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| Greek PM Tsipras calls for unity before Juncker debt talks | Greek PM Tsipras calls for unity before Juncker debt talks |
| (about 1 hour later) | |
| Prime Minister Alexis Tsipras has urged Europe's leaders to show unity and realism ahead of a key meeting on Greece's debt crisis. | Prime Minister Alexis Tsipras has urged Europe's leaders to show unity and realism ahead of a key meeting on Greece's debt crisis. |
| International creditors will present new proposals for a deal to unlock funds at the talks in Brussels later. | International creditors will present new proposals for a deal to unlock funds at the talks in Brussels later. |
| Mr Tsipras has already put forward a new plan of his own. Greece has a €300m (£216m) IMF repayment due on Friday. | Mr Tsipras has already put forward a new plan of his own. Greece has a €300m (£216m) IMF repayment due on Friday. |
| Meanwhile, French President Francois Hollande suggested Greece and its lenders were on the brink of a deal. | Meanwhile, French President Francois Hollande suggested Greece and its lenders were on the brink of a deal. |
| "We are days, I might almost say hours away from a possible resolution," Mr Hollande said on Wednesday, adding that "asking too much of Greece would prevent the return of growth". | "We are days, I might almost say hours away from a possible resolution," Mr Hollande said on Wednesday, adding that "asking too much of Greece would prevent the return of growth". |
| However, a European Commission spokeswoman earlier dampened hopes of an imminent breakthrough, telling reporters that no "final outcome" was expected from Wednesday's talks. | However, a European Commission spokeswoman earlier dampened hopes of an imminent breakthrough, telling reporters that no "final outcome" was expected from Wednesday's talks. |
| 'Division' | 'Division' |
| Greece's current bailout arrangement with the IMF, European Central Bank (ECB) and European Commission runs out at the end of June, and the cash-strapped government has been haggling since February over the release of the last €7.2bn in funds. | Greece's current bailout arrangement with the IMF, European Central Bank (ECB) and European Commission runs out at the end of June, and the cash-strapped government has been haggling since February over the release of the last €7.2bn in funds. |
| As he prepared to leave Athens with several key ministers, Mr Tsipras said he was certain Europe's leaders would "sign up to realism". "We need unity, we must avoid division," he said in a statement. | |
| The latest draft deal has been put together by international creditors following emergency talks late on Monday with German Chancellor Angela Merkel and President Hollande. | The latest draft deal has been put together by international creditors following emergency talks late on Monday with German Chancellor Angela Merkel and President Hollande. |
| The details remain under wraps but the document is believed to call for pensions changes and an overhaul of labour laws. | |
| But there are also reports of a compromise plan for Greece's primary surplus - the amount by which tax revenues exceed public spending, not including interest payments. | |
| According to Reuters news agency, Greece will be asked to post a budget surplus of 1% of GDP this year and 2% next. | |
| Greece has proposed 0.8% for 2015 and 1.5% for 2016, according to reports from Athens. | |
| Mr Tsipras will hear details of the plan when he meets European Commission President Jean-Claude Juncker on Wednesday evening. The head of eurozone finance ministers, Jeroen Dijsselbloem, is also expected to take part in the talks. | Mr Tsipras will hear details of the plan when he meets European Commission President Jean-Claude Juncker on Wednesday evening. The head of eurozone finance ministers, Jeroen Dijsselbloem, is also expected to take part in the talks. |
| In a further a sign that all sides were pushing for a solution, a conference call was planned between Mr Tsipras, Chancellor Merkel and President Hollande, a French official said. | In a further a sign that all sides were pushing for a solution, a conference call was planned between Mr Tsipras, Chancellor Merkel and President Hollande, a French official said. |
| However, the Greek leader's own proposals, which he described as "a realistic plan for Greece to exit the crisis", were dismissed by Mr Dijsselbloem as going "nowhere near far enough". | |
| Eurozone still in denial - by Robert Peston, BBC economics editor | Eurozone still in denial - by Robert Peston, BBC economics editor |
| With €300m due to the IMF on Friday, and a further €1.3bn later this month, this has always been a row about book-keeping entries and the accounting treatment of debts. | With €300m due to the IMF on Friday, and a further €1.3bn later this month, this has always been a row about book-keeping entries and the accounting treatment of debts. |
| It is a dispute about whether the eurozone's creditors will release funds so that they can pay themselves and avoid having to call Greece in default. | It is a dispute about whether the eurozone's creditors will release funds so that they can pay themselves and avoid having to call Greece in default. |
| Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor. | Or to put it another way, it is all about whether the IMF and eurozone can keep up the pretence that Greece is a sound and solvent debtor. |
| But doesn't it normally tell you something pretty important about those who owe you money when you have to lend to them so that they can keep up the payments to you? | But doesn't it normally tell you something pretty important about those who owe you money when you have to lend to them so that they can keep up the payments to you? |
| Read more from Robert | Read more from Robert |
| Greek debt crisis: Special report | Greek debt crisis: Special report |
| Mr Tsipras's far-left Syriza party won elections in January on a pledge to oppose deeply unpopular austerity measures imposed by Greece's creditors. | Mr Tsipras's far-left Syriza party won elections in January on a pledge to oppose deeply unpopular austerity measures imposed by Greece's creditors. |
| However, failure to reach a deal could trigger a Greek default and a potential exit from the eurozone. | However, failure to reach a deal could trigger a Greek default and a potential exit from the eurozone. |
| Syriza's parliamentary group chairman Nikos Philis warned that if "we have no prospect of a deal on Friday or Monday, we won't pay the money", referring to the 5 June debt instalment to the IMF. | Syriza's parliamentary group chairman Nikos Philis warned that if "we have no prospect of a deal on Friday or Monday, we won't pay the money", referring to the 5 June debt instalment to the IMF. |
| Mario Draghi, president of the ECB, said the bank wanted Greece to stay in the single currency, but that a "strong agreement" was needed between Athens and its creditors. | Mario Draghi, president of the ECB, said the bank wanted Greece to stay in the single currency, but that a "strong agreement" was needed between Athens and its creditors. |
| Friday's payment is the first of four that Greece is due to pay to the IMF in June. | Friday's payment is the first of four that Greece is due to pay to the IMF in June. |
| It is understood Greece could repay all the instalments in a single transaction at the end of the month, although it has not yet notified the IMF that it wishes to do so. | It is understood Greece could repay all the instalments in a single transaction at the end of the month, although it has not yet notified the IMF that it wishes to do so. |