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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/mar/30/eurozone-greece-battles-to-unlock-bailout-funds-business-live
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| Greece battles to unlock bailout funds - business live | Greece battles to unlock bailout funds - business live |
| (35 minutes later) | |
| 10.28am BST10:28 | |
| Italy has also reported an increase in economic confidence, suggesting that Europe’s economy is, finally, strengthening after several tough years. | |
| #Euroboom2015 has now reached Italy. Only France and Greece left acc to economic sentiment indicator pic.twitter.com/VNwTSaDwEd | |
| 10.13am BST10:13 | |
| European economic sentiment jumps | |
| European companies are increasingly confident about their economic prospects, the EC’s latest survey has found. | |
| The Commission’s economic sentiment index jumped to 103.9 this month, beating expectations. | |
| This “continues the upward trend observed since the beginning of 2015”, says the EC. | |
| It suggests that the ECB’s new stimulus programme, and the impact of weak oil prices, are cheering business leaders, and that Greece’s ongoing debt problems are not causing too much alarm. | |
| Consumer sentiment has also picked up, hitting an eight-year high (but still below its long-term average) | |
| Eurozone consumer sentiment improves from -6.7 in February to -3.7 in March. Economic sentiment rises from 102.3 to 103.9 | |
| Updated at 10.23am BST | |
| 10.00am BST10:00 | |
| Britain’s housing market is picking up pace, according to new data from the Bank of England. | |
| Mortgage approvals hit a six-month high of 61,760 in February, up from 60,707 in January, and beating analyst expectations. | |
| 9.46am BST09:46 | 9.46am BST09:46 |
| China’s main stock market has hit a seven-year high, driven by stimulus hopes. | China’s main stock market has hit a seven-year high, driven by stimulus hopes. |
| Shares in infrastructure companied rallied after the government fleshed out its new “New Silk Road” plan to boost trade and economic relations with the rest of Asia, Africa and Europe. | Shares in infrastructure companied rallied after the government fleshed out its new “New Silk Road” plan to boost trade and economic relations with the rest of Asia, Africa and Europe. |
| That plan will include hefty investment in railways, roads, power grids, oil and gas pipelines. | That plan will include hefty investment in railways, roads, power grids, oil and gas pipelines. |
| Hints of more central bank stimulus measures (see earlier) also helped to push the Shanghai Composite index up by 2.6% to its highest level since March 2008. | Hints of more central bank stimulus measures (see earlier) also helped to push the Shanghai Composite index up by 2.6% to its highest level since March 2008. |
| Updated at 9.48am BST | Updated at 9.48am BST |
| 9.36am BST09:36 | 9.36am BST09:36 |
| Greek bond yields rise as bailout uncertainty swirls | Greek bond yields rise as bailout uncertainty swirls |
| The uncertainty over Greece’s financial situation is weighing on its bonds this morning. | The uncertainty over Greece’s financial situation is weighing on its bonds this morning. |
| The yield (or interest rate) on 10-year Greek debt has inched up to 11.11%, from 11.04% on Friday night | The yield (or interest rate) on 10-year Greek debt has inched up to 11.11%, from 11.04% on Friday night |
| And Greece’s two-year bond yields has risen from 20.4% to 20.8%, implying an even higher risk of default. | And Greece’s two-year bond yields has risen from 20.4% to 20.8%, implying an even higher risk of default. |
| This follows the news that Greece still hasn’t presented an acceptable list of solid economic reforms to its lenders, despite the weekend’s negotiations. | This follows the news that Greece still hasn’t presented an acceptable list of solid economic reforms to its lenders, despite the weekend’s negotiations. |
| One senior euro zone official told Reuters last night that: | One senior euro zone official told Reuters last night that: |
| “Greece did not submit a reform list on Friday. They just showed some ideas over the weekend. The discussions from Friday to Sunday were meant to help the Greeks prepare a list for tomorrow..... | “Greece did not submit a reform list on Friday. They just showed some ideas over the weekend. The discussions from Friday to Sunday were meant to help the Greeks prepare a list for tomorrow..... |
| We still look forward to receiving something on Monday.” | We still look forward to receiving something on Monday.” |
| German TV news programme Tagesschau has heard a similar story this morning: | German TV news programme Tagesschau has heard a similar story this morning: |
| #Greece's delegation at #BrusselsGroup presented reform proposals only in e-form for mobile devices and in Greek ~EU official to @tagesschau | #Greece's delegation at #BrusselsGroup presented reform proposals only in e-form for mobile devices and in Greek ~EU official to @tagesschau |
| 9.15am BST09:15 | 9.15am BST09:15 |
| Greece’s stock market isn’t sharing in this morning’s rally. The main ATG index has dropped by 1.4% in early trading, with bank shares among the fallers. | Greece’s stock market isn’t sharing in this morning’s rally. The main ATG index has dropped by 1.4% in early trading, with bank shares among the fallers. |
