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| Yanis Varoufakis dismisses rumours he intends to resign as 'grossly premature' | Yanis Varoufakis dismisses rumours he intends to resign as 'grossly premature' |
| (35 minutes later) | |
| Greece’s finance minister has denied he is on the brink of resigning, as his country prepares to enter a crucial month that could determine its future in the eurozone. | Greece’s finance minister has denied he is on the brink of resigning, as his country prepares to enter a crucial month that could determine its future in the eurozone. |
| Yanis Varoufakis rebuffed speculation that he could soon throw in the towel, less than five months after the leftwing Syriza party was voted in. Such talk is “grossly premature”, tweeted the economics professor-turned -politician. | |
| Rumours of my impending resignation are (for the umpteenth time) grossly premature... | Rumours of my impending resignation are (for the umpteenth time) grossly premature... |
| He channelled the spirit of John Maynard Keynes, telling a follower “in the long run we are all dead” – but that in the medium term he is going nowhere. | He channelled the spirit of John Maynard Keynes, telling a follower “in the long run we are all dead” – but that in the medium term he is going nowhere. |
| @nikimoza1 "In the long run we are all dead." J.M.Keynes. (In the medium run, those nostalgic of the troika days are stuck with me @ FinMin) | @nikimoza1 "In the long run we are all dead." J.M.Keynes. (In the medium run, those nostalgic of the troika days are stuck with me @ FinMin) |
| Varoufakis’s position has looked less secure since the Greek prime minister, Alexis Tsipras, shaped his Brussels negotiating team, seemingly sidelining his finance minister. | Varoufakis’s position has looked less secure since the Greek prime minister, Alexis Tsipras, shaped his Brussels negotiating team, seemingly sidelining his finance minister. |
| The finance ministry was also embroiled in a row after selecting economist Elena Panaritis to be Greece’s new representative at the International Monetary Fund. Some Syriza MPs had criticised the choice of Panaritis, who is a former MP for the leftwing Pasok party, which agreed Greece’s first bailout. | The finance ministry was also embroiled in a row after selecting economist Elena Panaritis to be Greece’s new representative at the International Monetary Fund. Some Syriza MPs had criticised the choice of Panaritis, who is a former MP for the leftwing Pasok party, which agreed Greece’s first bailout. |
| Officials from Greece have been locked in talks with creditors over the weekend in an attempt to agree a package of economic reforms. Outstanding issues include pensions, labour market reform, VAT rates and Greece’s budget targets. | Officials from Greece have been locked in talks with creditors over the weekend in an attempt to agree a package of economic reforms. Outstanding issues include pensions, labour market reform, VAT rates and Greece’s budget targets. |
| Athens had hoped to reach a deal by Sunday, but insiders were suggesting a breakthrough could come within the next 48 hours. | Athens had hoped to reach a deal by Sunday, but insiders were suggesting a breakthrough could come within the next 48 hours. |
| José Manuel Barroso, the former European commission president, warned on Sunday that it was vital to find a solution quickly. He told the BBC’s Andrew Marr show: | José Manuel Barroso, the former European commission president, warned on Sunday that it was vital to find a solution quickly. He told the BBC’s Andrew Marr show: |
| “Sometimes I get the impression that people are waiting for an accident so that they can really focus [on] avoiding a bigger disaster. It’s too long, this time that has been taken to find a solution. I believe it’s important now to find that solution.” | “Sometimes I get the impression that people are waiting for an accident so that they can really focus [on] avoiding a bigger disaster. It’s too long, this time that has been taken to find a solution. I believe it’s important now to find that solution.” |
| The consequences of a Greek default, or its exit from the eurozone, would be negative for both Greece and Europe, Barroso added. | The consequences of a Greek default, or its exit from the eurozone, would be negative for both Greece and Europe, Barroso added. |
| Greece’s final tranche of bailout funds will remain frozen until agreement is reached, leaving it perilously short of money to pay a series of financial demands in June. | Greece’s final tranche of bailout funds will remain frozen until agreement is reached, leaving it perilously short of money to pay a series of financial demands in June. |
| Tsipras was understood to be planning a telephone call with the German chancellor, Angela Merkel, and French president, François Hollande, in the next couple of days. He is pushing for a political intervention to break the deadlock. | Tsipras was understood to be planning a telephone call with the German chancellor, Angela Merkel, and French president, François Hollande, in the next couple of days. He is pushing for a political intervention to break the deadlock. |
| Greece is scheduled to pay back €1.6bn (£1.2bn) to the IMF in June, starting with a €305m (£219m) payment on Friday, and analysts fear it will struggle to find the money. | Greece is scheduled to pay back €1.6bn (£1.2bn) to the IMF in June, starting with a €305m (£219m) payment on Friday, and analysts fear it will struggle to find the money. |
| The possibility of Greece defaulting on its obligations to the IMF is causing ripples in the financial markets. Shares fell on Friday as the German finance minister, Wolfgang Schäuble, warned that the positive comments from Athens officials were “not fully reflected” in the talks with its creditors. | The possibility of Greece defaulting on its obligations to the IMF is causing ripples in the financial markets. Shares fell on Friday as the German finance minister, Wolfgang Schäuble, warned that the positive comments from Athens officials were “not fully reflected” in the talks with its creditors. |
| Greece could hold all of its June IMF payments until the end of the month, which is also the date when its current bailout programme with the eurozone expires. It then faces making two repayments to the European Central Bank over the summer, totalling €6.7bn (£4.8bn), which could be particularly challenging. | Greece could hold all of its June IMF payments until the end of the month, which is also the date when its current bailout programme with the eurozone expires. It then faces making two repayments to the European Central Bank over the summer, totalling €6.7bn (£4.8bn), which could be particularly challenging. |
| “We believe meeting the €1.6bn in payments to the IMF by the end of June will be difficult. Payments of €3.5bn on bonds held by the ECB on 20 July appear even more unlikely,” said Michael Gapen, an economist at Barclays. | “We believe meeting the €1.6bn in payments to the IMF by the end of June will be difficult. Payments of €3.5bn on bonds held by the ECB on 20 July appear even more unlikely,” said Michael Gapen, an economist at Barclays. |