This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/live/2015/mar/26/greece-reform-deal-hopes-eurozone-bailout-live-updates
The article has changed 17 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Greece hopes to secure vital reform deal next week - live updates | Greece hopes to secure vital reform deal next week - live updates |
| (35 minutes later) | |
| 9.13am GMT09:13 | |
| Anxiety over Greece’s bailout is hitting its stock market this morning, despite economy minister George Stathakis predicting a deal early next week. | |
| The ATG index of leading shares has dropped by 2.5% in early trading, led by financial stocks: | |
| Greek government bonds are coming under pressure too, pushing up the yield (or interest rate) on its shorter-term debt. | |
| #Greece yields 3y 19.83%; +19 bps 5y 15.62%; +16 bps 10y 10.94%; +1 bps 15y 10.82%; -1 bps | |
| 8.35am GMT08:35 | 8.35am GMT08:35 |
| The Russian ruble has jumped by 1.5% against the US dollar , on the back of the oil price spike. | The Russian ruble has jumped by 1.5% against the US dollar , on the back of the oil price spike. |
| #Russia Ruble rallies on higher #oil price. pic.twitter.com/7cAs0Ocmug | #Russia Ruble rallies on higher #oil price. pic.twitter.com/7cAs0Ocmug |
| 8.30am GMT08:30 | 8.30am GMT08:30 |
| Oil price leaps after Yemen air strikes | Oil price leaps after Yemen air strikes |
| The oil prices has surged this morning, after Saudi Arabia launched military action against rebels in Yemen, raising the prospect of wider conflict in the Middle East. | The oil prices has surged this morning, after Saudi Arabia launched military action against rebels in Yemen, raising the prospect of wider conflict in the Middle East. |
| The price of a barrel of Brent crude has jumped by 6%, or over three dollars per barrel, to $59.50. | The price of a barrel of Brent crude has jumped by 6%, or over three dollars per barrel, to $59.50. |
| US Crude oil also jumped, by a similar amount, to $51.26 | US Crude oil also jumped, by a similar amount, to $51.26 |
| #Oil extends gains on Yemen escalation. Brent crude up >6%.http://t.co/Jb7MihRpcI pic.twitter.com/mEODpwV7wj | #Oil extends gains on Yemen escalation. Brent crude up >6%.http://t.co/Jb7MihRpcI pic.twitter.com/mEODpwV7wj |
| Having bombed Houthi rebels in Yemen yesterday, Saudi authorities said that several other countries in the region including Egypt, Pakistan, Jordan and Sudan were ready to commit troops to a ground offensive. | Having bombed Houthi rebels in Yemen yesterday, Saudi authorities said that several other countries in the region including Egypt, Pakistan, Jordan and Sudan were ready to commit troops to a ground offensive. |
| The US is also supporting the Saudis, who acted after Houthi rebels - backed by Iran -seized al-Anad airbase and the seaport city of Aden. | The US is also supporting the Saudis, who acted after Houthi rebels - backed by Iran -seized al-Anad airbase and the seaport city of Aden. |
| As Dan Roberts and Kareem Shaheen explain: | As Dan Roberts and Kareem Shaheen explain: |
| The advance set the stage for a confrontation between Iran, which backs the rebels also known as Ansar Allah, and regional powers eager to halt the broadening of the Islamic Republic’s regional influence | The advance set the stage for a confrontation between Iran, which backs the rebels also known as Ansar Allah, and regional powers eager to halt the broadening of the Islamic Republic’s regional influence |
| Related: Saudi Arabia launches Yemen air strikes as alliance builds against Houthi rebels | Related: Saudi Arabia launches Yemen air strikes as alliance builds against Houthi rebels |
| Geo-political risk back in #oil traders minds...oil price spikes as Saudi & allies start targeted bombing in Yemen. WTI +18% last 5days | Geo-political risk back in #oil traders minds...oil price spikes as Saudi & allies start targeted bombing in Yemen. WTI +18% last 5days |
| 8.11am GMT08:11 | 8.11am GMT08:11 |
| European stock markets have opened in the red, tracking losses on Wall Street following yesterday’s weak US data (see opening post for details). | European stock markets have opened in the red, tracking losses on Wall Street following yesterday’s weak US data (see opening post for details). |
| Germany is the biggest faller, with the DAC shedding 1.4%. | Germany is the biggest faller, with the DAC shedding 1.4%. |
