lose their tentative gains in the process.A swathe of disappointing GDP figures from across the Eurozone led to a weaker than expected region-wide number this Friday morning. This merely served to compound the current lack of appetite for risk and caused the DAX and CAC to lose their tentative gains in the process.
That could change this afternoon, however, dependent on how swift, and successful, the Eurogroup meeting is. The finance ministers are all on their way to Brussels, so sooner rather than later news should start leaking out about the sentiment of the group.That could change this afternoon, however, dependent on how swift, and successful, the Eurogroup meeting is. The finance ministers are all on their way to Brussels, so sooner rather than later news should start leaking out about the sentiment of the group.
Big news today is the disappointment across European GDPs http://t.co/xXe9Z7iKkK pic.twitter.com/a2kU2Ws6FMBig news today is the disappointment across European GDPs http://t.co/xXe9Z7iKkK pic.twitter.com/a2kU2Ws6FM
11.54am BST11:5411.54am BST11:54
Flash crash trader granted bailFlash crash trader granted bail
Breaking away from the eurozone briefly, the British financial trader accused of helping trigger a multibillion-dollar US stock market crash has, finally, been granted bail.Breaking away from the eurozone briefly, the British financial trader accused of helping trigger a multibillion-dollar US stock market crash has, finally, been granted bail.
Westminster magistrates court has ruled that Navinder Singh Sarao should be released from custody, almost four months after being arrested and accused of sparking market turmoil in 2010.Westminster magistrates court has ruled that Navinder Singh Sarao should be released from custody, almost four months after being arrested and accused of sparking market turmoil in 2010.
Sarao won’t be allowed to leave the London area, though, reports my colleague Jennifer Rankin from court. He’s fighting efforts to be extradited to the US to face charges.Sarao won’t be allowed to leave the London area, though, reports my colleague Jennifer Rankin from court. He’s fighting efforts to be extradited to the US to face charges.
Navinder Singh Sarao, accused of causing US flash crash, granted bail in extradition hearing at Westminster magistrates court.Navinder Singh Sarao, accused of causing US flash crash, granted bail in extradition hearing at Westminster magistrates court.
Sarao, who is from Hounslow, must remain inside M25 until full extradition hearing scheduled for 24 Sept.Sarao, who is from Hounslow, must remain inside M25 until full extradition hearing scheduled for 24 Sept.
Updated at 12.24pm BSTUpdated at 12.24pm BST
11.50am BST11:5011.50am BST11:50
Dutch finance minister Jeroen Dijsselbloem has welcomed the Greek parliament’s vote today.Dutch finance minister Jeroen Dijsselbloem has welcomed the Greek parliament’s vote today.
Dijsselbloem, who will chair this afternoon’s Eurogroup meeting, told reporters in The Hague that the current plan is the “strongest and most concrete” agreed yet.Dijsselbloem, who will chair this afternoon’s Eurogroup meeting, told reporters in The Hague that the current plan is the “strongest and most concrete” agreed yet.
Eurozone ministers will need to be confident, though, that Greece will meet its commitments, he added (via Reuters).Eurozone ministers will need to be confident, though, that Greece will meet its commitments, he added (via Reuters).
Those ministers should start arriving in Brussels soon.Those ministers should start arriving in Brussels soon.
11.03am BST11:0311.03am BST11:03
Analysts at Capital Economics fear that the eurozone economy will continue to slow through 2015, and only grow by 1% during the year.Analysts at Capital Economics fear that the eurozone economy will continue to slow through 2015, and only grow by 1% during the year.
They say:They say:
“Looking ahead, business surveys suggest that the euro zone economy will continue to expand, led by strong growth in Spain and a solid German economy. But they offer little hope that the recovery will gain pace.”“Looking ahead, business surveys suggest that the euro zone economy will continue to expand, led by strong growth in Spain and a solid German economy. But they offer little hope that the recovery will gain pace.”
“Indeed, we think it is more likely that growth in the region as a whole will slow further in the second half of the year.”“Indeed, we think it is more likely that growth in the region as a whole will slow further in the second half of the year.”
