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Greek talks continue after Tsipras rejects creditors' offer - live updates Greek crisis: PM to meet Juncker on Friday in bid to break deadlock - live updates
(35 minutes later)
The Financial Times has also confirmed that a new meeting between Greece and her creditors will take place tomorrow, after yesterday’s gathering made only limited progress.
Peter Spiegel writes:
EU leaders have long hoped Mr Tsipras would personally take over negotiations after months of little progress with mid-level officials from the Greek finance ministry.
People briefed on the talks expressed optimism that an outline of a deal could still be reached by the end of the week.
“Tsipras wants to wrap it up himself,” said one senior official.
Tsipras to resume creditor talks Friday http://t.co/tkQGaKFUXt
The European Commission is briefing reporters in Brussels now.
Spokesman Margaritis Schinas says that last night’s meeting between Tsipras and Juncker was constructive, and confirms they will meet again soon.
However, he won’t confirm that they’re meeting tomorrow:
EU's @MargSchinas won't confirm Friday meeting for Juncker-Tsipras, says further meeting 'in coming days'
'Rumourology' joins paperology in @EU_Commission-speak, via @MargSchinas
Don't know where,don't know when, but I know we'll meet again, some sunny day #Tsipras #Juncker https://t.co/0WOYhsoOrC
Greek insiders have told us that Juncker and Tsipras will indeed meet tomorrow, as Kathimerini reported earlier.
We’re seeing more quotes from Yanis Varoufakis on the Reuters terminal:We’re seeing more quotes from Yanis Varoufakis on the Reuters terminal:
Last night, Alexis Tsipras told reporters in Brussels not to worry about tomorrow’s €305m payment due to the IMF, arguing that Greece had handled bigger payments in the past.Last night, Alexis Tsipras told reporters in Brussels not to worry about tomorrow’s €305m payment due to the IMF, arguing that Greece had handled bigger payments in the past.
And this tweet may explain his confidence:And this tweet may explain his confidence:
IKA, #Greece's largest social security fund, to decide today to transfer cash reserves of €200 mln to BoG account (via @capitalgr) #imf #ecIKA, #Greece's largest social security fund, to decide today to transfer cash reserves of €200 mln to BoG account (via @capitalgr) #imf #ec
Amid the uncertainty, Greece’s unemployment crisis remains a bleeding wound. The jobless rate was unchanged at 25.6% in March, according to new figures from Elstat.Amid the uncertainty, Greece’s unemployment crisis remains a bleeding wound. The jobless rate was unchanged at 25.6% in March, according to new figures from Elstat.
Elstat reports that the number of Greeks in work actually fell by 16,092 persons compared with February 2015. The unemployment total also fell, by 4,283.Elstat reports that the number of Greeks in work actually fell by 16,092 persons compared with February 2015. The unemployment total also fell, by 4,283.
How can that be? Because 16,751 persons declared themselves inactive - dropping out of the labour market forever.How can that be? Because 16,751 persons declared themselves inactive - dropping out of the labour market forever.
There are now 3,518,858 people employed in Greece, 1,211,507 unemployed, and 3,368,392 classed as inactive.There are now 3,518,858 people employed in Greece, 1,211,507 unemployed, and 3,368,392 classed as inactive.
Finance minister Yanous Varoufakis has told reporters that the Greek government is aiming for a “comprehensive” deal by the end of the month, and also resisting pressure to raise sales tax rates.Finance minister Yanous Varoufakis has told reporters that the Greek government is aiming for a “comprehensive” deal by the end of the month, and also resisting pressure to raise sales tax rates.
Greek FinMin Varoufakis tells reporters there is "no chance" of #Greece moving bulk of its goods & services to top VAT rate of 23% #euroGreek FinMin Varoufakis tells reporters there is "no chance" of #Greece moving bulk of its goods & services to top VAT rate of 23% #euro
#Greece FinMin Varoufakis says govt aims for a comprehensive agreement w the creditors until June 30 and no snap elections ~@parapolitika901#Greece FinMin Varoufakis says govt aims for a comprehensive agreement w the creditors until June 30 and no snap elections ~@parapolitika901
The next few days are absolutely essential, Pierre Moscovici adds, if Greece and creditors are to agree a cash-for-reforms deal in time:The next few days are absolutely essential, Pierre Moscovici adds, if Greece and creditors are to agree a cash-for-reforms deal in time:
EU Economic and Monetary Affairs Commissioner Pierre Moscovici remains convinced that a Greek agreement will be reached in time.EU Economic and Monetary Affairs Commissioner Pierre Moscovici remains convinced that a Greek agreement will be reached in time.
Speaking in Brussels this morning, Moscovici says:Speaking in Brussels this morning, Moscovici says:
“My deep conviction is that we will find a deal on Greece.”“My deep conviction is that we will find a deal on Greece.”
