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| Greece talks continue in wake of Lagarde's Grexit warning - live updates | Greece talks continue in wake of Lagarde's Grexit warning - live updates |
| (35 minutes later) | |
| 8.40am BST08:40 | |
| More news from the G7 meeting in Dresden, from French finance minister Michael Sapin. | |
| *SAPIN SAYS EUROPE NEEDS GREECE DEAL WITHIN 'DAYS OR WEEKS' | |
| I think we knew that already..... | |
| Updated at 8.40am BST | |
| 8.32am BST08:32 | |
| Worries about Greece are weighing on Europe’s stock markets again. They’re mostly down in early trading: | |
| Stan Shamu of IG believes markets will remain edgy until a deal is reached: | |
| I suspect there will be plenty of headlines about Greece driving volatility in coming weeks as €1.6 billion is due over four tranches. | |
| 8.17am BST08:17 | |
| Moscovici: We are dedicated to keeping Greece in the euro | |
| What about Christine Lagarde’s comment that Greece could leave the euro, Commissioner Moscovici? | |
| He replies that this is “not the scenario of the Commission”. | |
| We are dedicated to have Greece staying in the eurozone, a solid Greece, a reformed Greece. | |
| And there is “true solidarity” between the Institutions (Greece’s lenders) Moscovici tells CNBC’s Steve Sedgwick. | |
| But being prepared and responsible, have you worked on a plan B for Grexit, in case a deal isn’t reached? | |
| No, I don’t consider that, Moscovici insists. We have one plan, one action, one will, to keep Greece in the eurozone. | |
| Updated at 8.21am BST | |
| 8.05am BST08:05 | 8.05am BST08:05 |
| European commissioner Pierre Moscovici is the first policymaker to break cover from the G7 this morning. | European commissioner Pierre Moscovici is the first policymaker to break cover from the G7 this morning. |
| He told CNBC thatthere’s been “good progress” between Greece and lenders..... | |
| ....but more work needs to be done, including on Greece’s pensions. | ....but more work needs to be done, including on Greece’s pensions. |
| *MOSCOVICI SAYS IT'S CLEAR TIME IS RUNNING SHORT ON GREECE | *MOSCOVICI SAYS IT'S CLEAR TIME IS RUNNING SHORT ON GREECE |
| *MOSCOVICI SAYS 'WE'RE NOT YET THERE' ON GREEK PENSION REFORMS | *MOSCOVICI SAYS 'WE'RE NOT YET THERE' ON GREEK PENSION REFORMS |
| Updated at 8.27am BST | |
| 7.49am BST07:49 | 7.49am BST07:49 |
| Greece’s deputy prime minister, Yannis Dragasakis, has claimed that ‘political will’ is the missing ingredient needed for a deal (explaining why his boss phoned the leaders of Germany and France last night) | Greece’s deputy prime minister, Yannis Dragasakis, has claimed that ‘political will’ is the missing ingredient needed for a deal (explaining why his boss phoned the leaders of Germany and France last night) |
| Greek Dep PM Dragasakis: Political will is missing on Greece deal --Corriere della Sera via BBG | Greek Dep PM Dragasakis: Political will is missing on Greece deal --Corriere della Sera via BBG |
| Dragasakis: Greece is willing to pay its debts, but is against new austerity | Dragasakis: Greece is willing to pay its debts, but is against new austerity |
| Updated at 7.50am BST | Updated at 7.50am BST |
| 7.44am BST07:44 | 7.44am BST07:44 |
| Introduction: Greek talks, and US growth figures | Introduction: Greek talks, and US growth figures |
| 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. |
| We’re coming to the end of another week that started with hopes of a breakthrough between Greece and its creditors, but has seen little evidence of progress since. | We’re coming to the end of another week that started with hopes of a breakthrough between Greece and its creditors, but has seen little evidence of progress since. |
| Talks between the two sides will continue in Brussels today, and over the weekend, to close the gap on labour market reform, pensions, VAT rates and Greece’s budget targets. The same issues they’ve been split over for weeks. | Talks between the two sides will continue in Brussels today, and over the weekend, to close the gap on labour market reform, pensions, VAT rates and Greece’s budget targets. The same issues they’ve been split over for weeks. |
| Greece hopes for a deal by Sunday, but its lenders remain quite sceptical. Last night’s warning from Christine Lagarde that Greece could potentially leave the euro shows that policymakers still believe the crisis could spiral. | Greece hopes for a deal by Sunday, but its lenders remain quite sceptical. Last night’s warning from Christine Lagarde that Greece could potentially leave the euro shows that policymakers still believe the crisis could spiral. |
| As Lagarde argues, Grexit wouldn’t be “a walk in the park”, but would “probably not” mean the end of the euro. | As Lagarde argues, Grexit wouldn’t be “a walk in the park”, but would “probably not” mean the end of the euro. |
| Related: Grexit is a possibility, warns head of IMF | Related: Grexit is a possibility, warns head of IMF |
| Greek PM Alexis Tsipras spoke with German Chancellor Angela Merkel and French President Francois Hollande in a teleconference call last night, in an attempt to drum up a ‘political’ deal to break the deadlock. | Greek PM Alexis Tsipras spoke with German Chancellor Angela Merkel and French President Francois Hollande in a teleconference call last night, in an attempt to drum up a ‘political’ deal to break the deadlock. |
| The Kathimerini newspaper explains: | The Kathimerini newspaper explains: |
| The three leaders spoke for about an hour and government sources referred to “a positive climate.” | The three leaders spoke for about an hour and government sources referred to “a positive climate.” |
| The exact content of the conversation remained unclear but it is thought Tsipras asked Merkel and Hollande to make good on a pledge they made at an EU leaders’ summit in Riga last week to help overcome potential obstacles in the negotiations. | The exact content of the conversation remained unclear but it is thought Tsipras asked Merkel and Hollande to make good on a pledge they made at an EU leaders’ summit in Riga last week to help overcome potential obstacles in the negotiations. |
| As we covered yesterday, the Greek crisis was occupying the minds of the G7 finance ministers and central bankers yesterday. Not officially on the agenda, but ‘on the sidelines. For example: | As we covered yesterday, the Greek crisis was occupying the minds of the G7 finance ministers and central bankers yesterday. Not officially on the agenda, but ‘on the sidelines. For example: |
| Those G7 ministers will continue to discuss the global economy in Dresden today, so let’s hope they didn’t overdo the champagne. | Those G7 ministers will continue to discuss the global economy in Dresden today, so let’s hope they didn’t overdo the champagne. |
| Also coming up today.... | Also coming up today.... |
| We get the second estimate of US growth in the first quarter of this year, at 1.30pm BST. | We get the second estimate of US growth in the first quarter of this year, at 1.30pm BST. |
| The first estimate, of annualised growth of just 0.2%, could actually be revised even lower. | The first estimate, of annualised growth of just 0.2%, could actually be revised even lower. |
| We’ll be tracking all the main events through the day: | We’ll be tracking all the main events through the day: |