0.3% rise in #euro-zone GDP in Q2 in line with our 2015 forecast of 1% vs consensus of 1.5%. We also expect 1% in 2016 vs consensus of 1.8%.0.3% rise in #euro-zone GDP in Q2 in line with our 2015 forecast of 1% vs consensus of 1.5%. We also expect 1% in 2016 vs consensus of 1.8%.
10.24am BST10:2410.24am BST10:24
Recession in #Finland continues. Only EZ coutry with shrinking GDP in 2Q. Won't help support for 3rd package for #GreeceRecession in #Finland continues. Only EZ coutry with shrinking GDP in 2Q. Won't help support for 3rd package for #Greece
10.22am BST10:2210.22am BST10:22
Finland was the worst-performing member of the eurozone in the last quarter; the only country to suffer shrinking GDP.Finland was the worst-performing member of the eurozone in the last quarter; the only country to suffer shrinking GDP.
But it wasn’t the only poor performer, with France stagnating, Austria and the Netherlands growing just 0.1%, and Italy at +0.2%.But it wasn’t the only poor performer, with France stagnating, Austria and the Netherlands growing just 0.1%, and Italy at +0.2%.
Here’s the full details:Here’s the full details:
10.05am BST10:0510.05am BST10:05
Euro economy grew by 0.3% in the last quarterEuro economy grew by 0.3% in the last quarter
The eurozone economy grew by 0.3% in the second quarter of 2015, weaker than the 0.4% expected.The eurozone economy grew by 0.3% in the second quarter of 2015, weaker than the 0.4% expected.
That’s not a surprise, after growth figures from Germany, France, Italy and the Netherlands were all weaker than forecast (as covered earlier in today’s blog).That’s not a surprise, after growth figures from Germany, France, Italy and the Netherlands were all weaker than forecast (as covered earlier in today’s blog).
But it underlines that the eurozone recovery is nothing to shout about, particularly with the French economy dropping back into stagnation.But it underlines that the eurozone recovery is nothing to shout about, particularly with the French economy dropping back into stagnation.
In contrast, the UK economy grew by 0.7% during the second quarter of the year, while the US expanded by 0.6%.In contrast, the UK economy grew by 0.7% during the second quarter of the year, while the US expanded by 0.6%.
9.43am BST09:439.43am BST09:43
Readers who missed the all-night drama in the Greek parliament in favour of a good night’s sleep can get a flavour from this video:Readers who missed the all-night drama in the Greek parliament in favour of a good night’s sleep can get a flavour from this video:
Updated at 10.41am BSTUpdated at 10.41am BST
9.37am BST09:379.37am BST09:37
Portugal has outperformed France and Italy, and matched Germany, with growth of 0.4% in the last three months.Portugal has outperformed France and Italy, and matched Germany, with growth of 0.4% in the last three months.
Portugal 2Q GDP +0.4% on quarter, +1.5% on year. Same rises as previous quarter.Portugal 2Q GDP +0.4% on quarter, +1.5% on year. Same rises as previous quarter.
9.21am BST09:219.21am BST09:21
How the Syriza rebellion gathered pace:How the Syriza rebellion gathered pace:
Today’s vote was the third time that Greek MPs have been asked to approve the third bailout, and each time Alexis Tsipras’s majority has been whittled away.Today’s vote was the third time that Greek MPs have been asked to approve the third bailout, and each time Alexis Tsipras’s majority has been whittled away.
Damian Mac Con Uladh of the Irish Times has been maintaining a spreadsheet showing how the rebellion has gathered pace.Damian Mac Con Uladh of the Irish Times has been maintaining a spreadsheet showing how the rebellion has gathered pace.
#Greece: Which #Syriza MPs voted No or abstained: spreadsheet showing last three votes. http://t.co/yBtnCByJZw #Vouli pic.twitter.com/hTWoMk6u5l#Greece: Which #Syriza MPs voted No or abstained: spreadsheet showing last three votes. http://t.co/yBtnCByJZw #Vouli pic.twitter.com/hTWoMk6u5l
As you can see, seven previously loyal members decided to abstain today, leaving Tsipras reliant on opposition MPs to get the bailout approved.As you can see, seven previously loyal members decided to abstain today, leaving Tsipras reliant on opposition MPs to get the bailout approved.
