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Alexis Tsipras meets Angela Merkel for talks amid growing debt fears - live updates Alexis Tsipras meets Angela Merkel for talks amid growing debt fears - live updates
(35 minutes later)
5.22pm GMT17:22
Another snap from this afternoon’s meeting:
5.20pm GMT17:20
And here’s a photo from the meeting, which is taking place right now:
#Merkel's side of the table seemed to have more folders out in front of them than the #Tsipras side pic.twitter.com/8QlbadTMlv
5.19pm GMT17:19
Angela Merkel has shown Alexis Tsipras around the government offices, complete with a rather fine clock.
Kanzlerin #Merkel empfängt griech. MP @atsipras im Kanzleramt, Pressekonferenz ca. 18.15: http://t.co/0lQLkkBo9l pic.twitter.com/1t8RgXUVBh
That clock could be a reminder that time is running out, guys....
5.15pm GMT17:15
Alexis Tsipras didn’t get special treatment on his flight from Athens, it appears:
Greece's prime minister Alexis Tsipras sitting "coach" on his way to his meeting with Merkel.. pic.twitter.com/bLfYak4MHB
5.10pm GMT17:10
Journalists are gathering in Berlin ready to hear from Angela Merkel and Alexis Tsipras.
I thought the press conference didn’t start for another 50 minutes - perhaps it’s going to be earlier.....
Colleague @NikStilz posts pic, waiting for Tsipras-Merkel news conference #Greece #Germany pic.twitter.com/ojbmfzp7eU
4.57pm GMT16:57
Here’s a video clip of Greece’s anti-austerity prime minister being loudly serenaded down the red carpet by a German military band, on his way to push for debt assistance and war reparations.....
The video of the first meeting between #Merkel and @atsipras in Berlin pic.twitter.com/J6HkJHjtoT
4.47pm GMT16:474.47pm GMT16:47
Mario Draghi continues to field questions in the European Parliament, but he’s changed hats - he’s now there as head of the European Systemic Risk Board.Mario Draghi continues to field questions in the European Parliament, but he’s changed hats - he’s now there as head of the European Systemic Risk Board.
He has just told MPs that Greek banks are solvent ‘at present’, and denied that there is a systemic risks within the eurozone any more.He has just told MPs that Greek banks are solvent ‘at present’, and denied that there is a systemic risks within the eurozone any more.
We’ve also learned a new word:We’ve also learned a new word:
Did the interpretor just say 'austericide'? Great word.Did the interpretor just say 'austericide'? Great word.
4.40pm GMT16:404.40pm GMT16:40
Tonight’s meeting between Merkel and Tsipras probably won’t yield a breakthrough on Greece’s funding problems, but it might help the two leaders build a better relationship.Tonight’s meeting between Merkel and Tsipras probably won’t yield a breakthrough on Greece’s funding problems, but it might help the two leaders build a better relationship.
As Wolf Piccoli of Teneo Intelligence writes:As Wolf Piccoli of Teneo Intelligence writes:
Merkel is eager to avoid the political solution Tsipras desires; she has no interest in circumventing the more technical institutions such as the ECB and the Eurogroup.Merkel is eager to avoid the political solution Tsipras desires; she has no interest in circumventing the more technical institutions such as the ECB and the Eurogroup.
The meeting will at best help both leaders to improve their personal relationship – which might turn out to be crucial in the coming weeks in which Greece’s future in the eurozone will be at stake. If anything, tonight’s working dinner might provide both sides a chance to come closer to a deal on reparations for German atrocities committed in Greece during WWII.The meeting will at best help both leaders to improve their personal relationship – which might turn out to be crucial in the coming weeks in which Greece’s future in the eurozone will be at stake. If anything, tonight’s working dinner might provide both sides a chance to come closer to a deal on reparations for German atrocities committed in Greece during WWII.
Updated at 4.41pm GMTUpdated at 4.41pm GMT
4.38pm GMT16:384.38pm GMT16:38
Back in the City, the FTSE 100 has closed at a new record high; up 15 points at 7037.Back in the City, the FTSE 100 has closed at a new record high; up 15 points at 7037.
4.35pm GMT16:354.35pm GMT16:35
Greek insiders say Tsipras will almost certainly include privatisations in the list of reforms he will propose to Merkel tonight.Greek insiders say Tsipras will almost certainly include privatisations in the list of reforms he will propose to Merkel tonight.
However, there may be conditions which potential buyers could baulk at.However, there may be conditions which potential buyers could baulk at.
Athens correspondent Helena Smith has the story:Athens correspondent Helena Smith has the story:
The radical left leader is expected to say he will agree to sell-offs as long as the Greek public sector maintains management control over assets.The radical left leader is expected to say he will agree to sell-offs as long as the Greek public sector maintains management control over assets.
One well-placed source says:One well-placed source says:
“The prime minister will say the Greek government has to be in charge of structural reforms and not any other body outside of Greece.”“The prime minister will say the Greek government has to be in charge of structural reforms and not any other body outside of Greece.”
Ahead of tonight’s meeting, EU commission president spokesman Margaritis Schinas has said that the time for talks is over. Creditors now want to see specific reforms. he told the Greek daily Kathimerini.Ahead of tonight’s meeting, EU commission president spokesman Margaritis Schinas has said that the time for talks is over. Creditors now want to see specific reforms. he told the Greek daily Kathimerini.
“The Greek side is expected to work fast and to immediately present a list with concrete reforms,” said Schinas who ironically is Greek, adding;“The Greek side is expected to work fast and to immediately present a list with concrete reforms,” said Schinas who ironically is Greek, adding;
“The time for statements is over, now is the time for work.”“The time for statements is over, now is the time for work.”
4.17pm GMT16:174.17pm GMT16:17
#Germany's Merkel welcomes #Greece’s #Tsipras with military honors in Berlin.#Germany's Merkel welcomes #Greece’s #Tsipras with military honors in Berlin.
4.12pm GMT16:124.12pm GMT16:12
The two leaders reviewed an honour guard during the welcoming ceremony at the chancellery in Berlin:The two leaders reviewed an honour guard during the welcoming ceremony at the chancellery in Berlin:
Updated at 4.15pm GMTUpdated at 4.15pm GMT
4.09pm GMT16:094.09pm GMT16:09
Welcome to Berlin, Alexis....Welcome to Berlin, Alexis....
4.04pm GMT16:044.04pm GMT16:04
Merkel-Tsipras meeting beginsMerkel-Tsipras meeting begins
And here’s Alexis Tsipras -- he’s been greeted by Angela Merkel and the pair are now heading into the chancellery.And here’s Alexis Tsipras -- he’s been greeted by Angela Merkel and the pair are now heading into the chancellery.
#Merkel meets @atsipras now in Berlin pic.twitter.com/rfUIq9zzRz#Merkel meets @atsipras now in Berlin pic.twitter.com/rfUIq9zzRz
4.03pm GMT16:034.03pm GMT16:03
Another shot of Angela Merkel waiting for the arrival of the Greek prime minister at the chancellery in Berlin...Another shot of Angela Merkel waiting for the arrival of the Greek prime minister at the chancellery in Berlin...
3.59pm GMT15:593.59pm GMT15:59
The red carpet is down, the military are assembled....and Angela Merkel is ready to receive Alexis Tsipras in Berlin.The red carpet is down, the military are assembled....and Angela Merkel is ready to receive Alexis Tsipras in Berlin.
#Merkel now pic.twitter.com/tti1d7RGJM#Merkel now pic.twitter.com/tti1d7RGJM
3.53pm GMT15:533.53pm GMT15:53
Optimism among eurozone citizens has hit an eight-year high, in another signal that Europe’s economy is picking up.Optimism among eurozone citizens has hit an eight-year high, in another signal that Europe’s economy is picking up.