Discussions are fruitful, he says, and good progress is being made.Discussions are fruitful, he says, and good progress is being made.
German 10-year Bund yield flirting with 1% today. Largest sell-off since euro creation. This one will go down in history. And it's not over.German 10-year Bund yield flirting with 1% today. Largest sell-off since euro creation. This one will go down in history. And it's not over.
There are some wild moves in the financial markets this morning, and Greece is only partly to blame.There are some wild moves in the financial markets this morning, and Greece is only partly to blame.
Eurozone bond prices are falling across the board. That follows yesterday’s ECB press conference, where Mario Draghi predicted that volatility was here to stay.Eurozone bond prices are falling across the board. That follows yesterday’s ECB press conference, where Mario Draghi predicted that volatility was here to stay.
That has prompted traders to pile out of bonds, pushing prices down and driving up yields (the interest rate paid to bondholders).That has prompted traders to pile out of bonds, pushing prices down and driving up yields (the interest rate paid to bondholders).
German 10-year bonds are now yielding 0.98% -- a sharp jump. That’s highest since last September, meaning any trader who piled into Bunds this year is sitting on a loss.German 10-year bonds are now yielding 0.98% -- a sharp jump. That’s highest since last September, meaning any trader who piled into Bunds this year is sitting on a loss.
EU bond yields, wonder when was the last time we saw this! pic.twitter.com/JHSfWLfMb0EU bond yields, wonder when was the last time we saw this! pic.twitter.com/JHSfWLfMb0
After an early fall, the euro has now jumped to $1.134. That’s weighing on European stocks, pushing down the German, French, Spanish and Italian markets. The UK is dropping too:After an early fall, the euro has now jumped to $1.134. That’s weighing on European stocks, pushing down the German, French, Spanish and Italian markets. The UK is dropping too:
Connor Campbell, financial analyst at Spread EX, says Greek developments will push the markets around today:Connor Campbell, financial analyst at Spread EX, says Greek developments will push the markets around today:
The Greek PM, for now, is holding firm to the idea that any deal must be based on a proposal coming from, not going to, Greece, with a counter offer from the country expected to land at creditors’ feet at some point before the end of the week.The Greek PM, for now, is holding firm to the idea that any deal must be based on a proposal coming from, not going to, Greece, with a counter offer from the country expected to land at creditors’ feet at some point before the end of the week.
Reports that Tsipras and Juncker will meet again on Friday means things will be left incredibly close to, and maybe actually beyond, the IMF repayment wire [on Friday].Reports that Tsipras and Juncker will meet again on Friday means things will be left incredibly close to, and maybe actually beyond, the IMF repayment wire [on Friday].
Yet one questions if any change in attitude, be it from either side, can occur in such a small space of time; if a deal couldn’t be found on Wednesday, a shift in tone by Friday seems unlikely. Nevertheless, the Eurozone indices are continuing their rollercoaster ride this week, slipping to losses after seeing hope-filled gains yesterday afternoon.Yet one questions if any change in attitude, be it from either side, can occur in such a small space of time; if a deal couldn’t be found on Wednesday, a shift in tone by Friday seems unlikely. Nevertheless, the Eurozone indices are continuing their rollercoaster ride this week, slipping to losses after seeing hope-filled gains yesterday afternoon.
Lots of chatter about Greece this morning:Lots of chatter about Greece this morning:
Tsipras close to accepting troika's fiscal targets - but not the pension & VAT measures to achieve them.Tsipras close to accepting troika's fiscal targets - but not the pension & VAT measures to achieve them.
After more than four months of negotiations, Eurozone and Greece now at least seem to agree that they disagree. Celebrate the progress...After more than four months of negotiations, Eurozone and Greece now at least seem to agree that they disagree. Celebrate the progress...
The Greek proposal for a deal was 46 pages long. The proposal from the European creditors was five pages long #GreeceThe Greek proposal for a deal was 46 pages long. The proposal from the European creditors was five pages long #Greece
Greece’s stock market fell sharply at the start of trading in Athens, pushing the ATG index down over 3%.Greece’s stock market fell sharply at the start of trading in Athens, pushing the ATG index down over 3%.
Athens Stock Exchange General Index falls as much as 3.3% this morning, now down 2.7% #Greece pic.twitter.com/PJz6IMSH5SAthens Stock Exchange General Index falls as much as 3.3% this morning, now down 2.7% #Greece pic.twitter.com/PJz6IMSH5S
Yesterday it jumped 4%, on hopes of a breakthrough in Brussels.Yesterday it jumped 4%, on hopes of a breakthrough in Brussels.