And that’s why Greece could be heading into snap elections, unless some of these rebels return to the fold in a confidence vote.And that’s why Greece could be heading into snap elections, unless some of these rebels return to the fold in a confidence vote.
9.15am BST09:159.15am BST09:15
Eurozone finance ministers will soon be heading to Brussels for a eurogroup meeting, to sign off the €85bn Greek bailout deal.Eurozone finance ministers will soon be heading to Brussels for a eurogroup meeting, to sign off the €85bn Greek bailout deal.
Finland’s Alex Stubb is already on his way:Finland’s Alex Stubb is already on his way:
Wheels up for Brussels. #Eurogroup meeting. Beautiful August morning in #Espoo. #esm #greece pic.twitter.com/VpkIWzOtKLWheels up for Brussels. #Eurogroup meeting. Beautiful August morning in #Espoo. #esm #greece pic.twitter.com/VpkIWzOtKL
Awfully pretty, and still stuck in a pretty awful recession.Awfully pretty, and still stuck in a pretty awful recession.
Updated at 9.26am BSTUpdated at 9.26am BST
9.06am BST09:069.06am BST09:06
Italian economy grows by just 0.2%Italian economy grows by just 0.2%
Italy has just provided further confirmation that the eurozone economy has underperformed in the last quarter.Italy has just provided further confirmation that the eurozone economy has underperformed in the last quarter.
Italian GDP rose by 0.2% quarter-on-quarter in April-June, below the 0.3% which had been expected.Italian GDP rose by 0.2% quarter-on-quarter in April-June, below the 0.3% which had been expected.
That’s a quartet of disappointment. With Germany, France, Italy and the Netherlands all missing expectations, it’s very hard to see how the eurozone grew by the 0.4% which analysts expected.That’s a quartet of disappointment. With Germany, France, Italy and the Netherlands all missing expectations, it’s very hard to see how the eurozone grew by the 0.4% which analysts expected.
9.00am BST09:009.00am BST09:00
Back in Athens, Greek MPs are staggering into the daylight after their marathon session.Back in Athens, Greek MPs are staggering into the daylight after their marathon session.
It was touch-and-go at one stage, though. After the result was declared, speaker Zoe Konstantopoulou announced that the vote wasn’t legally valid and should be rerun within 24 hours.It was touch-and-go at one stage, though. After the result was declared, speaker Zoe Konstantopoulou announced that the vote wasn’t legally valid and should be rerun within 24 hours.
It's over, MPs leaving, Konstantopoulou didn't get her wish of making everyone stay on #vouliIt's over, MPs leaving, Konstantopoulou didn't get her wish of making everyone stay on #vouli
8.54am BST08:548.54am BST08:54
The Netherlands economy has also missed expectations.The Netherlands economy has also missed expectations.
Dutch GDP grew by just 0.1% in the last quarter, compared to estimates of 0.3%.Dutch GDP grew by just 0.1% in the last quarter, compared to estimates of 0.3%.
#Netherlands | Q2 PRELIMINARY GDP Q/Q: 0.1% V 0.3%E; Y/Y: 1.6% V 2.2%E pic.twitter.com/6oJee3knAi#Netherlands | Q2 PRELIMINARY GDP Q/Q: 0.1% V 0.3%E; Y/Y: 1.6% V 2.2%E pic.twitter.com/6oJee3knAi
8.48am BST08:488.48am BST08:48
The prospect of snap Greek elections this autumn will not please German MPs, who must give their approval to the deal next week:The prospect of snap Greek elections this autumn will not please German MPs, who must give their approval to the deal next week:
8.34am BST08:348.34am BST08:34
If you’re just tuning in, here’s Jon Henley’s latest news story on the bailout vote:If you’re just tuning in, here’s Jon Henley’s latest news story on the bailout vote:
Related: Greek parliament approves bailout dealRelated: Greek parliament approves bailout deal
8.28am BST08:288.28am BST08:28
Tsipras to call confidence vote after bailout rebellionTsipras to call confidence vote after bailout rebellion
Skai TV are reporting that Alexis Tsipras will call a vote of confidence sometime after August 20, which would lead to snap elections if he loses.Skai TV are reporting that Alexis Tsipras will call a vote of confidence sometime after August 20, which would lead to snap elections if he loses.