Consumer confidence rose to -3.0, Eurostat reports, up from -6.7 in February.Consumer confidence rose to -3.0, Eurostat reports, up from -6.7 in February.
CHART: Euro-area consumer confidence at 8y high -> RECOVERY instead of DEFLATION. Here's why: http://t.co/8eppBp2Raf pic.twitter.com/7dwjVwAfqsCHART: Euro-area consumer confidence at 8y high -> RECOVERY instead of DEFLATION. Here's why: http://t.co/8eppBp2Raf pic.twitter.com/7dwjVwAfqs
3.39pm GMT15:393.39pm GMT15:39
Angela Merkel has just arrived at the chancellery, reports Efi Koutsokosta of Euronews, unhampered by those demonstrators.Angela Merkel has just arrived at the chancellery, reports Efi Koutsokosta of Euronews, unhampered by those demonstrators.
3.29pm GMT15:293.29pm GMT15:29
The Greek stock market has finished the day up 3%, as Athens traders clung onto their early optimism. Bank shares jumped around 10%.The Greek stock market has finished the day up 3%, as Athens traders clung onto their early optimism. Bank shares jumped around 10%.
Stock market closes up 2.97% #Greece HT @naftemporikigr pic.twitter.com/8FQew6zTL3Stock market closes up 2.97% #Greece HT @naftemporikigr pic.twitter.com/8FQew6zTL3
That could swiftly unwind tomorrow, though, if there is no progress in Berlin tonight.That could swiftly unwind tomorrow, though, if there is no progress in Berlin tonight.
3.24pm GMT15:243.24pm GMT15:24
Germany’s left wing Die Linke party are also taking part in the demonstration outside the Berlin chancellery:Germany’s left wing Die Linke party are also taking part in the demonstration outside the Berlin chancellery:
Die Linke showing their support for @tsipras_eu outside the German chancellery. His visit kicks off shortly. pic.twitter.com/WoZYd7us60Die Linke showing their support for @tsipras_eu outside the German chancellery. His visit kicks off shortly. pic.twitter.com/WoZYd7us60
3.17pm GMT15:173.17pm GMT15:17
Germany loves Greece #flashmob #berlin #greece http://t.co/t4qWmssvtt pic.twitter.com/dyCJyH3VUHGermany loves Greece #flashmob #berlin #greece http://t.co/t4qWmssvtt pic.twitter.com/dyCJyH3VUH
3.08pm GMT15:083.08pm GMT15:08
Photos: Rally for German-Greek co-operationPhotos: Rally for German-Greek co-operation
A crowd has gathered outside the Chancellery in Berlin, as Angela Merkel prepares to meet Alexis Tsipras.A crowd has gathered outside the Chancellery in Berlin, as Angela Merkel prepares to meet Alexis Tsipras.
But they’re not protesting against Greece. This is a rally for ‘good German Greek cooperation’, with banners reading “Germany loves Greece.But they’re not protesting against Greece. This is a rally for ‘good German Greek cooperation’, with banners reading “Germany loves Greece.
But can Merkel and Tsipras match this spirit of camaraderie? We’ll find out in a few hours time....But can Merkel and Tsipras match this spirit of camaraderie? We’ll find out in a few hours time....
Updated at 3.20pm GMTUpdated at 3.20pm GMT
3.03pm GMT15:033.03pm GMT15:03
3.02pm GMT15:023.02pm GMT15:02
Draghi denies blackmailing GreeceDraghi denies blackmailing Greece
Mario Draghi has slapped down claims that the European Central Bank is blackmailing Greece, during his session in Brussels.Mario Draghi has slapped down claims that the European Central Bank is blackmailing Greece, during his session in Brussels.
An MEP criticised the ECB for dropping the waiver that allowed it to accept Greek debt as collateral, and for not including Greece in its QE programme.An MEP criticised the ECB for dropping the waiver that allowed it to accept Greek debt as collateral, and for not including Greece in its QE programme.
Draghi swept this idea aside; pointing out that the ECB has provided more than €100bn of euros to Greece.Draghi swept this idea aside; pointing out that the ECB has provided more than €100bn of euros to Greece.
Draghi: 'Let me disagree with just about everything you've said'Draghi: 'Let me disagree with just about everything you've said'
oh the blackmail question! Draghi: ECB has the biggest exposure to Greece in Eurozone, accounting for 65% of Greece's GDP.oh the blackmail question! Draghi: ECB has the biggest exposure to Greece in Eurozone, accounting for 65% of Greece's GDP.
#Draghi:There will be time when we'll be able to reinstate the waiver and do QE for Greece but conditions not there yet,but we are confident#Draghi:There will be time when we'll be able to reinstate the waiver and do QE for Greece but conditions not there yet,but we are confident
Updated at 3.47pm GMTUpdated at 3.47pm GMT
2.55pm GMT14:552.55pm GMT14:55
No pressure, Alexis and Angela, but the world’s financial markets are hoping for some progress this week over Greece’s debt woes.No pressure, Alexis and Angela, but the world’s financial markets are hoping for some progress this week over Greece’s debt woes.
As Ed Atkins, Treasury strategist at RBS Securities in Stamford, Connecticut, put it to Reuters:As Ed Atkins, Treasury strategist at RBS Securities in Stamford, Connecticut, put it to Reuters:
“This is an incredibly important week for Greece. The level of anxiety could run high but there is still optimism there will be a resolution between Greece and its creditors.”“This is an incredibly important week for Greece. The level of anxiety could run high but there is still optimism there will be a resolution between Greece and its creditors.”
2.49pm GMT14:492.49pm GMT14:49
Draghi: The Greek government should commit to fully honour its debt obligations to all its creditorsDraghi: The Greek government should commit to fully honour its debt obligations to all its creditors
2.42pm GMT14:422.42pm GMT14:42
Draghi adds that the ECB would willingly restore the waiver that allowed it to accept Greek sovereign debt as security.Draghi adds that the ECB would willingly restore the waiver that allowed it to accept Greek sovereign debt as security.
But first, it must be confident that Greece’s bailout review will conclude successfully.But first, it must be confident that Greece’s bailout review will conclude successfully.
Draghi: We are ready to reinstate the waiver as soon as the conditions for a successful conclusion of the review are in placeDraghi: We are ready to reinstate the waiver as soon as the conditions for a successful conclusion of the review are in place
2.40pm GMT14:402.40pm GMT14:40
Back at the European Parliament, Mario Draghi has defended the ECB’s handling of the Greek crisis (having recently refused to accept Greek bonds as collateral for loans).Back at the European Parliament, Mario Draghi has defended the ECB’s handling of the Greek crisis (having recently refused to accept Greek bonds as collateral for loans).
We’re simply following the rules, he says.We’re simply following the rules, he says.
Draghi: ECB is a rule-based institution. We are not creating rules for Greece or anybody else, we are simply observing existing rulesDraghi: ECB is a rule-based institution. We are not creating rules for Greece or anybody else, we are simply observing existing rules
(that(that
#Draghi on #Greece: What is needed is process that restores policy dialogue btw Greek govt and institutions#Draghi on #Greece: What is needed is process that restores policy dialogue btw Greek govt and institutions
And here’s how Draghi summed up the state of play in the euro area:And here’s how Draghi summed up the state of play in the euro area:
“Growth is gaining momentum. The basis for the economic recovery in the euro area has clearly strengthened. This is due to in particular the fall in oil prices, the gradual firming of external demand, easy financing conditions driven by our accomodative monetary policy, and the depreciation of the euro.”“Growth is gaining momentum. The basis for the economic recovery in the euro area has clearly strengthened. This is due to in particular the fall in oil prices, the gradual firming of external demand, easy financing conditions driven by our accomodative monetary policy, and the depreciation of the euro.”
