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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jun/10/greece-creditors-reforms-tsipras-merkel-hollande-live
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| Greece and creditors still at odds as Tsipras prepares to meet Merkel - live updates | Greece and creditors still at odds as Tsipras prepares to meet Merkel - live updates |
| (35 minutes later) | |
| 8.37am BST08:37 | |
| CLUNK. The yield on Germany’s 10-year bonds just hit 1%, up from 0.96% last night. | |
| That means Germany’s benchmark government debt is offering its highest rate of return since last September 2014. | |
| A blow to any investor who piled into safe-haven German debt in recent months, helping to drive the yield (or interest rate) towards zero. | |
| The City mantra used to be “never sell the bund”. But not any more..... | |
| Never ever sell the OH WAIT pic.twitter.com/0Lg5YprNHH | |
| Updated at 8.37am BST | |
| 8.34am BST08:34 | |
| European markets fall again | |
| European stock markets are falling again this morning, having hit their lowest level since mid-February yesterday: | |
| Greece is one factor, of course, but traders are also reacting to the selloff in the government bond market. | |
| Bond prices are falling, pushing yields higher, as the long bull market begins to unwind.... | |
| #Germany's Dax continues to drop on Bund rout. pic.twitter.com/jNPX8D6bS2 | |
| The general mood is the markets is quite glum, as Christ Weston of IG puts it: | |
| There is little conviction in equity buying at present and clearly a catalyst is missing that would provide the confidence needed. | |
| 8.25am BST08:25 | |
| Deadline not this week, but June 30. Two more weeks of this madness. And don’t expect any heroics from Merkel. http://t.co/5k79LAUuoq | |
| 8.21am BST08:21 | |
| Even though Greece is running short of allies in the eurozone, Wolfango Piccoli of Teneo Intelligence believes Tsipras will eventually be given a ‘take-it or leave it” deal. | |
| He’s on Bloomberg TV, explaining that: | |
| If you look around Europe, in Berlin, Paris, Frankfurt, the position has not change, they want Greece to stay in the eurozone” | |
| But that deal could be hard to sell at home, and could potentially split the Syriza coalition of left-wing groups. | |
| If Tsipras takes it to parliament it will get passed, because the opposition will support it. | |
| But at the end, Tsipras might not have a majority any more. | |
| 8.10am BST08:10 | |
| Roger Bootle, the managing director of Capital Economics, believes it’s “only a matter of time” until Greece leaves the euro , and it would be in both sides interest to do so. | |
| This is an economy where output has fallen by 25% - that is catastrophic, similar to the US Great Depression, he told Bloomberg TV. | |
| We’ve seen nothing like it in an advance economy in the second half of the 20th century. | |
| But doesn’t that prove that Greece must reform its economy, as its lenders demand? | |
| Reforms are needed, Bootle agrees, but you simply cannot solve a problem of lack of demand with structural reforms. | |
| In fact, some of those structural reforms will make the demand problem worse.” | |
| Updated at 8.38am BST | |
| 7.57am BST07:57 | 7.57am BST07:57 |
| Helena Smith | Helena Smith |
| Angela Merkel and Francois Hollande are not the only leaders the Greek prime minister Alexis Tsipras will be meeting on the sidelines of today’s EU/Latin America summit. | Angela Merkel and Francois Hollande are not the only leaders the Greek prime minister Alexis Tsipras will be meeting on the sidelines of today’s EU/Latin America summit. |
| Helena Smith has the details:. | Helena Smith has the details:. |
| The Greek government has announced that Tsipras will be holding talks with a number of leaders from the region - many heroes of the radical leftist. In order of appearance, the Greek government has listed the interlocutors as: | The Greek government has announced that Tsipras will be holding talks with a number of leaders from the region - many heroes of the radical leftist. In order of appearance, the Greek government has listed the interlocutors as: |
| Tellingly, the Greek government made the announcement hours after EU commission president Jean Claude Juncker, still clearly incensed over Tsipras’ denunciation of the proporsed reform package by lenders, let it be known that it would be “a waste of time” to meet the Greek leader. | Tellingly, the Greek government made the announcement hours after EU commission president Jean Claude Juncker, still clearly incensed over Tsipras’ denunciation of the proporsed reform package by lenders, let it be known that it would be “a waste of time” to meet the Greek leader. |
| Juncker said he would be better off meeting Latin Americans. And he’s sticking to that stance today: | Juncker said he would be better off meeting Latin Americans. And he’s sticking to that stance today: |
| EU Commission President Juncker not willing to meet Greek PM Tsipras today in Brussels. There is no basis for further talks, EU sources say. | EU Commission President Juncker not willing to meet Greek PM Tsipras today in Brussels. There is no basis for further talks, EU sources say. |
| 7.50am BST07:50 | 7.50am BST07:50 |
| Greece and creditors still disagree | Greece and creditors still disagree |
| Bloomberg is reporting that “no progress” has been made between Greece’s negotiators and the creditors in recent days: | Bloomberg is reporting that “no progress” has been made between Greece’s negotiators and the creditors in recent days: |