And that’s because the Greek PM has suffered a significant rebellion among his own MPs at today’s vote.And that’s because the Greek PM has suffered a significant rebellion among his own MPs at today’s vote.
According to one calculation, just 118 government MPs voted to approve the bailout plan - below the 120 votes needed to maintain Tsipras’s majority.According to one calculation, just 118 government MPs voted to approve the bailout plan - below the 120 votes needed to maintain Tsipras’s majority.
Looks like confidence vote will take place after August 20, possibly leading to snap elections if #Tsipras doesn’t reach necessary majorityLooks like confidence vote will take place after August 20, possibly leading to snap elections if #Tsipras doesn’t reach necessary majority
#Greece: 3rd bailout passes; gov't MPs who voted for are 118, below min of 120 required to survive confidence vote. May lead to snap polls.#Greece: 3rd bailout passes; gov't MPs who voted for are 118, below min of 120 required to survive confidence vote. May lead to snap polls.
Updated at 8.35am BSTUpdated at 8.35am BST
8.22am BST08:228.22am BST08:22
Here’s the voting details:Here’s the voting details:
Voting looks to have finished in #Greece parliament. 3rd Bailout approved by 222 votes to 64 with 11 abstentions. pic.twitter.com/si8un4W4TzVoting looks to have finished in #Greece parliament. 3rd Bailout approved by 222 votes to 64 with 11 abstentions. pic.twitter.com/si8un4W4Tz
8.04am BST08:048.04am BST08:04
Crisis-watcher Yannis Koutsomitis reckons the Greek government will just retain its majority in today’s vote, but it will be close:Crisis-watcher Yannis Koutsomitis reckons the Greek government will just retain its majority in today’s vote, but it will be close:
Tsipras survives with up to 42 rebel votes or abstentions. 43 is the lethal number. #GreeceTsipras survives with up to 42 rebel votes or abstentions. 43 is the lethal number. #Greece
Updated at 8.09am BSTUpdated at 8.09am BST
8.00am BST08:008.00am BST08:00
Greece approves third bailout dealGreece approves third bailout deal
It’s official: a majority of Greek MPs have voted to back the third aid programme.It’s official: a majority of Greek MPs have voted to back the third aid programme.
Bailout bill passes #Greece pic.twitter.com/6e02qkxtD1Bailout bill passes #Greece pic.twitter.com/6e02qkxtD1
But more government MPs are defying Alexis Tsipras and voting no -- meaning he could still lose his parliamentary majority.But more government MPs are defying Alexis Tsipras and voting no -- meaning he could still lose his parliamentary majority.
Updated at 8.00am BSTUpdated at 8.00am BST
7.58am BST07:587.58am BST07:58
it's a given that the bailout deal will pass, the issue is for government to retain at least 120 votes from syriza MPs. #vouliit's a given that the bailout deal will pass, the issue is for government to retain at least 120 votes from syriza MPs. #vouli
7.57am BST07:577.57am BST07:57
Halfway through the vote, and 105 Greek MPs have now voted Yes, with 32 voting No and five abstaining.Halfway through the vote, and 105 Greek MPs have now voted Yes, with 32 voting No and five abstaining.
7.50am BST07:507.50am BST07:50
The Greek parliament is on track to approve the third bailout deal, as the main opposition parties are supporting it:The Greek parliament is on track to approve the third bailout deal, as the main opposition parties are supporting it:
So far voting in #Greece parliament shows 68 Yes 21 No and 2 abstentions (via Skai TV)So far voting in #Greece parliament shows 68 Yes 21 No and 2 abstentions (via Skai TV)
7.39am BST07:397.39am BST07:39
Yanis Varoufakis has stuck to his word and voted against accepting the third bailout plan. Other Syriza rebels are also voting ‘No’.Yanis Varoufakis has stuck to his word and voted against accepting the third bailout plan. Other Syriza rebels are also voting ‘No’.