2.27pm GMT14:272.27pm GMT14:27
Alexis Tsipras has arrived at Berlin-Tegel airport.Alexis Tsipras has arrived at Berlin-Tegel airport.
He was then swiftly swept to a hotel in Berlin, by a phalanx of motorbikes, ready for his meeting with Angela Merkel in around 90 minutes time [see earlier preview].He was then swiftly swept to a hotel in Berlin, by a phalanx of motorbikes, ready for his meeting with Angela Merkel in around 90 minutes time [see earlier preview].
Updated at 2.33pm GMTUpdated at 2.33pm GMT
2.23pm GMT14:232.23pm GMT14:23
Draghi: Cheap oil and weak euro are helpingDraghi: Cheap oil and weak euro are helping
Draghi, by far my fav Central Banker,now giving live speech before the Committee on Economic & Monetary Affairs at EP pic.twitter.com/58h0s7lHPODraghi, by far my fav Central Banker,now giving live speech before the Committee on Economic & Monetary Affairs at EP pic.twitter.com/58h0s7lHPO
European central bank chief Mario Draghi is testifying to the European Parliament’s economic and monetary affairs committee now.European central bank chief Mario Draghi is testifying to the European Parliament’s economic and monetary affairs committee now.
Draghi began by telling MEPs that Europe’s economy is recovering, reiterating that the ECB now expects inflation to rise to 1.5% in 2016. He says that the low oil price, and the weaker euro, is helping.Draghi began by telling MEPs that Europe’s economy is recovering, reiterating that the ECB now expects inflation to rise to 1.5% in 2016. He says that the low oil price, and the weaker euro, is helping.
He says that lower funding costs for banks are starting to influence the cost of borrowing for households and companies, just as demand for credit also picks up.He says that lower funding costs for banks are starting to influence the cost of borrowing for households and companies, just as demand for credit also picks up.
And Draghi repeats his usual mantra that monetary policy cannot fix the crisis on its own. Other players, such as politicains, must deliver their own contribution to put the economy back on track.And Draghi repeats his usual mantra that monetary policy cannot fix the crisis on its own. Other players, such as politicains, must deliver their own contribution to put the economy back on track.
The session is being streamed live, here.The session is being streamed live, here.
Draghi LIVE http://t.co/xFmS9ntUv7Draghi LIVE http://t.co/xFmS9ntUv7
2.16pm GMT14:162.16pm GMT14:16
Teneo Intelligence analyst Wolfango Piccoli reckons Alexis Tsipras hasn’t exactly lived up to his pre-election rhetoric:Teneo Intelligence analyst Wolfango Piccoli reckons Alexis Tsipras hasn’t exactly lived up to his pre-election rhetoric:
From "then, we take Berlin" to "then, we beg in Berlin" in less than 2 months from election day #SYRIZA #GREECEFrom "then, we take Berlin" to "then, we beg in Berlin" in less than 2 months from election day #SYRIZA #GREECE
Updated at 2.16pm GMTUpdated at 2.16pm GMT
2.05pm GMT14:052.05pm GMT14:05
The ever-volatile Greek stock market has jumped by 2% today, suggesting Athens traders are hopeful about tonight’s talks.The ever-volatile Greek stock market has jumped by 2% today, suggesting Athens traders are hopeful about tonight’s talks.
Greek bank shares are leading the list of top risers, with Eurobank Ergasias jumping 10%.Greek bank shares are leading the list of top risers, with Eurobank Ergasias jumping 10%.
Updated at 2.06pm GMTUpdated at 2.06pm GMT
1.57pm GMT13:571.57pm GMT13:57
Greece’s finance minister has a fan in Germany, this graffiti suggests:Greece’s finance minister has a fan in Germany, this graffiti suggests:
1.52pm GMT13:521.52pm GMT13:52
The euro is rallying in the currency markets today.The euro is rallying in the currency markets today.
It’s gained 1% against the US dollar today to $1.0921, as currency traders continue to scratch their heads and wonder when the Federal Reserve might raise interest rates.It’s gained 1% against the US dollar today to $1.0921, as currency traders continue to scratch their heads and wonder when the Federal Reserve might raise interest rates.
The euro has also gained 1% against the pound, to 73p, as the looming general election hits sterling. A hung parliament looks more likely by the day:The euro has also gained 1% against the pound, to 73p, as the looming general election hits sterling. A hung parliament looks more likely by the day:
Latest @guardian projection CON 276 LAB 270 SNP 53 As things stand, LAB/SNP have the numbers http://t.co/71KELR1Nmo pic.twitter.com/DnNOgyCMrjLatest @guardian projection CON 276 LAB 270 SNP 53 As things stand, LAB/SNP have the numbers http://t.co/71KELR1Nmo pic.twitter.com/DnNOgyCMrj
The strength the euro has pushed down the German stock market, with the DAX falling 1.2%. German exporters had been seen as the big winners from the weaker euro, of course.The strength the euro has pushed down the German stock market, with the DAX falling 1.2%. German exporters had been seen as the big winners from the weaker euro, of course.
1.36pm GMT13:361.36pm GMT13:36
Lunchtime summary: Crunch meeting starts soonLunchtime summary: Crunch meeting starts soon
A quick recap.A quick recap.
Tension is mounting as Greece’s prime minister, Alexis Tsipras, heads towards Berlin for his first visit to Angela Merkel this afternoon.Tension is mounting as Greece’s prime minister, Alexis Tsipras, heads towards Berlin for his first visit to Angela Merkel this afternoon.
They are due to start talks in two and a half-hours time (4pm GMT, or 5pm local time), followed by a press conference.They are due to start talks in two and a half-hours time (4pm GMT, or 5pm local time), followed by a press conference.
The meeting is overshadowed by concerns that Greece could run out of liquidity in a couple of weeks, if it cannot extract funds from its creditors.The meeting is overshadowed by concerns that Greece could run out of liquidity in a couple of weeks, if it cannot extract funds from its creditors.
The Greek government has confirmed that it has written to Merkel, and other key eurozone figures, warning that it would be “impossible” to meet debt repayments without help.The Greek government has confirmed that it has written to Merkel, and other key eurozone figures, warning that it would be “impossible” to meet debt repayments without help.
Athens is also planning to raise the thorny issue of war reparations, despite Germany insisting that the subject is closed.Athens is also planning to raise the thorny issue of war reparations, despite Germany insisting that the subject is closed.
The German government has cautioned that the meeting will not deliver a new deal on Greece’s debts. But Merkel is keen to hear details of the new economic reform plans which Greece is pulling together.The German government has cautioned that the meeting will not deliver a new deal on Greece’s debts. But Merkel is keen to hear details of the new economic reform plans which Greece is pulling together.
Those plans are crucial if Athens is to persuade its creditors to unlock bailout funds in time.Those plans are crucial if Athens is to persuade its creditors to unlock bailout funds in time.
Financial markets are on edge ahead of the meeting. Marc Ostwald, of ADM Investor Services, says:Financial markets are on edge ahead of the meeting. Marc Ostwald, of ADM Investor Services, says:
With Tsipras ratcheting up the rhetoric on Greece’s immediate debt woes, the post Merkel Tsipras meeting press conference is likely to be the key focal point for the day....With Tsipras ratcheting up the rhetoric on Greece’s immediate debt woes, the post Merkel Tsipras meeting press conference is likely to be the key focal point for the day....