Hugo Dixon, Editor-at-Large at Reuters News, reckons there are four ways this crisis will play out:Hugo Dixon, Editor-at-Large at Reuters News, reckons there are four ways this crisis will play out:
Four scenarios now for Greece: 1. Tsipras agrees deal with creditors, can't sell to Syriza hardliners, calls snap elections and wins. GoodFour scenarios now for Greece: 1. Tsipras agrees deal with creditors, can't sell to Syriza hardliners, calls snap elections and wins. Good
2 Tsipras agrees deal with creditors, keeps Syriza hard lines on board, fails to implement properly and crisis returns in a few months. Poor2 Tsipras agrees deal with creditors, keeps Syriza hard lines on board, fails to implement properly and crisis returns in a few months. Poor
3 Tsipras can't do deal, defaults, and after capital controls imposed hands over to national salvation government which sues for peace. Bad3 Tsipras can't do deal, defaults, and after capital controls imposed hands over to national salvation government which sues for peace. Bad
4 Tsipras can't do deal, defaults, keeps power (maybe after new elections) and continues confrontation. Terrible.4 Tsipras can't do deal, defaults, keeps power (maybe after new elections) and continues confrontation. Terrible.
It’s all go this morning!It’s all go this morning!
Dow Jones newswires is reporting that the Athens government is planning to make a new counter-offer, having ‘converged’ with its creditors on some issues last night.Dow Jones newswires is reporting that the Athens government is planning to make a new counter-offer, having ‘converged’ with its creditors on some issues last night.
That may explain why Alexis Tsipras will meet with Juncker on Friday.That may explain why Alexis Tsipras will meet with Juncker on Friday.
#Greece, creditors, converge on some measures, Greek PM Tsipras to make counter offer- Officials (Dow Jones)#Greece, creditors, converge on some measures, Greek PM Tsipras to make counter offer- Officials (Dow Jones)
That convergence probably applies to the primary surplus targets (creditors are offering less onerous surpluses, starting at 1% this year, rising to 2%, then 3%, then 3.5% in 2017)That convergence probably applies to the primary surplus targets (creditors are offering less onerous surpluses, starting at 1% this year, rising to 2%, then 3%, then 3.5% in 2017)
Greek jitters are hitting the euro this morning too, flags up Ipek Ozkardeskaya, market analyst at London Capital Group.Greek jitters are hitting the euro this morning too, flags up Ipek Ozkardeskaya, market analyst at London Capital Group.
The single currency has dropped by 0.3% against the US dollar to $1.1232, from $1.1274 (a two-week high).The single currency has dropped by 0.3% against the US dollar to $1.1232, from $1.1274 (a two-week high).
#EURUSD down to 1.1232 as #Tsipras rejects proposals, saying 'realistic proposals' are those of the #Greek government :)#EURUSD down to 1.1232 as #Tsipras rejects proposals, saying 'realistic proposals' are those of the #Greek government :)
Here’s the official line from Alexis Tsipras this morning for English readers:Here’s the official line from Alexis Tsipras this morning for English readers:
Our proposal continues to be the only realistic and constructive proposal. The discussions will continue. #Greece pic.twitter.com/VnxYbqxK9jOur proposal continues to be the only realistic and constructive proposal. The discussions will continue. #Greece pic.twitter.com/VnxYbqxK9j
European stock markets have fallen at the start of trading, as traders react to last night’s inconclusive Greek meeting.European stock markets have fallen at the start of trading, as traders react to last night’s inconclusive Greek meeting.
In London, the FTSE 100 swiftly shed 56 points to 6894, down 0.8%, with almost every share in the red:In London, the FTSE 100 swiftly shed 56 points to 6894, down 0.8%, with almost every share in the red:
Every blue-chip share on France’s CAC index is down, too:Every blue-chip share on France’s CAC index is down, too:
All 40 in the CAC trading in the red. Sacre bleu!All 40 in the CAC trading in the red. Sacre bleu!
Greece’s Kathimerini newspaper is reporting that Alexis Tsipras will meet Jean-Claude Juncker again on Friday, in another attempt to break the deadlock.Greece’s Kathimerini newspaper is reporting that Alexis Tsipras will meet Jean-Claude Juncker again on Friday, in another attempt to break the deadlock.
Tsipras due to meet Juncker & Dijsselbloem again on Friday after last night's inconclusive talks in Brussels, reports @Elbarbie #GreeceTsipras due to meet Juncker & Dijsselbloem again on Friday after last night's inconclusive talks in Brussels, reports @Elbarbie #Greece
Greece’s Deputy Shipping Minister has warned this morning that the government will not ‘surrender’ to its creditors.Greece’s Deputy Shipping Minister has warned this morning that the government will not ‘surrender’ to its creditors.