Updated at 7.44am BSTUpdated at 7.44am BST
7.37am BST07:377.37am BST07:37
Finally, Greek MPs are voting on whether to accept the third bailout.Finally, Greek MPs are voting on whether to accept the third bailout.
Open roll-call vote underway in #Greece's parliament. #Vouli. pic.twitter.com/UfNW2HeXsVOpen roll-call vote underway in #Greece's parliament. #Vouli. pic.twitter.com/UfNW2HeXsV
7.36am BST07:367.36am BST07:36
My colleague in Athens, Jon Henley, has watched the Greek bailout debate - and reports on the serious disunity on display:My colleague in Athens, Jon Henley, has watched the Greek bailout debate - and reports on the serious disunity on display:
The Athens parliament did not start debating the 400-page taxt of the draft bailout plan until nearly 4am after parliamentary speaker Zoe Konstantopoulou, a Syriza hardliner, ignored Tsipras’s request to speed up proceedings and instead raised a lengthy series of procedural questions and objections.The Athens parliament did not start debating the 400-page taxt of the draft bailout plan until nearly 4am after parliamentary speaker Zoe Konstantopoulou, a Syriza hardliner, ignored Tsipras’s request to speed up proceedings and instead raised a lengthy series of procedural questions and objections.
In angry exchanges, the conservative opposition rounded on the government, warning it not to take its support for granted. “If you want to provoke us - and for us to vote for it - you can’t have it both ways,” New Democracy leader Vangelis Meimarakis told finance minister Euclid Tsakalotos.In angry exchanges, the conservative opposition rounded on the government, warning it not to take its support for granted. “If you want to provoke us - and for us to vote for it - you can’t have it both ways,” New Democracy leader Vangelis Meimarakis told finance minister Euclid Tsakalotos.
On the left, former energy minister Panayiotis Lafazanis, who leads a rebel bloc of around a quarter of Syriza’s 149 MPs, pledged to “smash the eurozone dictatorship”, while in her concluding pre-vote remarks, Konstantopoulou announced: “I am not going to support the prime minister any more.”On the left, former energy minister Panayiotis Lafazanis, who leads a rebel bloc of around a quarter of Syriza’s 149 MPs, pledged to “smash the eurozone dictatorship”, while in her concluding pre-vote remarks, Konstantopoulou announced: “I am not going to support the prime minister any more.”
Earlier, the government spokeswoman, Olga Gerovasili, conceded divisions within the leftist party, which swept to victory in January’s elections on a staunch anti-austerity platform, were now so deep that a formal split was probably inevitable. Tsipras could call fresh elections as early as next month.Earlier, the government spokeswoman, Olga Gerovasili, conceded divisions within the leftist party, which swept to victory in January’s elections on a staunch anti-austerity platform, were now so deep that a formal split was probably inevitable. Tsipras could call fresh elections as early as next month.
Related: Greek parliament still thrashing out rescue deal voteRelated: Greek parliament still thrashing out rescue deal vote
And here are some photos from the all-night session:And here are some photos from the all-night session:
Updated at 7.45am BSTUpdated at 7.45am BST
7.31am BST07:317.31am BST07:31
Finland's recession continuesFinland's recession continues
There is no end to the economic gloom in Finland, where GDP has shrunk again.There is no end to the economic gloom in Finland, where GDP has shrunk again.
Reuters has the details:Reuters has the details:
Finland’s gross domestic product (GDP) contracted 0.4% in the second quarter from the previous quarter, preliminary data from the statistics office showed on Friday. GDP fell 0.1% quarterly in the first quarter.Finland’s gross domestic product (GDP) contracted 0.4% in the second quarter from the previous quarter, preliminary data from the statistics office showed on Friday. GDP fell 0.1% quarterly in the first quarter.
Second-quarter GDP was 1.0% lower than the same period a year earlier.Second-quarter GDP was 1.0% lower than the same period a year earlier.
In June, output fell 0.9% compared with a year earlier, the statistics office said. The Finnish economy has contracted for three years in a row.In June, output fell 0.9% compared with a year earlier, the statistics office said. The Finnish economy has contracted for three years in a row.