Greece will clearly not be far away from market thoughts as its cash crunch point nears.Greece will clearly not be far away from market thoughts as its cash crunch point nears.
Christian Schulz, senior economist at Berenberg Bank, fears that time is running very short:Christian Schulz, senior economist at Berenberg Bank, fears that time is running very short:
Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy.Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy.
Summary of Greek-EU negotiations: Greece: If you don't help us, we'll go bust. EU: Indeed. Greece: That would be bad. EU: Yes.Summary of Greek-EU negotiations: Greece: If you don't help us, we'll go bust. EU: Indeed. Greece: That would be bad. EU: Yes.
The meeting dominates the newspapers in Greece and Germany; with the Bild tabloid running a Greek headline, and even coming up with 50 reasons that they like Greece (honest!) .The meeting dominates the newspapers in Greece and Germany; with the Bild tabloid running a Greek headline, and even coming up with 50 reasons that they like Greece (honest!) .
A double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNfA double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNf
Updated at 1.41pm GMTUpdated at 1.41pm GMT
12.57pm GMT12:5712.57pm GMT12:57
Over in Athens the Greek government spokesman Gavriel Sakellarides has just told MEGA TV that the letter Tsipras penned to Merkel “was one of many” sent to EU officials last week (via Helena Smith)Over in Athens the Greek government spokesman Gavriel Sakellarides has just told MEGA TV that the letter Tsipras penned to Merkel “was one of many” sent to EU officials last week (via Helena Smith)
Other recipients included EU commission president Jean-Claude Juncker and the French president Francois Hollande, he said.Other recipients included EU commission president Jean-Claude Juncker and the French president Francois Hollande, he said.
That letter, as explained earlier, warned that Greece wouldn’t be able to meet looming debt payments without some help from the European Central Bank and other creditors.That letter, as explained earlier, warned that Greece wouldn’t be able to meet looming debt payments without some help from the European Central Bank and other creditors.
Sakellarides told Mega that:Sakellarides told Mega that:
“It didn’t say anything more or less than what we had said the previous week.“It didn’t say anything more or less than what we had said the previous week.
For anyone who has followed the statements of government officials it is clear that there is a liquidity problem, … and political initiatives have to be taken.”For anyone who has followed the statements of government officials it is clear that there is a liquidity problem, … and political initiatives have to be taken.”
Sakellarides added that the letter had been dispatched to defend Greek interests.Sakellarides added that the letter had been dispatched to defend Greek interests.
‘It’s not a question of its being leaked, its about what this letter says.”‘It’s not a question of its being leaked, its about what this letter says.”
Tsipras, he insisted, had raised “exactly” the same points at last Thursday’s mini-summit of EU leaders.Tsipras, he insisted, had raised “exactly” the same points at last Thursday’s mini-summit of EU leaders.
The missive was trying to anticipate the worst, Sakellarides noted, denying that the Greek government was essentially blackmailing creditors with the threat of a credit crunch.The missive was trying to anticipate the worst, Sakellarides noted, denying that the Greek government was essentially blackmailing creditors with the threat of a credit crunch.
12.54pm GMT12:5412.54pm GMT12:54
Varoufakis 'cancels London trip'Varoufakis 'cancels London trip'
Bad news for City workers hoping for a glimpse of Yanis Varoufakis tomorrow – the Greek finance minister has cancelled a planned visit to London.Bad news for City workers hoping for a glimpse of Yanis Varoufakis tomorrow – the Greek finance minister has cancelled a planned visit to London.
Reuters explains:Reuters explains:
Varoufakis was due to talk at a conference in London and attend another couple of events but has called the trip off as crucial talks between Greece and its euro zone partners over the country’s need for financial support heat up.Varoufakis was due to talk at a conference in London and attend another couple of events but has called the trip off as crucial talks between Greece and its euro zone partners over the country’s need for financial support heat up.
:( RT @tconnellyRTE Reuters reporting that Greek fin min Varoufakis has cancelled his trip to London planned for Tuesday:( RT @tconnellyRTE Reuters reporting that Greek fin min Varoufakis has cancelled his trip to London planned for Tuesday
Updated at 1.00pm GMTUpdated at 1.00pm GMT
12.49pm GMT12:4912.49pm GMT12:49
Greece to raise war reparations issue tonightGreece to raise war reparations issue tonight
Over, in Athens officials are insisting that the potentially explosive issue of war reparations will be on the table at tonight’s talks.Over, in Athens officials are insisting that the potentially explosive issue of war reparations will be on the table at tonight’s talks.
Our correspondent Helena Smith reports:Our correspondent Helena Smith reports:
In the two hours that Alexis Tsipras will have with the German chancellor this afternoon, the neuralgic issue of compensation for Nazi war crimes will be put on the table, officials say.In the two hours that Alexis Tsipras will have with the German chancellor this afternoon, the neuralgic issue of compensation for Nazi war crimes will be put on the table, officials say.
“It won’t be the main issue, obviously, but it will be addressed,” a senior insider told me.“It won’t be the main issue, obviously, but it will be addressed,” a senior insider told me.
The Greek prime minister has said tonight’s talks – long-awaited in Athens – will be all the better not only because they offer a direct point of contact with Europe’s most powerful leader but will be denuded of “the pressure of negotiations” (or, at least, he hopes).The Greek prime minister has said tonight’s talks – long-awaited in Athens – will be all the better not only because they offer a direct point of contact with Europe’s most powerful leader but will be denuded of “the pressure of negotiations” (or, at least, he hopes).
“And that is very important because both sides will be able to discuss the important issues plaguing Europe and also [discuss] the upgrading of bilateral relations between the two countries,” Tsipras said in a statement to Kathimerini.“And that is very important because both sides will be able to discuss the important issues plaguing Europe and also [discuss] the upgrading of bilateral relations between the two countries,” Tsipras said in a statement to Kathimerini.
Greece’s insistence that Germany has a ‘moral duty’ to make amends for the damage caused during the Nazi occupation has pushed the issue into the spotlight. And in recent days, some German Social Democrat MPs have said Germany should consider compensating victims in Greece.Greece’s insistence that Germany has a ‘moral duty’ to make amends for the damage caused during the Nazi occupation has pushed the issue into the spotlight. And in recent days, some German Social Democrat MPs have said Germany should consider compensating victims in Greece.
Germany’s foreign ministry insisted this morning that the war reparations issue “is a closed chapter for us”.Germany’s foreign ministry insisted this morning that the war reparations issue “is a closed chapter for us”.
But it isn’t going away. This week’s edition of Der Spiegel even shows Angela Merkel stood alongside German troops in Athens, headlined:But it isn’t going away. This week’s edition of Der Spiegel even shows Angela Merkel stood alongside German troops in Athens, headlined:
“How Europeans see the Germans: The German Ubermacht [superior power]”“How Europeans see the Germans: The German Ubermacht [superior power]”
Der Spiegel publishes provocative cover of #Merkel surrounded by Nazi troops at the #Acropolis http://t.co/mLoRjTZnuS pic.twitter.com/1D3Mv2vZvwDer Spiegel publishes provocative cover of #Merkel surrounded by Nazi troops at the #Acropolis http://t.co/mLoRjTZnuS pic.twitter.com/1D3Mv2vZvw
12.22pm GMT12:2212.22pm GMT12:22
Reuters has now published Angela Merkel’s spokesman’s comments about his afternoon’s meeting with Alexis Tsipras.Reuters has now published Angela Merkel’s spokesman’s comments about his afternoon’s meeting with Alexis Tsipras.