| But....shares in Piraeus Port Authority have jumped by 8.5%, following reports that the government will press on with plans to privatise it. Such a move will not please members of the Syriza party, though. | But....shares in Piraeus Port Authority have jumped by 8.5%, following reports that the government will press on with plans to privatise it. Such a move will not please members of the Syriza party, though. |
| Updated at 9.22am BST | Updated at 9.22am BST |
| 9.08am BST09:08 | 9.08am BST09:08 |
| Greece’s deputy finance minister Dimitris Mardas has insisted that the government hasn’t given up its demand for debt relief. | Greece’s deputy finance minister Dimitris Mardas has insisted that the government hasn’t given up its demand for debt relief. |
| He told financial daily Naftemporiki that: | He told financial daily Naftemporiki that: |
| “The government has not abandoned any claim regarding its aim to make the country’s debt viable..... either there will be a haircut or it will be extended, or ....linked to an increase in output or exports, or there will be a lower interest rate. | “The government has not abandoned any claim regarding its aim to make the country’s debt viable..... either there will be a haircut or it will be extended, or ....linked to an increase in output or exports, or there will be a lower interest rate. |
| 8.58am BST08:58 | 8.58am BST08:58 |
| Greek talks to resume | Greek talks to resume |
| Talks between Greece and its creditors over its economic reform plans are due to start at 1pm in Brussels (or noon BST), according to the FT’s bureau chief Peter Spiegel: | Talks between Greece and its creditors over its economic reform plans are due to start at 1pm in Brussels (or noon BST), according to the FT’s bureau chief Peter Spiegel: |
| "Brussels Group" talks on #Greece bailout to resume here at 1pm. | "Brussels Group" talks on #Greece bailout to resume here at 1pm. |
| Updated at 10.14am BST | |
| 8.54am BST08:54 | 8.54am BST08:54 |
| European stock markets are rallying in early trading, following Asia’s lead, on hopes of more stimulus measures in China. | European stock markets are rallying in early trading, following Asia’s lead, on hopes of more stimulus measures in China. |
| The FTSE 100 has jumped 47 points, or 0.7%, to 6902. Germany’s DAX and France’s CAC indices are both up over 1%. | The FTSE 100 has jumped 47 points, or 0.7%, to 6902. Germany’s DAX and France’s CAC indices are both up over 1%. |
| Traders are citing comments made by People’s Bank of China governor Zhou Xiaochuan over the weekend. He warned that China’s growth rate had fallen “a bit” too much and that policy makers have scope to respond. A hint of more central bank action? | Traders are citing comments made by People’s Bank of China governor Zhou Xiaochuan over the weekend. He warned that China’s growth rate had fallen “a bit” too much and that policy makers have scope to respond. A hint of more central bank action? |
| 8.46am BST08:46 | 8.46am BST08:46 |
| Across the eurozone in Spain, prices are still falling, but at a slower rate. | Across the eurozone in Spain, prices are still falling, but at a slower rate. |
| Spain’s harmonised consumer prices index dropped by 0.7% this month, data released this morning showed, compared with -1.2% in February. | Spain’s harmonised consumer prices index dropped by 0.7% this month, data released this morning showed, compared with -1.2% in February. |
| 8.44am BST08:44 | 8.44am BST08:44 |
| Alexis Tsipras to address parliament tonight | Alexis Tsipras to address parliament tonight |
| Greece’s MPs will get an update on the situation this evening, when prime minister Alexis Tsipras addresses parliament. | Greece’s MPs will get an update on the situation this evening, when prime minister Alexis Tsipras addresses parliament. |
| The session starts at 8pm local time, or 6pm BST, according to Enikos. | The session starts at 8pm local time, or 6pm BST, according to Enikos. |
| Updated at 8.46am BST | Updated at 8.46am BST |
| 8.30am BST08:30 | 8.30am BST08:30 |
| Greece had hoped that eurozone finance ministers might meet this week to agree to hand over some aid funds. | Greece had hoped that eurozone finance ministers might meet this week to agree to hand over some aid funds. |
| But that now looks unlikely, as Europe heads towards the Easter break. | But that now looks unlikely, as Europe heads towards the Easter break. |
| According to Greek newspaper Kathimerini, a Eurogroup meeting is unlikely “next week or even the week after”. | According to Greek newspaper Kathimerini, a Eurogroup meeting is unlikely “next week or even the week after”. |
| That could be problematic for Greece, as it is due to repay €450m to the IMF a week on Thursday. | That could be problematic for Greece, as it is due to repay €450m to the IMF a week on Thursday. |
| Updated at 8.39am BST | Updated at 8.39am BST |
| 8.25am BST08:25 | 8.25am BST08:25 |
| The Agenda: Weekend talks don't deliver a breakthrough | The Agenda: Weekend talks don't deliver a breakthrough |
| 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. |