Updated at 8.08am BSTUpdated at 8.08am BST
7.24am BST07:247.24am BST07:24
Yanis Varoufakis: I can't back the bailoutYanis Varoufakis: I can't back the bailout
More drama in the Athens parliament, as the all-night debate continues.More drama in the Athens parliament, as the all-night debate continues.
Former finance minister Yanis Varoufakis has just intervened, telling the chamber that he cannot vote for the bailout deal. But he still supports the government, so suggests that he should resign as an MP to allow Tsipras to appoint a successor.Former finance minister Yanis Varoufakis has just intervened, telling the chamber that he cannot vote for the bailout deal. But he still supports the government, so suggests that he should resign as an MP to allow Tsipras to appoint a successor.
Varoufakis says he cannot vote for the deal #Greece pic.twitter.com/5LcqRTpPftVaroufakis says he cannot vote for the deal #Greece pic.twitter.com/5LcqRTpPft
Varoufakis has offered to resign as MP to help gov't remain above 120 seats, which would be minimum needed in confidence vote #GreeceVaroufakis has offered to resign as MP to help gov't remain above 120 seats, which would be minimum needed in confidence vote #Greece
Updated at 7.24am BSTUpdated at 7.24am BST
7.13am BST07:137.13am BST07:13
German GDP misses forecastsGerman GDP misses forecasts
Germany’s latest growth figures are also weaker than expected.Germany’s latest growth figures are also weaker than expected.
The eurozone’s powerhouse economy grew by just 0.4% in April-June, slightly below the 0.5% which economists had forecast.The eurozone’s powerhouse economy grew by just 0.4% in April-June, slightly below the 0.5% which economists had forecast.
That, plus France’s disappointing figures, suggests growth in the eurozone will miss the 0.4% which the City expected.That, plus France’s disappointing figures, suggests growth in the eurozone will miss the 0.4% which the City expected.
#Germany misses after #France on Eurozone GDP day. German 2Q GDP Adj +0.4% undershooting forecast of +0.5% On Qtr. pic.twitter.com/pweXuGbvZ4#Germany misses after #France on Eurozone GDP day. German 2Q GDP Adj +0.4% undershooting forecast of +0.5% On Qtr. pic.twitter.com/pweXuGbvZ4
7.02am BST07:027.02am BST07:02
Back in Athens, Tsipras has warned MPs that they must give their approval to the bailout plan today - so Greece can get the money to repay the European Central Bank next week.Back in Athens, Tsipras has warned MPs that they must give their approval to the bailout plan today - so Greece can get the money to repay the European Central Bank next week.
#Greek PM tells MPs tt bridging loan (2 cover looming ECB debt) would plunge the country back into crisis#Greek PM tells MPs tt bridging loan (2 cover looming ECB debt) would plunge the country back into crisis
6.57am BST06:576.57am BST06:57
French economy stagnated in Q2French economy stagnated in Q2
France has got Eurozone GDP Day off to a bad start, by posting no growth in the last three months.France has got Eurozone GDP Day off to a bad start, by posting no growth in the last three months.
France’s economic output was unchanged in the April-June quarter, stats body INSEE just reported. That’s weaker than the 0.2% which analysts had expected.France’s economic output was unchanged in the April-June quarter, stats body INSEE just reported. That’s weaker than the 0.2% which analysts had expected.
Household spending slowed, while French firm continued to cut investment. On the positive side, exports grew by 1.7%.Household spending slowed, while French firm continued to cut investment. On the positive side, exports grew by 1.7%.
Good morning from #Italy on Eurozone GDP day. Data will highlight that end of stagnation not in sight. France misses. pic.twitter.com/DmGQEfdq3aGood morning from #Italy on Eurozone GDP day. Data will highlight that end of stagnation not in sight. France misses. pic.twitter.com/DmGQEfdq3a
6.50am BST06:506.50am BST06:50
Tsipras: I don't regret compromising.Tsipras: I don't regret compromising.
Alexis Tsipras is telling bleary-eyed Greek MPs that he doesn’t regret the deal he agreed to in Brussels last month.Alexis Tsipras is telling bleary-eyed Greek MPs that he doesn’t regret the deal he agreed to in Brussels last month.