| The FTSE is down 38 points, or 0.6%, at 6951 points - further away from last week’s record highs. | The FTSE is down 38 points, or 0.6%, at 6951 points - further away from last week’s record highs. |
| DAX down 200 points at 8.06am - FTSE -40 points at 6950 | DAX down 200 points at 8.06am - FTSE -40 points at 6950 |
| 8.03am GMT08:03 | 8.03am GMT08:03 |
| German consumer confidence hits 13 year high | German consumer confidence hits 13 year high |
| While Greeks fret about potential bankruptcy, Germans are their most confidence in over 13 years. | While Greeks fret about potential bankruptcy, Germans are their most confidence in over 13 years. |
| GfK’s monthly survey of German consumer confidence has hit 10.0, up from 9.7% a month ago, which is the highest since October 2001. | GfK’s monthly survey of German consumer confidence has hit 10.0, up from 9.7% a month ago, which is the highest since October 2001. |
| GfK analyst Rolf Buerkl said German consumers are becoming “ever more optimistic”; but that would change if the Greek crisis deepened. | GfK analyst Rolf Buerkl said German consumers are becoming “ever more optimistic”; but that would change if the Greek crisis deepened. |
| “If a Grexit, where Greece renounces the euro and subsequently leaves the euro zone, were in fact to materialise, the German economy could suffer a severe setback as a result.” | “If a Grexit, where Greece renounces the euro and subsequently leaves the euro zone, were in fact to materialise, the German economy could suffer a severe setback as a result.” |
| Germans on a shopping binge: GfK consumer confidence increased to 10.0, highest level since Oct2001. (via ING) pic.twitter.com/SNMuH08kOr | Germans on a shopping binge: GfK consumer confidence increased to 10.0, highest level since Oct2001. (via ING) pic.twitter.com/SNMuH08kOr |
| 7.59am GMT07:59 | 7.59am GMT07:59 |
| George Stathaskis’s comments suggest that eurozone finance ministers may gather in Brussels early next week to discuss the Greek crisis again, and potentially release some aid. | George Stathaskis’s comments suggest that eurozone finance ministers may gather in Brussels early next week to discuss the Greek crisis again, and potentially release some aid. |
| 7.53am GMT07:53 | 7.53am GMT07:53 |
| Greece optimistic of deal next week | Greece optimistic of deal next week |
| The Greek government has declared it is confident that it can reach a deal on its economic reforms with the rest of the eurozone early next week. | The Greek government has declared it is confident that it can reach a deal on its economic reforms with the rest of the eurozone early next week. |
| Economy minister George Stathakis told Antenna TV this morning that a breakthrough - which would stave off the risk of bankruptcy - could be just days away. | Economy minister George Stathakis told Antenna TV this morning that a breakthrough - which would stave off the risk of bankruptcy - could be just days away. |
| Stathakis said: | Stathakis said: |
| “I believe that at the beginning of next week we will have an agreement on the package of reforms the Greek government is proposing, and on the funding of the country.” | “I believe that at the beginning of next week we will have an agreement on the package of reforms the Greek government is proposing, and on the funding of the country.” |
| However, he didn’t indicate what kinds of reform are being worked on; Greece’s government must tread a fine line between the demands of its creditors and the expectations of its own MPs. | However, he didn’t indicate what kinds of reform are being worked on; Greece’s government must tread a fine line between the demands of its creditors and the expectations of its own MPs. |
| Economists believe Greece could run out of funds as early as April 9th, when an IMF repayment is due. | Economists believe Greece could run out of funds as early as April 9th, when an IMF repayment is due. |
| Eurozone officials yesterday refused to hand back €1.2bn of bailout funds which Greece believed it was entitled too, a move which forces Greece to produce the ‘concrete’ reforms demanded by lenders. | Eurozone officials yesterday refused to hand back €1.2bn of bailout funds which Greece believed it was entitled too, a move which forces Greece to produce the ‘concrete’ reforms demanded by lenders. |
| Updated at 7.54am GMT | Updated at 7.54am GMT |
| 7.42am GMT07:42 | 7.42am GMT07:42 |
