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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/may/29/greek-bailout-markets-lagarde-us-economy-live
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| Version 1 | Version 2 |
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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) | |
| 9.15am BST09:15 | |
| The picture is brighter in Italy this morning. The Italian stats office has just confirmed that the economy grew by 0.3% in the last quarter. | |
| That’s in line with the initial estimate two weeks ago, and means Italy’s economy expanded for the first time since autumn 2013. | |
| #Italy GDP grows for 1st time in 6 quarters by 0.3% - been in/out of recession/negative quarters since 2009/10 crisis http://t.co/fko7vCezC2 | |
| 9.11am BST09:11 | |
| Greek finance minister: We want a comprehensive deal with debt relief | |
| Yanis Varoufakis made some interesting points in his interview with Vima FM radio station, and a couple of perplexing one. | |
| He said: | |
| #Greece MinFin Varoufakis: "Our side on BrusselsGroup opposed with vigor the proposal re: a transaction tax." @vimafm | |
| Varoufakis claims that if new taxes introduced, they are not recessionary if they involve redistribution. Oh well... | |
| #Greece MinFin Varoufakis, when asked whether we got the money to pay the IMF, he says "let ME the MinFin worry about this, not the people!" | |
| 8.58am BST08:58 | |
| You can hear Yanis Varoufakis’s radio interview here (it’s in Greek.....) | |
| Thanks, Greek Analyst! | |
| Link on #Varoufakis's live interview at @vimafm here: http://t.co/jiNaoOOMz2 cc @graemewearden HT @YanniKouts | |
| 8.49am BST08:49 | |
| Greek finance minister Yanis Varoufakis is speaking on Greek radio now. | |
| I’m afraid I’ve not got the link, but the key points are being tweeted: | |
| #Greece FinMin says very close to completing Greek program review; Greek talks have new developments every day ~@vimafm | |
| #Greece FinMin Varoufakis says there is agreement with the 'Institutions' on VAT model; no agreement yet on rates ~@vimafm | |
| 8.46am BST08:46 | |
| Swiss economy contracts | |
| As if the Fifa scandal wasn’t bad enough, Switzerland has been hit with the news that its economy is shrinking. | |
| Swiss GDP fell by 0.2% in the first three months of the year, worse than the stagnation which economists expected. | |
| The strong Swiss franc is being blamed. It soared in January after its central bank gave up trying to keep it artificially weak; that made Swiss exports less competitive. | |
| As the State Secretariat for Economic Affairs put it: | |
| “The trade balance in goods and services in particular delivered negative growth contributions.” | |
| 8.40am BST08:40 | 8.40am BST08:40 |
| More news from the G7 meeting in Dresden, from French finance minister Michael Sapin. | More news from the G7 meeting in Dresden, from French finance minister Michael Sapin. |
| *SAPIN SAYS EUROPE NEEDS GREECE DEAL WITHIN 'DAYS OR WEEKS' | *SAPIN SAYS EUROPE NEEDS GREECE DEAL WITHIN 'DAYS OR WEEKS' |
| I think we knew that already..... | I think we knew that already..... |
| Updated at 8.40am BST | Updated at 8.40am BST |
| 8.32am BST08:32 | 8.32am BST08:32 |
| Worries about Greece are weighing on Europe’s stock markets again. They’re mostly down in early trading: | 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: | 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. | 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 | 8.17am BST08:17 |
| Moscovici: We are dedicated to keeping Greece in the euro | Moscovici: We are dedicated to keeping Greece in the euro |
| What about Christine Lagarde’s comment that Greece could leave the euro, Commissioner Moscovici? | 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”. | 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. | 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. | 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? | 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. | 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 | 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..... | 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 | 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: |