Addressing parliament after the all-night session heads (finally) to a climax, Tsipras is insisting that he didn’t have a mandate for Grexit:Addressing parliament after the all-night session heads (finally) to a climax, Tsipras is insisting that he didn’t have a mandate for Grexit:
"We took a painful decision of responsibility," #Greek PM tells parliament after all-nite debate ahead of vote on latest bailout deal"We took a painful decision of responsibility," #Greek PM tells parliament after all-nite debate ahead of vote on latest bailout deal
Going the drachma route would have been tantamount to committing suicide, #Greek PM Alexis Tsipras tells parliament ahead of vote on dealGoing the drachma route would have been tantamount to committing suicide, #Greek PM Alexis Tsipras tells parliament ahead of vote on deal
Tsipras: Denouncing the debt is not an alternative solution #Greece pic.twitter.com/Jjm49PJYmaTsipras: Denouncing the debt is not an alternative solution #Greece pic.twitter.com/Jjm49PJYma
Updated at 7.06am BSTUpdated at 7.06am BST
6.46am BST06:466.46am BST06:46
Introduction: Eurozone GDP and Greek bailout dealIntroduction: Eurozone GDP and Greek bailout deal
Good morning.Good morning.
Greece’s bailout deal is heading down to the wire today, with Eurozone finance ministers due to sign off the plan today.Greece’s bailout deal is heading down to the wire today, with Eurozone finance ministers due to sign off the plan today.
But first, Greece needs to give its approve.But first, Greece needs to give its approve.
And as I type, the country’s MPs are still arguing over whether to back the plan, as the debate which began on Thursday evening drags into Friday morning.And as I type, the country’s MPs are still arguing over whether to back the plan, as the debate which began on Thursday evening drags into Friday morning.
The fragile consensus between the major Greek parties appears to have unravelled overnight, with bitter exchanges between key players.The fragile consensus between the major Greek parties appears to have unravelled overnight, with bitter exchanges between key players.
Addressing #greek parliament this am #Syriza rebel #Lafazanis says he doesn't know whether he "feels pity or sorrow" for the governmentAddressing #greek parliament this am #Syriza rebel #Lafazanis says he doesn't know whether he "feels pity or sorrow" for the government
#Greek parliamentary now witnessing extraordinary tirade against PM by his once close friend & top #Syriza cadre Zoe Konstantopoulou#Greek parliamentary now witnessing extraordinary tirade against PM by his once close friend & top #Syriza cadre Zoe Konstantopoulou
Alexis Tsipras is on his feet now, telling MPs that the bailout agreement is a “necessary choice”, so the vote may finally come soon.Alexis Tsipras is on his feet now, telling MPs that the bailout agreement is a “necessary choice”, so the vote may finally come soon.
tsipras: the first cycle of a painful process closes today. #voulitsipras: the first cycle of a painful process closes today. #vouli
Eurozone finance ministers are due to meet this afternoon in Brussels, to give their approval for the plan. They can also ponder the latest warning that Greece needs significant debt relief, with borrowing likely to peak at 201% of national output (GDP) in 2016.Eurozone finance ministers are due to meet this afternoon in Brussels, to give their approval for the plan. They can also ponder the latest warning that Greece needs significant debt relief, with borrowing likely to peak at 201% of national output (GDP) in 2016.
Related: Greece creditors raise 'serious concerns' about spiralling debt levelsRelated: Greece creditors raise 'serious concerns' about spiralling debt levels
Also on the agenda today, we get growth figures from across the eurozone for the second quarter of 2015.Also on the agenda today, we get growth figures from across the eurozone for the second quarter of 2015.
France’s data is coming out now, followed by Germany at 7am BST, The Netherlands at 8.30am, Italy at 9am, and the overall eurozone at 10am BST.France’s data is coming out now, followed by Germany at 7am BST, The Netherlands at 8.30am, Italy at 9am, and the overall eurozone at 10am BST.
I’ll be tracking all the action through the day.I’ll be tracking all the action through the day.
Updated at 7.52am BSTUpdated at 7.52am BST