| #Greece, creditors said to disagree on targets, measures, BBG reports. Talks said to make no progress this week. | #Greece, creditors said to disagree on targets, measures, BBG reports. Talks said to make no progress this week. |
| So, Greece’s latest offer of budget surplus targets (close, but still below the old bailout targets) is still unacceptable. | So, Greece’s latest offer of budget surplus targets (close, but still below the old bailout targets) is still unacceptable. |
| That doesn’t bode well for Tsipras’s meeting with Merkel and Hollande this afternoon. | That doesn’t bode well for Tsipras’s meeting with Merkel and Hollande this afternoon. |
| It may also dampen the mood at the European Central Bank, which will decide today whether to continue providing emergency liquidity assistance (ELA) to the Greek banking sector. | It may also dampen the mood at the European Central Bank, which will decide today whether to continue providing emergency liquidity assistance (ELA) to the Greek banking sector. |
| So what should a rule-based institution do reviewing ELA today? *GREECE TALKS THIS WEEK SAID TO MAKE NO PROGRESS TO END IMPASSE | So what should a rule-based institution do reviewing ELA today? *GREECE TALKS THIS WEEK SAID TO MAKE NO PROGRESS TO END IMPASSE |
| Updated at 7.51am BST | Updated at 7.51am BST |
| 7.46am BST07:46 | 7.46am BST07:46 |
| The Agenda: Greek PM to meet Merkel and Hollande (probably) | The Agenda: Greek PM to meet Merkel and Hollande (probably) |
| Good morning, and welcome to our rolling coverage of the Greek bailout crisis and other events across the world economy, the financial markets, and business. | Good morning, and welcome to our rolling coverage of the Greek bailout crisis and other events across the world economy, the financial markets, and business. |
| Greece is running short of time, and allies. | Greece is running short of time, and allies. |
| Prime minister Alexis Tsipras is heading back to Brussels today for another meeting with the leaders of Germany and France, in yet another attempt to broach a compromise and unlock bailout funds for his country. | Prime minister Alexis Tsipras is heading back to Brussels today for another meeting with the leaders of Germany and France, in yet another attempt to broach a compromise and unlock bailout funds for his country. |
| But the meeting with Angela Merkel and Francois Hollande, on the sidelines of the EU summit with Latin American and Caribbean nations, is unlikely to deliver a breakthrough, as Athens and her creditors remain divided over the measures that Greece must take. | But the meeting with Angela Merkel and Francois Hollande, on the sidelines of the EU summit with Latin American and Caribbean nations, is unlikely to deliver a breakthrough, as Athens and her creditors remain divided over the measures that Greece must take. |
| There’s even some doubt that the meeting will actually happen, after one official warned: | There’s even some doubt that the meeting will actually happen, after one official warned: |
| “If there is no movement, there is no meeting,” | “If there is no movement, there is no meeting,” |
| “Germany and France don’t see the point of a meeting for now.” | “Germany and France don’t see the point of a meeting for now.” |
| As we covered on Tuesday’s liveblog, Greece’s latest three-page proposal has been slapped down privately by EU officials, for still not going far enough on budget targets, pension reforms, VAT rates.... | As we covered on Tuesday’s liveblog, Greece’s latest three-page proposal has been slapped down privately by EU officials, for still not going far enough on budget targets, pension reforms, VAT rates.... |
| And the European Commission is also losing patience with Athens. An exasperated President Jean-Claude Juncker has told fellow commissioners that a new Tsipras meeting would be a “waste of time”. | And the European Commission is also losing patience with Athens. An exasperated President Jean-Claude Juncker has told fellow commissioners that a new Tsipras meeting would be a “waste of time”. |
| Juncker told commission meeting Tsipras tmrw 'waste of time', wd be 'better off meeting Latin Americans' - sources https://t.co/h0aLd5GxA9 | Juncker told commission meeting Tsipras tmrw 'waste of time', wd be 'better off meeting Latin Americans' - sources https://t.co/h0aLd5GxA9 |
| So, something of a mess, given Greece’s bailout expires in under three weeks. | So, something of a mess, given Greece’s bailout expires in under three weeks. |
| Also coming up today.... | Also coming up today.... |
| European stocks are expected to dip again today, extending the recent selloff. Here’s IG’s opening calls: | European stocks are expected to dip again today, extending the recent selloff. Here’s IG’s opening calls: |
| UK supermarket chain Sainsbury’s is in focus, after reporting its sixth straight quarter of falling sales: | UK supermarket chain Sainsbury’s is in focus, after reporting its sixth straight quarter of falling sales: |
| Sainsbury's like-for-like sales in first quarter down 2.1% (excl fuel), down 3.7% inc fuel, blames strong food deflation and competition | Sainsbury's like-for-like sales in first quarter down 2.1% (excl fuel), down 3.7% inc fuel, blames strong food deflation and competition |
| And late tonight in London it’s the Mansion House speech, where the chancellor and the governor of the Bank of England address the great and good of the City. | And late tonight in London it’s the Mansion House speech, where the chancellor and the governor of the Bank of England address the great and good of the City. |
| I’ll be tracking all the main events through the day.... | I’ll be tracking all the main events through the day.... |