Steffen Seibert said that the meeting can’t supersede the eurogroup (the eurozone’s finance ministers):Steffen Seibert said that the meeting can’t supersede the eurogroup (the eurozone’s finance ministers):
“Greece has an agreement with the Eurogroup, not a bilateral one with Germany. So if there is a reform list shortly as Greece has promised, it will be presented to the Eurogroup, not to individual governments....“Greece has an agreement with the Eurogroup, not a bilateral one with Germany. So if there is a reform list shortly as Greece has promised, it will be presented to the Eurogroup, not to individual governments....
But that doesn’t mean Merkel and Tsipras won’t discuss the issue:But that doesn’t mean Merkel and Tsipras won’t discuss the issue:
“of course it’s interesting for the chancellor to hear from the Greek prime minister’s mouth what his ideas are”,.“of course it’s interesting for the chancellor to hear from the Greek prime minister’s mouth what his ideas are”,.
12.01pm GMT12:0112.01pm GMT12:01
11.51am GMT11:5111.51am GMT11:51
German tabloid Bild’s list of “50 reasons we like Greece” is online here.German tabloid Bild’s list of “50 reasons we like Greece” is online here.
It’s quite the olive branch, with polite nods to Archimedes, Nana Mouskouri, the overthrow of the Greek military government in 1974, the Trojan Horse and its fantastic tourism opportunities (a nice alternative to Italy and Spain).It’s quite the olive branch, with polite nods to Archimedes, Nana Mouskouri, the overthrow of the Greek military government in 1974, the Trojan Horse and its fantastic tourism opportunities (a nice alternative to Italy and Spain).
Bild can’t quite resist a jibe, though -- number 50 on the list is Greek finance minister Yanis Varoufakis’s luxury retreat, reportedly now available to rent for a mere €5,000 per week.Bild can’t quite resist a jibe, though -- number 50 on the list is Greek finance minister Yanis Varoufakis’s luxury retreat, reportedly now available to rent for a mere €5,000 per week.
11.43am GMT11:4311.43am GMT11:43
#Greece #Germany not just #Tsipras in Berlin today. Foreign mins of both countries held talks "to ease tensions" in capital last night#Greece #Germany not just #Tsipras in Berlin today. Foreign mins of both countries held talks "to ease tensions" in capital last night
11.28am GMT11:2811.28am GMT11:28
Government officials in Athens and Berlin are hoping that Merkel and Tsipras can exhibit enough mutual trust to make progress today, says Athens correspondent Helena Smith:Government officials in Athens and Berlin are hoping that Merkel and Tsipras can exhibit enough mutual trust to make progress today, says Athens correspondent Helena Smith:
#Greece the glue that'll make historic meeting between #Tsipras and #Merkel stick is "trust" say officials in both countries#Greece the glue that'll make historic meeting between #Tsipras and #Merkel stick is "trust" say officials in both countries
Today’s Bild frontpage has caused a stir in Greece, she adds:Today’s Bild frontpage has caused a stir in Greece, she adds:
#Greek media making much of fact that likes of #Bild welcoming pm #AlexisTsipras to Berlin in fluent Greek http://t.co/xxfLXRrbid#Greek media making much of fact that likes of #Bild welcoming pm #AlexisTsipras to Berlin in fluent Greek http://t.co/xxfLXRrbid
11.14am GMT11:1411.14am GMT11:14
Germany’s foreign ministry isn’t keen to discuss the issue of war reparations, Reuters adds.Germany’s foreign ministry isn’t keen to discuss the issue of war reparations, Reuters adds.
Updated at 11.15am GMTUpdated at 11.15am GMT
11.13am GMT11:1311.13am GMT11:13
Germany: Greek crisis won't be solved tonightGermany: Greek crisis won't be solved tonight
Back in Germany, a government spokesman has tried to downplay hopes of a breakthrough at tonight’s talks.Back in Germany, a government spokesman has tried to downplay hopes of a breakthrough at tonight’s talks.
Any deal, he says, must come from the Eurogroup of eurozone finance ministers, not between the German and Greek leaders personally.Any deal, he says, must come from the Eurogroup of eurozone finance ministers, not between the German and Greek leaders personally.
He also confirmed that Angela Merkel received a letter from Alexis Tsipras a few days ago, but wouldn’t say whether Tsipras had warned that it’s “impossible” to meet Greece’s debts without more help [as covered earlier].He also confirmed that Angela Merkel received a letter from Alexis Tsipras a few days ago, but wouldn’t say whether Tsipras had warned that it’s “impossible” to meet Greece’s debts without more help [as covered earlier].
Reuters has snapped the details:Reuters has snapped the details:
11.05am GMT11:0511.05am GMT11:05
CBI: UK factories hit by sliding exportsCBI: UK factories hit by sliding exports
Ouch. Britain’s factory sector has suffered its biggest drop in export orders in over two years.Ouch. Britain’s factory sector has suffered its biggest drop in export orders in over two years.
The CBI’s latest survey of the sector, just released, showed that total orders books were flat in March. The index of new export orders fell to -26, the lowest level since January 2013.The CBI’s latest survey of the sector, just released, showed that total orders books were flat in March. The index of new export orders fell to -26, the lowest level since January 2013.
The CBI blames the ‘still subdued’ eurozone, and also the strength of the pound for making exports less competitive.The CBI blames the ‘still subdued’ eurozone, and also the strength of the pound for making exports less competitive.
10.55am GMT10:5510.55am GMT10:55
And to complete our paper round-up, Die Zeit reports that Tsipras will present Merkel with some new reform plans today.And to complete our paper round-up, Die Zeit reports that Tsipras will present Merkel with some new reform plans today.
That could include tax increases on tobacco and alcohol and raising the retirement age.That could include tax increases on tobacco and alcohol and raising the retirement age.
#Tsipras to present #Merkel with concrete measures today including VAT increase + retirement age pushback to 67 years http://t.co/v2rMLmrmxJ#Tsipras to present #Merkel with concrete measures today including VAT increase + retirement age pushback to 67 years http://t.co/v2rMLmrmxJ
10.46am GMT10:4610.46am GMT10:46
Bild welcomes Tsipras to GermanyBild welcomes Tsipras to Germany
German tabloid Bild has pulled out all the stops for Alexis Tsipras’s visit, starting with a front page which is half printed in Greek!German tabloid Bild has pulled out all the stops for Alexis Tsipras’s visit, starting with a front page which is half printed in Greek!
And inside, there’s an article called “50 reasons why we are fond of Greeks”.And inside, there’s an article called “50 reasons why we are fond of Greeks”.
A double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNfA double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNf
Bild was heavily criticised last month for encouraging readers to pose for selfies along its campaign against giving “Greedy Greeks” more cash.Bild was heavily criticised last month for encouraging readers to pose for selfies along its campaign against giving “Greedy Greeks” more cash.
So today, it’s trying to be helpful -- presenting a thrifty housewife and a young boy who have a proper grip on financial matters:So today, it’s trying to be helpful -- presenting a thrifty housewife and a young boy who have a proper grip on financial matters:
Attention Mr #Tsipras! Doris, 60, from Stuttgart, has recorded all her spending since 1977. That's how to do it #Bild pic.twitter.com/nDs43xmPpCAttention Mr #Tsipras! Doris, 60, from Stuttgart, has recorded all her spending since 1977. That's how to do it #Bild pic.twitter.com/nDs43xmPpC
2/2 Bild newspaper also has some tips for #Tsipras on how to save money, demonstrated by Felix, 9, from Munich pic.twitter.com/5GjEzQbbIC2/2 Bild newspaper also has some tips for #Tsipras on how to save money, demonstrated by Felix, 9, from Munich pic.twitter.com/5GjEzQbbIC
10.39am GMT10:3910.39am GMT10:39
Greece’s Ta Nea newspaper says Athens has reached out to Iran to see if it might help by buying some short-term Greek debt to tide it through the crisis.Greece’s Ta Nea newspaper says Athens has reached out to Iran to see if it might help by buying some short-term Greek debt to tide it through the crisis.