Thodoris Dritsas told Greek TV that:Thodoris Dritsas told Greek TV that:
“What appears to have been discussed and to have been proposed by Mr. Juncker during his meeting with the Greek prime minister is beneath (our) expectations in every way.”“What appears to have been discussed and to have been proposed by Mr. Juncker during his meeting with the Greek prime minister is beneath (our) expectations in every way.”
“If reports are confirmed, obviously we cannot accept them.”“If reports are confirmed, obviously we cannot accept them.”
Good morning.Good morning.
Greece’s future remains as confused as ever, after Wednesday night’s crunch meeting in Brussels between prime minister Alexis Tsipras and EC president Jean-Claude Juncker broke up without a deal.Greece’s future remains as confused as ever, after Wednesday night’s crunch meeting in Brussels between prime minister Alexis Tsipras and EC president Jean-Claude Juncker broke up without a deal.
After speaking for more than four hours, Tsipras emerged after midnight to announce that Greece couldn’t accept some of the proposals put together by its creditors.After speaking for more than four hours, Tsipras emerged after midnight to announce that Greece couldn’t accept some of the proposals put together by its creditors.
Instead, he argued, any deal to unlock bailout funds must be based on his own side’s offer.Instead, he argued, any deal to unlock bailout funds must be based on his own side’s offer.
As he put it:As he put it:
“The realistic proposals on the table are the proposals of the Greek government.”“The realistic proposals on the table are the proposals of the Greek government.”
And Tsipras has just tweeted that discussions will continue....And Tsipras has just tweeted that discussions will continue....
Η πρόταση μας παραμένει η μόνη ρεαλιστική & εποικοδομητική πρόταση.Οι συζητήσεις θα συνεχιστούνhttp://t.co/GqE61SOxzF pic.twitter.com/jdB2IgcfAAΗ πρόταση μας παραμένει η μόνη ρεαλιστική & εποικοδομητική πρόταση.Οι συζητήσεις θα συνεχιστούνhttp://t.co/GqE61SOxzF pic.twitter.com/jdB2IgcfAA
The meeting wasn’t a disaster - according to Tsipras, the two sides are “very close” to agreeing new fiscal targets, after the creditors proposed lower primary surplus goals.The meeting wasn’t a disaster - according to Tsipras, the two sides are “very close” to agreeing new fiscal targets, after the creditors proposed lower primary surplus goals.
But there appears to be less consensus on pension reforms and VAT reform, with Greece refusing to roll over and accept a five-page list of proposals created by the International Monetary Fund, the European Central Bank and the European Commission.But there appears to be less consensus on pension reforms and VAT reform, with Greece refusing to roll over and accept a five-page list of proposals created by the International Monetary Fund, the European Central Bank and the European Commission.
#grexit juncker, dijsselbloem, wieser gave tsipras 5-page draft for SLA by june 14. greeks happier with prim surplus http://t.co/0BJW70q7xv#grexit juncker, dijsselbloem, wieser gave tsipras 5-page draft for SLA by june 14. greeks happier with prim surplus http://t.co/0BJW70q7xv
#Greece Tsipras: there wr proposals we agree with & others we can't accept (VAThike in electricity, scrap povbenefit https://t.co/cO0LdeKRv1#Greece Tsipras: there wr proposals we agree with & others we can't accept (VAThike in electricity, scrap povbenefit https://t.co/cO0LdeKRv1
If you missed the action, it’s all in Wednesday’s liveblog:If you missed the action, it’s all in Wednesday’s liveblog:
Related: Greek crisis meeting ends without a deal - as it happenedRelated: Greek crisis meeting ends without a deal - as it happened
What happens now?What happens now?
According to the EC, both sides will hold more “intense work” in an attempt to reach a joint position soon. It said:According to the EC, both sides will hold more “intense work” in an attempt to reach a joint position soon. It said:
It was a good constructive meeting. Progress was made in understanding each other’s positions on the basis of various proposals. It was agreed they will meet again. Intense work will continue.It was a good constructive meeting. Progress was made in understanding each other’s positions on the basis of various proposals. It was agreed they will meet again. Intense work will continue.
But the failure to make a breakthrough last night is still disappointing, with a €305m payment to the IMF due tomorrow, and just 26 days until Greece’s bailout programme expires.But the failure to make a breakthrough last night is still disappointing, with a €305m payment to the IMF due tomorrow, and just 26 days until Greece’s bailout programme expires.
I’ll be tracking all the action and reaction through the day, along with other events across the world economy and the financial markets. That will include the Bank of England’s interest rate decision at noon UK time (we’re braced for a dramatic ‘no change)....I’ll be tracking all the action and reaction through the day, along with other events across the world economy and the financial markets. That will include the Bank of England’s interest rate decision at noon UK time (we’re braced for a dramatic ‘no change)....