| Another week of tension over Greece’s bailout lies ahead, as Athens struggles to persuade its creditors to unlock bailout funds before it runs out of money next month. | Another week of tension over Greece’s bailout lies ahead, as Athens struggles to persuade its creditors to unlock bailout funds before it runs out of money next month. |
| The two sides spent the weekend locked in talks, over the reform proposals which the Greek government submitted on Friday night. | The two sides spent the weekend locked in talks, over the reform proposals which the Greek government submitted on Friday night. |
| Athens appears to have made some concessions, including various measures to raise €3bn in extra taxes. But officials from ECB, IMF and and EU are apparently still not convinced that the plans go far enough. | Athens appears to have made some concessions, including various measures to raise €3bn in extra taxes. But officials from ECB, IMF and and EU are apparently still not convinced that the plans go far enough. |
| Greek govt is still working on a plan to meet terms for further bailout; it may well miss its 450m euro IMF payment, says #SocGen | Greek govt is still working on a plan to meet terms for further bailout; it may well miss its 450m euro IMF payment, says #SocGen |
| Negotiations between Greece and troika not going well. This is not going to be settled soon. http://t.co/5k79LAUuoq | Negotiations between Greece and troika not going well. This is not going to be settled soon. http://t.co/5k79LAUuoq |
| The FT has a good take of the weekend’s talks. | The FT has a good take of the weekend’s talks. |
| Greece struggles to accommodate lenders as cash dwindles | Greece struggles to accommodate lenders as cash dwindles |
| Here’ s flavour: | Here’ s flavour: |
| Greek officials said Alexis Tsipras, the prime minister, had given ground on two key demands made by creditors: increasing value added taxes for Greek islands, a measure previously repudiated by Yanis Varoufakis, the Greek finance minister, and retaining an unpopular property tax that Mr Tsipras had vowed to abolish. | Greek officials said Alexis Tsipras, the prime minister, had given ground on two key demands made by creditors: increasing value added taxes for Greek islands, a measure previously repudiated by Yanis Varoufakis, the Greek finance minister, and retaining an unpopular property tax that Mr Tsipras had vowed to abolish. |
| The property tax concession appeared to be the centrepiece of the new plan. It would raise an estimated €2.5bn of a predicted €3bn in new revenues, which Greek authorities estimated would put their primary budget surplus — the amount of revenue taken in, minus spending, not counting interest on debt — at almost €3.5bn for 2015. | The property tax concession appeared to be the centrepiece of the new plan. It would raise an estimated €2.5bn of a predicted €3bn in new revenues, which Greek authorities estimated would put their primary budget surplus — the amount of revenue taken in, minus spending, not counting interest on debt — at almost €3.5bn for 2015. |
| But the list failed to include reforms to labour laws and Greece’s pension system — two areas that monitors have insisted are essential to finalising the bailout programme. They remained “red lines”, said Greek officials. | But the list failed to include reforms to labour laws and Greece’s pension system — two areas that monitors have insisted are essential to finalising the bailout programme. They remained “red lines”, said Greek officials. |
| Prime minister Alexis Tsipras is standing firm too, insisting over the weekend that his government would not accept any “recessionary measures”, such as slashing wages or making it easier to fire workers. | Prime minister Alexis Tsipras is standing firm too, insisting over the weekend that his government would not accept any “recessionary measures”, such as slashing wages or making it easier to fire workers. |
| And with Fitch downgrading Greece’s credit rating late on Friday night, investors are getting edgier... | And with Fitch downgrading Greece’s credit rating late on Friday night, investors are getting edgier... |
| Also coming up today: | Also coming up today: |
| The Bank of England is publishing details of new stress tests for Britain’s banks. They’re expected to assess if the banks have enough capital to handle global risks such as a foreign currency crisis, a geopolitical crisis and tumbling commodities and stock markets. | The Bank of England is publishing details of new stress tests for Britain’s banks. They’re expected to assess if the banks have enough capital to handle global risks such as a foreign currency crisis, a geopolitical crisis and tumbling commodities and stock markets. |
| The latest Eurozone consumer confidence survey is due at 10am BST. | The latest Eurozone consumer confidence survey is due at 10am BST. |
| And German inflation data is released at 1pm BST. It’s likely to show that prices are rising slightly year-on-year, after dipping into negative territory last month. Spanish inflation data is also out this morning. | And German inflation data is released at 1pm BST. It’s likely to show that prices are rising slightly year-on-year, after dipping into negative territory last month. Spanish inflation data is also out this morning. |
| Updated at 8.43am BST | Updated at 8.43am BST |