Acc to Ta Nea newspaper, #Greece ForMinistry representatives went to Tehran (wtf) in order 4 the latter to consider buying part of Gr debtAcc to Ta Nea newspaper, #Greece ForMinistry representatives went to Tehran (wtf) in order 4 the latter to consider buying part of Gr debt
#Greece |@papachristosgio report in @ta_nea re Greek MFA envoy (Tsipras' cousin) to Iran in search of Tbill investors pic.twitter.com/ZkZKWVFE4Q#Greece |@papachristosgio report in @ta_nea re Greek MFA envoy (Tsipras' cousin) to Iran in search of Tbill investors pic.twitter.com/ZkZKWVFE4Q
10.21am GMT10:2110.21am GMT10:21
The structure of today’s meeting is quite interesting.The structure of today’s meeting is quite interesting.
Angela Merkel and Alexis Tsipras are scheduled to meet around 5pm local time (4pm GMT) and talk for two hours, followed by a press conference to brief the media.Angela Merkel and Alexis Tsipras are scheduled to meet around 5pm local time (4pm GMT) and talk for two hours, followed by a press conference to brief the media.
They will then head back inside for a working dinner where issues can be hammered out.They will then head back inside for a working dinner where issues can be hammered out.
That dinner gives them more time to address their differences, and make some progress. But it also means they can avoid any full-blown rows until after they’ve faced the press.That dinner gives them more time to address their differences, and make some progress. But it also means they can avoid any full-blown rows until after they’ve faced the press.
10.10am GMT10:1010.10am GMT10:10
Both sides at today’s meeting see each other as the bad guy, tweets BBC Europe editor Katya Adler:Both sides at today’s meeting see each other as the bad guy, tweets BBC Europe editor Katya Adler:
#Tsipras may see himself as plucky David coming to visit Goliath here in #Berlin but #German media paint him as outlaw to #Merkel's sheriff#Tsipras may see himself as plucky David coming to visit Goliath here in #Berlin but #German media paint him as outlaw to #Merkel's sheriff
9.58am GMT09:589.58am GMT09:58
Berenberg: Greek situation looking desperateBerenberg: Greek situation looking desperate
Greece’s looming cash crunch (see earlier post) means it’s vital that Alexis Tsipras establishes trust with Angela Merkel tonight.Greece’s looming cash crunch (see earlier post) means it’s vital that Alexis Tsipras establishes trust with Angela Merkel tonight.
Christian Schulz, senior economist at Berenberg Bank, argues that it could be his last chance to build bridges with the chancellor:Christian Schulz, senior economist at Berenberg Bank, argues that it could be his last chance to build bridges with the chancellor:
The news out of Athens is getting more and more desperate, with the government apparently on track to run out of money in early AprilThe news out of Athens is getting more and more desperate, with the government apparently on track to run out of money in early April
Having learned the hard way that Europe cannot be blackmailed, it is difficult for us to understand why Syriza is dragging its feet on implementing the necessary reforms to secure funding and why it subjects the Greek people to deepening economic and financial crisis. Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy.Having learned the hard way that Europe cannot be blackmailed, it is difficult for us to understand why Syriza is dragging its feet on implementing the necessary reforms to secure funding and why it subjects the Greek people to deepening economic and financial crisis. Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy.
9.54am GMT09:549.54am GMT09:54
Last night’s Andalusian election results may suggest that Podemos is now losing ground, just a year after being founded, argues Berenberg Bank:Last night’s Andalusian election results may suggest that Podemos is now losing ground, just a year after being founded, argues Berenberg Bank:
They writes:They writes:
Is Podemos’ star sinking already?Is Podemos’ star sinking already?
After beginning to gradually fall in the polls as Spanish media turned their focus on the party’s links with Venezuela, Spain’s Syriza-equivalent Podemos failed miserably to win the election in one of Spain’s worst hit regions.After beginning to gradually fall in the polls as Spanish media turned their focus on the party’s links with Venezuela, Spain’s Syriza-equivalent Podemos failed miserably to win the election in one of Spain’s worst hit regions.
In Andalusia, where unemployment is 34%, the mainstream centre-left Socialists obtained 35.5% (down from 39.5% in 2012), the centre-right Popular Party of Prime Minister Rajoy 26.7% (down from 40.7%) and the upstart liberal party Ciudadanos 9.3%, putting pro-European parties at 71.5% together. By contrast, Podemos only collected 14.9%.In Andalusia, where unemployment is 34%, the mainstream centre-left Socialists obtained 35.5% (down from 39.5% in 2012), the centre-right Popular Party of Prime Minister Rajoy 26.7% (down from 40.7%) and the upstart liberal party Ciudadanos 9.3%, putting pro-European parties at 71.5% together. By contrast, Podemos only collected 14.9%.
#Eurozone: #Syriza's disaster deflates Europe's populist threat. http://t.co/d2sB6iem09 pic.twitter.com/tRu3x7dXM9#Eurozone: #Syriza's disaster deflates Europe's populist threat. http://t.co/d2sB6iem09 pic.twitter.com/tRu3x7dXM9
9.34am GMT09:349.34am GMT09:34
In case you missed it....Spain’s anti-austerity party, Podemos, secured third place in regional elections last night.In case you missed it....Spain’s anti-austerity party, Podemos, secured third place in regional elections last night.
Podemos won 15 seats in the Andalusia parliament, as some voters broke away from the two-party system that’s dominated Spanish politics for many years. That deprived the Socialist party of a majority, but it’s not quite the landmark moment that some Podemos supporters hoped for.Podemos won 15 seats in the Andalusia parliament, as some voters broke away from the two-party system that’s dominated Spanish politics for many years. That deprived the Socialist party of a majority, but it’s not quite the landmark moment that some Podemos supporters hoped for.
The Socialists came first with 47 seats, followed by the centre-right People’s Party with 33 seats.The Socialists came first with 47 seats, followed by the centre-right People’s Party with 33 seats.
Podemos did surge to victory in one district; Cádiz, where the unemployment rate has hit depression-era levels above 40%.Podemos did surge to victory in one district; Cádiz, where the unemployment rate has hit depression-era levels above 40%.
Related: Spanish anti-austerity party Podemos wins 15 seats in AndalusiaRelated: Spanish anti-austerity party Podemos wins 15 seats in Andalusia
9.19am GMT09:199.19am GMT09:19
How close is Greece to running out of funds?How close is Greece to running out of funds?
Germany’s Frankfurter Allgemeine newspaper reported yesterday that Athens has just two weeks to secure fresh aid before the situation becomes ‘critical’.Germany’s Frankfurter Allgemeine newspaper reported yesterday that Athens has just two weeks to secure fresh aid before the situation becomes ‘critical’.
And that’s because it faces a €465m repayments to the IMF on April 9, which could be tricky to repay unless its creditors have provided help by then (as Alexis Tsipras urged in his letter to Angela Merkel).And that’s because it faces a €465m repayments to the IMF on April 9, which could be tricky to repay unless its creditors have provided help by then (as Alexis Tsipras urged in his letter to Angela Merkel).