| The Agenda: Time ticking for Greece.... | The Agenda: Time ticking for Greece.... |
| 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. |
| It looks like another day dominated by Greece debt worries. Athens has until Monday to present a convincing set of economic reforms to its lenders, and its cash reserves are looking increasingly stretched. | It looks like another day dominated by Greece debt worries. Athens has until Monday to present a convincing set of economic reforms to its lenders, and its cash reserves are looking increasingly stretched. |
| As our Helena Smith reported last night, Greece is now scrabbling down the back of the fiscal sofa in a bid to meet looming repayments: | As our Helena Smith reported last night, Greece is now scrabbling down the back of the fiscal sofa in a bid to meet looming repayments: |
| In a balancing act not seen by any European administration in recent times, the cash-strapped coalition has sequestered the reserves of public bodies, seized EU subsidies destined for farmers and postponed all payments for state supplies in the scramble to continue servicing its debt and paying salaries and pensions. | In a balancing act not seen by any European administration in recent times, the cash-strapped coalition has sequestered the reserves of public bodies, seized EU subsidies destined for farmers and postponed all payments for state supplies in the scramble to continue servicing its debt and paying salaries and pensions. |
| Pension funds have been raided to raise money for Treasury bill auctions. | Pension funds have been raided to raise money for Treasury bill auctions. |
| “It is clear we are reaching the end and very soon won’t be able to pay,” former finance minister, Stefanos Manos, told the Guardian. “They are scraping the bottom of the barrel for everything they can find.” | “It is clear we are reaching the end and very soon won’t be able to pay,” former finance minister, Stefanos Manos, told the Guardian. “They are scraping the bottom of the barrel for everything they can find.” |
| Related: Greek government takes desperate measures in battle to stay afloat | Related: Greek government takes desperate measures in battle to stay afloat |
| Greek officials insist that they will devise a plan by Monday, which would give investors the confidence to hand over some bailout funds: | Greek officials insist that they will devise a plan by Monday, which would give investors the confidence to hand over some bailout funds: |
| #Greece Gov't officials say detailed reform list to be delivered Monday, hope for #Eurogroup meeting Tuesday + unfreeze of subtranche. | #Greece Gov't officials say detailed reform list to be delivered Monday, hope for #Eurogroup meeting Tuesday + unfreeze of subtranche. |
| Also coming up today.... | Also coming up today.... |
| And Europe’s stock markets are expected to fall, tracking a big selloff on Wall Street last night. | And Europe’s stock markets are expected to fall, tracking a big selloff on Wall Street last night. |
| US shares were hit by weaker-than-expected economic data on Wednesday, including a 1.4% slide in durable goods orders. | US shares were hit by weaker-than-expected economic data on Wednesday, including a 1.4% slide in durable goods orders. |
| Investors are worried that the American economy might not be prepared for a rise in borrowing costs, as Michael Hewson of CMC Markets explains: | Investors are worried that the American economy might not be prepared for a rise in borrowing costs, as Michael Hewson of CMC Markets explains: |
| Investors appear to be caught in two minds as to the health of the US economy, with the Federal Reserve on the one hand apparently gearing up for a rate rise, at the same time as revising down their growth and inflation expectations. | Investors appear to be caught in two minds as to the health of the US economy, with the Federal Reserve on the one hand apparently gearing up for a rate rise, at the same time as revising down their growth and inflation expectations. |
| This uncertainty has not been helped by further disappointing US economic data, which has served to undermine investor confidence further. | This uncertainty has not been helped by further disappointing US economic data, which has served to undermine investor confidence further. |
| I’ll be tracking all the main events through the day... | I’ll be tracking all the main events through the day... |