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Greece leaders hold key talks with ECB and EU chiefs Greece PM Tsipras 'optimistic' after ECB and EU talks
(about 1 hour later)
Greece's new government has taken its case to the leaders of the European Commission and European Central Bank (ECB) as it tries to renegotiate the terms of a €240bn (£182bn) bailout. Greece's new prime minister says he believes it will be possible to find a solution to the stand-off with the EU over his country's debt.
Prime Minister Alexis Tsipras was warmly welcomed by Commission head Jean-Claude Juncker in Brussels. Alexis Tsipras said he was "optimistic" after meeting the heads of the European Commission, European Council and European Parliament in Brussels.
And Finance Minister Yanis Varoufakis said he had "fruitful" talks with ECB chief Mario Draghi in Frankfurt. He and his finance minister are on a diplomatic offensive to reassure eurozone leaders about their plans.
Greece's radical left government was elected on a pledge to end austerity. Mr Tsipras has pledged to renegotiate the terms of a €240bn (£182bn) bailout.
Mr Varoufakis is keen to convince the ECB that Greece's debt payments could be linked to the performance of the economy - the more it grows the more interest Greece would pay - through the use of debt swaps. His far-left party Syriza was elected last month on a promise to end austerity measures.
However a report in the Financial Times newspaper quoted officials involved in the negotiations as saying that the ECB would oppose a crucial part of his plan - the sale of short-term treasury bills to raise €10bn. 'Good direction'
'Hear us out' "We respect the rules of the European Union," Mr Tsipras said after his meetings on Wednesday.
Mr Varoufakis told German newspaper Die Zeit (in German) that he was the finance minister of a bankrupt nation and tried to reassure Germany that Athens' new policies did not mean it was turning its back on reform. "You should hear us out," he said. "I'm very optimistic... Of course we don't have already an agreement but we are in a good direction to find a viable agreement."
"We had a very fruitful discussion and exchange," Mr Varoufakis told reporters after emerging from his meeting at the ECB's headquarters in Frankfurt on Wednesday. Speaking at the joint news conference, European Parliament President Martin Schulz described their talks as "fruitful" but said there were difficult times ahead.
His visit to Germany, and the prime minister's meeting in Brussels were the latest in a series of European trips to reassure leaders about the plans of a government elected on 25 January on a promise of writing off most of Greece's spiralling debt. Meanwhile, Greek Finance Minister Yanis Varoufakis said his talks with ECB chief Mario Draghi in Frankfurt had also been encouraging.
"We had a very fruitful discussion and exchange," Mr Varoufakis told reporters.
He is keen to convince the ECB that Greece's debt payments could be linked to the performance of the economy - the more it grows the more interest Greece would pay - through the use of debt swaps.
However, a report in the Financial Times quoted officials involved in the negotiations as saying that the ECB would oppose a crucial part of his plan - the sale of short-term treasury bills to raise €10bn.
Wednesday's talks were the latest in a series of European trips to reassure leaders about the plans of a government elected on 25 January on a promise of writing off most of Greece's spiralling debt.
Mr Tsipras's Syriza party had also sparked alarm on the markets and among eurozone officials when it said it would refuse a new tranche of bailout funding, prompting questions about how it would finance itself.Mr Tsipras's Syriza party had also sparked alarm on the markets and among eurozone officials when it said it would refuse a new tranche of bailout funding, prompting questions about how it would finance itself.
Greece's current programme of loans ends on 28 February. A final €7.2bn is still to be negotiated, but the new government has already begun to roll back austerity measures.Greece's current programme of loans ends on 28 February. A final €7.2bn is still to be negotiated, but the new government has already begun to roll back austerity measures.
Mr Varoufakis is hoping to obtain quick cash for Greece while a new plan is agreed amongst the various eurozone members.Mr Varoufakis is hoping to obtain quick cash for Greece while a new plan is agreed amongst the various eurozone members.
Eurozone finance ministers are due to meet on 11 February to discuss Greece's debt proposals.Eurozone finance ministers are due to meet on 11 February to discuss Greece's debt proposals.
'There are rules''There are rules'
The Greek prime minister first met Mr Juncker and then European Council President Donald Tusk on Wednesday, as part of the new government's diplomatic offensive. Earlier, the Greek prime minister met European Commission President Jean-Claude Juncker and European Council President Donald Tusk.
Mr Juncker was expected to press Mr Tsipras for a "technical" extension of Greece's current deal. Mr Juncker was expected to press Mr Tsipras for a "technical" extension of Greece's current deal. The Greek leader is to travel to Paris to meet President Francois Hollande later.
The Greek leader will then travel to Paris to meet President Francois Hollande later.
On Thursday Mr Varoufakis is expected to meet Wolfgang Schaeuble, the German finance minister. Mr Schaeuble has emerged as the one of the toughest critics of the new Greek government, previously saying: "Elections change nothing. There are rules."On Thursday Mr Varoufakis is expected to meet Wolfgang Schaeuble, the German finance minister. Mr Schaeuble has emerged as the one of the toughest critics of the new Greek government, previously saying: "Elections change nothing. There are rules."
German Chancellor Angela Merkel has ruled out debt cancellation, saying creditors had already made concessions.German Chancellor Angela Merkel has ruled out debt cancellation, saying creditors had already made concessions.
Greece still has a debt of €315bn - about 175% of GDP - despite some creditors writing down debts in a renegotiation in 2012.Greece still has a debt of €315bn - about 175% of GDP - despite some creditors writing down debts in a renegotiation in 2012.
Greek economy in numbersGreek economy in numbers
The country's previous government secured the €240bn bailout with the European Commission, the IMF and the European Central Bank - the so-called "troika". The country's previous government secured the €240bn bailout with the European Commission, the International Monetary Fund (IMF) and the European Central Bank - the so-called "troika".
Mr Varoufakis told Italian newspaper La Repubblica on Wednesday that the new government had started negotiations with the IMF over its plan to swap existing government debt for growth-linked bonds.Mr Varoufakis told Italian newspaper La Repubblica on Wednesday that the new government had started negotiations with the IMF over its plan to swap existing government debt for growth-linked bonds.
"I'm optimistic that the problem will be resolved," he was quoted as saying."I'm optimistic that the problem will be resolved," he was quoted as saying.
Mr Varoufakis previously said Greece would negotiate separately with the European Commission, the IMF and the European Central Bank but not with officials representing the troika, which he described as a "committee of technocrats". Mr Varoufakis previously said Greece would negotiate separately with the Commission, the IMF and the ECB but not with officials representing the troika, which he described as a "committee of technocrats".
This week he said that he wanted a new plan for fiscal stimulus in place by the end of May.This week he said that he wanted a new plan for fiscal stimulus in place by the end of May.