Greece faces further payments are due on May and June, and must also ‘roll over’ billions of euros of short term debt (or bills) each month. This chart from Bruegel shows the hurdles ahead:Greece faces further payments are due on May and June, and must also ‘roll over’ billions of euros of short term debt (or bills) each month. This chart from Bruegel shows the hurdles ahead:
Updated at 9.20am GMTUpdated at 9.20am GMT
8.49am GMT08:498.49am GMT08:49
James Bullard, president of the St. Louis Federal Reserve, has predicted this morning that Greece could leave the eurozone.James Bullard, president of the St. Louis Federal Reserve, has predicted this morning that Greece could leave the eurozone.
But speaking on CNBC, Bullard also warned it would be a mistake and leave Greeks facing a ‘bleak’ future.But speaking on CNBC, Bullard also warned it would be a mistake and leave Greeks facing a ‘bleak’ future.
#Fed's Bullard says #Grexit possible but would not be advisable, would be bleak for Greece#Fed's Bullard says #Grexit possible but would not be advisable, would be bleak for Greece
8.46am GMT08:468.46am GMT08:46
The mood in GermanyThe mood in Germany
Our Berlin correspondent, Kate Connolly, reports that German sentiment towards Greece has soured in recent months, as some lose patience with Athens’ demands for more help.Our Berlin correspondent, Kate Connolly, reports that German sentiment towards Greece has soured in recent months, as some lose patience with Athens’ demands for more help.
One Berliner, Christiane Schneider, told Kate:One Berliner, Christiane Schneider, told Kate:
“I really don’t know how much longer we should keep patting their backs and telling them everything’s going to be alright – here’s an extra 100m.“I really don’t know how much longer we should keep patting their backs and telling them everything’s going to be alright – here’s an extra 100m.
If my son kept coming to me for money to get himself out of trouble, I’d help him immediately, but I’d want to see that he was trying to get out of any mess he’d got himself into, wouldn’t I? I couldn’t afford to keep tossing banknotes in his direction.”If my son kept coming to me for money to get himself out of trouble, I’d help him immediately, but I’d want to see that he was trying to get out of any mess he’d got himself into, wouldn’t I? I couldn’t afford to keep tossing banknotes in his direction.”
Tsipras’s calls for war reparations appears to have split Germany; with some resenting the demands, but others acknowledging that it has some merit.Tsipras’s calls for war reparations appears to have split Germany; with some resenting the demands, but others acknowledging that it has some merit.
Kate writes:Kate writes:
Georg Franke, a 57-year-old market-stall holder in Potsdam, said while he believed the Greek government’s behaviour had been “childish”, he did not find its second world war compensation claims so outlandish.Georg Franke, a 57-year-old market-stall holder in Potsdam, said while he believed the Greek government’s behaviour had been “childish”, he did not find its second world war compensation claims so outlandish.
“The trouble is, Germans know a lot about the atrocities carried out in their name by the Wehrmacht and the SS against the Jews from Germany, Poland and Hungary, as well as the Slavs, but we learnt very little in school about the horrors carried out against the Greeks. It was only recently, around the 70th anniversary of the liberation of Auschwitz, that I saw a documentary which touched on how they [Jewish Greeks] were almost all wiped out and it brought it home to me.”“The trouble is, Germans know a lot about the atrocities carried out in their name by the Wehrmacht and the SS against the Jews from Germany, Poland and Hungary, as well as the Slavs, but we learnt very little in school about the horrors carried out against the Greeks. It was only recently, around the 70th anniversary of the liberation of Auschwitz, that I saw a documentary which touched on how they [Jewish Greeks] were almost all wiped out and it brought it home to me.”
Related: How German voters are losing patience with GreeceRelated: How German voters are losing patience with Greece
8.31am GMT08:318.31am GMT08:31
The FTSE 100 index of leading shares has dropped back down to the 7,000 mark in early trading, down 22 points. So no new record high yet.The FTSE 100 index of leading shares has dropped back down to the 7,000 mark in early trading, down 22 points. So no new record high yet.
Other European markets have dipped a little too, having hit seven year highs on Friday, as traders fret about the Greek debt crisis.Other European markets have dipped a little too, having hit seven year highs on Friday, as traders fret about the Greek debt crisis.
Jasper Lawler, market analyst at CMC Markets, explains:Jasper Lawler, market analyst at CMC Markets, explains:
It should prove to be another decisive week for Greece as Greek Prime Minister Tsipras is set to meet German Chancellor Merkel.It should prove to be another decisive week for Greece as Greek Prime Minister Tsipras is set to meet German Chancellor Merkel.
Athens is hoping to improve relations with its biggest EU creditor before announcing a more detailed set of reforms required to unlock the next instalment of aid.Athens is hoping to improve relations with its biggest EU creditor before announcing a more detailed set of reforms required to unlock the next instalment of aid.
Eurozone finance minister could meet again soon, if Greece produces those reforms....Eurozone finance minister could meet again soon, if Greece produces those reforms....
Updated at 9.10am GMTUpdated at 9.10am GMT
8.17am GMT08:178.17am GMT08:17
Hajo Funke, political scientist with Berlin’s Free University, says that “two worlds will collide” when Merkel and Tsipras sit down this afternoonHajo Funke, political scientist with Berlin’s Free University, says that “two worlds will collide” when Merkel and Tsipras sit down this afternoon
He explained to AFP that:He explained to AFP that:
“There is the political world of Greece, where a left-wing government faces a society in collapse, (of) societal decay... as grave as anything we have seen in western Europe since 1945.”.“There is the political world of Greece, where a left-wing government faces a society in collapse, (of) societal decay... as grave as anything we have seen in western Europe since 1945.”.
“The other world is a content country that is dominant in Europe, Germany, which worries about maintaining its economic happiness, and which is now being asked to help the other, under conditions it doesn’t fully understand.”“The other world is a content country that is dominant in Europe, Germany, which worries about maintaining its economic happiness, and which is now being asked to help the other, under conditions it doesn’t fully understand.”
8.12am GMT08:128.12am GMT08:12
German politicians hope that Alexis Tsipras will arrive in Berlin with details of the new reform plans.German politicians hope that Alexis Tsipras will arrive in Berlin with details of the new reform plans.
Thomas Oppermann, parliamentary leader of Merkel’s Social Democrat coalition partners, says Greece must deliver on the pledges made at Thursday night’s mini-summit in Brussels.Thomas Oppermann, parliamentary leader of Merkel’s Social Democrat coalition partners, says Greece must deliver on the pledges made at Thursday night’s mini-summit in Brussels.
“I expect [Mr Tsipras] to present this list in his talks with the chancellor on Monday.“I expect [Mr Tsipras] to present this list in his talks with the chancellor on Monday.
“I want to know once and for all if Greece is ready to reform or not.”“I want to know once and for all if Greece is ready to reform or not.”
Greek insiders, though, have suggested this list might not be ready until Easter....Greek insiders, though, have suggested this list might not be ready until Easter....
8.02am GMT08:028.02am GMT08:02
Tsipras: Impossible to pay debts without helpTsipras: Impossible to pay debts without help
Alexis Tsipras has raised the stakes ahead of today’s meeting with Angela Merkel by declaring that Greece cannot meet looming debt repayments without help from its creditors.Alexis Tsipras has raised the stakes ahead of today’s meeting with Angela Merkel by declaring that Greece cannot meet looming debt repayments without help from its creditors.
