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Greece says deal on debt crisis unlikely at Thursday talks Greece says deal on debt crisis unlikely at Thursday talks
(35 minutes later)
Greek Finance Minister Yanis Varoufakis has said that a meeting of eurozone finance ministers on Thursday could "set the scene" for a deal between Greece and its creditors. Greece has a "political and moral duty" to reach an agreement with creditors over its debt crisis, Finance Minister Yanis Varoufakis has said.
But he said an immediate solution to the crisis was unlikely. But he said Thursday's meeting of eurozone finance ministers was unlikely to bring an immediate solution.
In return for more funding, creditors want further reforms from Greece.In return for more funding, creditors want further reforms from Greece.
But the ruling Syriza party is resisting those demands and, with talks deadlocked, fears are growing that Greece may default on its debts.But the ruling Syriza party is resisting those demands and, with talks deadlocked, fears are growing that Greece may default on its debts.
The European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) could extend fresh finance, but are insisting on reform and further austerity measures.The European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) could extend fresh finance, but are insisting on reform and further austerity measures.
Mr Varoufakis, when asked if there could be an agreement at the meeting of eurozone finance ministers in Luxembourg on Thursday, said: "I do not believe so."Mr Varoufakis, when asked if there could be an agreement at the meeting of eurozone finance ministers in Luxembourg on Thursday, said: "I do not believe so."
"Tomorrow we will set the scene for what we consider to be our political and moral duty, and that is to reach an agreement very, very quickly with our partners and the institutions," he said."Tomorrow we will set the scene for what we consider to be our political and moral duty, and that is to reach an agreement very, very quickly with our partners and the institutions," he said.
On Wednesday Greece's central bank warned that the country could be on a "painful course" to default and exit from both the eurozone and the EU.On Wednesday Greece's central bank warned that the country could be on a "painful course" to default and exit from both the eurozone and the EU.
The Bank of Greece also warned that the country's economic slowdown would accelerate without a deal.The Bank of Greece also warned that the country's economic slowdown would accelerate without a deal.
"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union," it said in a report."Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union," it said in a report.
The bank added that about €30bn was withdrawn from Greek bank deposits between October and April.The bank added that about €30bn was withdrawn from Greek bank deposits between October and April.
Greece - deal or no deal?Greece - deal or no deal?
Greece has two weeks remaining to strike a deal with its creditors or face defaulting on an existing €1.6bn (£1.1bn) loan repayment due to the IMF.Greece has two weeks remaining to strike a deal with its creditors or face defaulting on an existing €1.6bn (£1.1bn) loan repayment due to the IMF.
The country has already rolled a €300m payment into those due on 30 June.The country has already rolled a €300m payment into those due on 30 June.
Peston: Will ECB keep Greece afloat?Peston: Will ECB keep Greece afloat?
BBC Europe correspondent Chris Morris says that both Greece and its creditors appear to be waiting for the other side to make the next move - and all the while the risk of miscalculation, or of waiting too long, increases.BBC Europe correspondent Chris Morris says that both Greece and its creditors appear to be waiting for the other side to make the next move - and all the while the risk of miscalculation, or of waiting too long, increases.
Tensions between the two sides became clear on Tuesday during a news conference held by European Commission President Jean-Claude Juncker.Tensions between the two sides became clear on Tuesday during a news conference held by European Commission President Jean-Claude Juncker.
Mr Juncker, who had been seen as more sympathetic to the Greek government, said that Athens was responsible for the deadlock.Mr Juncker, who had been seen as more sympathetic to the Greek government, said that Athens was responsible for the deadlock.
"I am blaming the Greeks for telling things to the Greek public which are not consistent with what I told the Greek prime minister," he said."I am blaming the Greeks for telling things to the Greek public which are not consistent with what I told the Greek prime minister," he said.
Greek Prime Minister Alexis Tsipras did call Mr Juncker on Wednesday and they agreed to talk further, but did not set a date, according to the AFP news agency.Greek Prime Minister Alexis Tsipras did call Mr Juncker on Wednesday and they agreed to talk further, but did not set a date, according to the AFP news agency.
Greek debt talks: main sticking pointsGreek debt talks: main sticking points
Is Greece close to Grexit?Is Greece close to Grexit?
On Thursday attention will also be focused on a speech by German Chancellor Angela Merkel to the German parliament at 09:00 local time (07:00 GMT).On Thursday attention will also be focused on a speech by German Chancellor Angela Merkel to the German parliament at 09:00 local time (07:00 GMT).
Mrs Merkel is under pressure from politicians in her own coalition to take a hard line with Greece.Mrs Merkel is under pressure from politicians in her own coalition to take a hard line with Greece.
On Wednesday Andreas Scheuer, the secretary-general of the CSU party, said the Greek government had not "realised the seriousness of the situation yet".On Wednesday Andreas Scheuer, the secretary-general of the CSU party, said the Greek government had not "realised the seriousness of the situation yet".
In an interview with Rheinische Post newspaper he said: "They are behaving like clowns sitting in the back of the classroom, although they have received explicit warnings from all sides that they might fail to pass to the next grade."In an interview with Rheinische Post newspaper he said: "They are behaving like clowns sitting in the back of the classroom, although they have received explicit warnings from all sides that they might fail to pass to the next grade."
On Wednesday's German Foreign Minister Frank-Walter Steinmeier said Greece did not want to present new proposals at Thursday's meeting of finance ministers, which "means time is even more pressing".On Wednesday's German Foreign Minister Frank-Walter Steinmeier said Greece did not want to present new proposals at Thursday's meeting of finance ministers, which "means time is even more pressing".
Greek shares fell sharply again on Wednesday. The Athens General Index closed 3.2% lower which takes its loss for the past four trading sessions to almost 19%.Greek shares fell sharply again on Wednesday. The Athens General Index closed 3.2% lower which takes its loss for the past four trading sessions to almost 19%.