In a letter sent to Germany last week, Tsipras warned that the lack of bailout funds mean it is “impossible” to service debt obligations due in the coming weeks (such as debt repayments and publc sector wage bills)In a letter sent to Germany last week, Tsipras warned that the lack of bailout funds mean it is “impossible” to service debt obligations due in the coming weeks (such as debt repayments and publc sector wage bills)
He also criticised restrictions imposed by the European Central Bank which prevent Athens issuing more short-term debt to tide itself over.He also criticised restrictions imposed by the European Central Bank which prevent Athens issuing more short-term debt to tide itself over.
Tsipras urged Merkel not to allow a “small cash flow issue” to turn into a major crisis.Tsipras urged Merkel not to allow a “small cash flow issue” to turn into a major crisis.
Given that Greece has no access to money markets, and also in view of the ‘spikes’ in our debt repayment obligations during the Spring and Summer of 2015 (primarily to the IMF), it ought to be clear that the ECB’s special restrictions when combined with the disbursement delays would make it impossible for any government to service its debt obligations.Given that Greece has no access to money markets, and also in view of the ‘spikes’ in our debt repayment obligations during the Spring and Summer of 2015 (primarily to the IMF), it ought to be clear that the ECB’s special restrictions when combined with the disbursement delays would make it impossible for any government to service its debt obligations.
He added that:He added that:
Servicing these repayments through internal resources alone would, indeed, lead to a sharp deterioration in the already depressed Greek social economy – a prospect that I will not countenance.Servicing these repayments through internal resources alone would, indeed, lead to a sharp deterioration in the already depressed Greek social economy – a prospect that I will not countenance.
It suggests Tsipras will push Merkel hard tonight to unlock some of the €7.2bn bailout funds which its lenders are holding back, until they see credible reform plans.It suggests Tsipras will push Merkel hard tonight to unlock some of the €7.2bn bailout funds which its lenders are holding back, until they see credible reform plans.
The FT’s Peter Spiegel, who published the letter, has analysed the full text here:The FT’s Peter Spiegel, who published the letter, has analysed the full text here:
Tsipras letter to Merkel: the annotated textTsipras letter to Merkel: the annotated text
Monday's FT front page: Greece’s leader warns Merkel of ‘impossible’ debt payments #tomorrowspaperstoday #bbcpapers pic.twitter.com/OOymneYXy2Monday's FT front page: Greece’s leader warns Merkel of ‘impossible’ debt payments #tomorrowspaperstoday #bbcpapers pic.twitter.com/OOymneYXy2
Updated at 8.06am GMTUpdated at 8.06am GMT
7.40am GMT07:407.40am GMT07:40
The Agenda: Mr Tsipras goes to BerlinThe Agenda: Mr Tsipras goes to Berlin
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
German MPs laughed last week when Angela Merkel told them she was looking forward to meeting - and perhaps arguing - with her Greek counterpart today. But there may not be too much mirth in Berlin tonight as the chancellor hosts Alexis Tsipras for the first time.German MPs laughed last week when Angela Merkel told them she was looking forward to meeting - and perhaps arguing - with her Greek counterpart today. But there may not be too much mirth in Berlin tonight as the chancellor hosts Alexis Tsipras for the first time.
The two leaders will meet as concern swirls that Greece could soon run out of cash, unless it can satisfy its creditors.The two leaders will meet as concern swirls that Greece could soon run out of cash, unless it can satisfy its creditors.
Tsipras has told Greek media that the meeting with Merkel is an opportunity to talk “without the pressure of any negotiation”. His officials are busy working on new economic reform plans which will, they hope, finally persuade its creditors to hand over some bailout funds.Tsipras has told Greek media that the meeting with Merkel is an opportunity to talk “without the pressure of any negotiation”. His officials are busy working on new economic reform plans which will, they hope, finally persuade its creditors to hand over some bailout funds.
But the meeting comes after two months of rising tensions between the two countries since Tsipras won power in late January, and began pushing for a new debt deal.But the meeting comes after two months of rising tensions between the two countries since Tsipras won power in late January, and began pushing for a new debt deal.
His call for war reparations has raised the tensions in Germany too.His call for war reparations has raised the tensions in Germany too.
And back home, Tsipras also faces pressure from hard-line members of his own party who fear he may cave in to eurozone demands.And back home, Tsipras also faces pressure from hard-line members of his own party who fear he may cave in to eurozone demands.
Athens correspondent Helena Smith reported last night:Athens correspondent Helena Smith reported last night:
On both sides, the talks are being seen as a “moment of truth.” Greece has made clear, under its new government, that it does not want to leave the eurozone and Tsipras his point that austerity needs to be eased. In Athens officials are putting on a brave face.On both sides, the talks are being seen as a “moment of truth.” Greece has made clear, under its new government, that it does not want to leave the eurozone and Tsipras his point that austerity needs to be eased. In Athens officials are putting on a brave face.
“We are looking forward to this meeting,” said the Greek government spokesman Gavriel Sakellarides. “There’s a good chemistry between the two leaders. It’s much better that they talk directly to one another.“We are looking forward to this meeting,” said the Greek government spokesman Gavriel Sakellarides. “There’s a good chemistry between the two leaders. It’s much better that they talk directly to one another.
But many also fear that in a bid to douse dissent within his own party, Tsipras is trying to buy time hoping that fellow anti-austerians are elected elsewhere in Europe. And that Merkel, bowing to rising anti-Greek sentiment among her own constituency, will also push too hard.But many also fear that in a bid to douse dissent within his own party, Tsipras is trying to buy time hoping that fellow anti-austerians are elected elsewhere in Europe. And that Merkel, bowing to rising anti-Greek sentiment among her own constituency, will also push too hard.
Related: 'Moment of truth' for Greece and the euro as Tsipris arrives in BerlinRelated: 'Moment of truth' for Greece and the euro as Tsipris arrives in Berlin
The meeting starts in mid-afternoon, with a press conference scheduled before a ‘working dinner’:The meeting starts in mid-afternoon, with a press conference scheduled before a ‘working dinner’:
Greek PM Tsipras & German Chancellor Merkel meeting agenda (GMT): 1600 - Meeting 1800 - Presser 1900 - Working dinnerGreek PM Tsipras & German Chancellor Merkel meeting agenda (GMT): 1600 - Meeting 1800 - Presser 1900 - Working dinner
Also coming up today, ECB president Mario Draghi is testifying to the European Parliament’s economic and monetary affairs committee.Also coming up today, ECB president Mario Draghi is testifying to the European Parliament’s economic and monetary affairs committee.
Draghi may sound more confident about economic prospects, given recent signs of recovery in the euro area.Draghi may sound more confident about economic prospects, given recent signs of recovery in the euro area.
Stan Shamu of IG says:Stan Shamu of IG says:
Given all the measures that have been introduced by the ECB and signs of bottoming in data, there is a good chance Mr Draghi will give a more upbeat assessment of the economy.Given all the measures that have been introduced by the ECB and signs of bottoming in data, there is a good chance Mr Draghi will give a more upbeat assessment of the economy.
Draghi’s should also field questions on the Greek crisis, given the ECB is effectively keeping its banks alive with vital liquidity support.Draghi’s should also field questions on the Greek crisis, given the ECB is effectively keeping its banks alive with vital liquidity support.
Two pieces of economic data to watch out for:Two pieces of economic data to watch out for:
And European stock markets are expected to rise this morning, with the FTSE 100 on track to hit a fresh all-time high after breaking through the 7,000-point mark on Friday.And European stock markets are expected to rise this morning, with the FTSE 100 on track to hit a fresh all-time high after breaking through the 7,000-point mark on Friday.
I’ll be tracking all the main events through the day....I’ll be tracking all the main events through the day....
Updated at 7.48am GMTUpdated at 7.48am GMT