This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33177021
The article has changed 21 times. There is an RSS feed of changes available.
| Version 15 | Version 16 |
|---|---|
| Greece needs to seize 'last opportunity' for deal | Greece needs to seize 'last opportunity' for deal |
| (35 minutes later) | |
| Greece needs to seize a "last opportunity" to reach a deal with its creditors, the head of the Eurogroup, Jeroen Dijsselbloem has said. | Greece needs to seize a "last opportunity" to reach a deal with its creditors, the head of the Eurogroup, Jeroen Dijsselbloem has said. |
| He was speaking after a meeting of European finance ministers that ended with no agreement on Greece's debt. | He was speaking after a meeting of European finance ministers that ended with no agreement on Greece's debt. |
| Mr Dijsselbloem called on Greece to submit "credible" proposals in the coming days. | Mr Dijsselbloem called on Greece to submit "credible" proposals in the coming days. |
| To help tackle the crisis, an emergency summit of leaders from Eurozone nations has been called for next Monday. | |
| Mr Dijsselbloem highlighted that "very little time remains" as Greece's current bailout programme runs out this month. | |
| "It is still possible to find an agreement and extend the current programme before the end of the month, but the ball is clearly in the Greek court to seize that last opportunity," Mr Dijsselbloem said. | "It is still possible to find an agreement and extend the current programme before the end of the month, but the ball is clearly in the Greek court to seize that last opportunity," Mr Dijsselbloem said. |
| The Greek finance minister, Yanis Varoufakis, said his nation had presented a "comprehensive" proposal and that disagreement only existed over spending equivalent to 0.5% of Greek GDP, which he says does not constitute a "dangerous impasse". | |
| He highlighted that Greece has already made a "gigantic adjustment" over the last five years and rejected any measures that would "jack-up" taxes and reduce benefits further. | |
| Looming deadline | Looming deadline |
| Cash-strapped Greece now has less than two weeks left to reach a debt deal, having already rolled a €300m payment in with those due on 30 June. | Cash-strapped Greece now has less than two weeks left to reach a debt deal, having already rolled a €300m payment in with those due on 30 June. |
| If it fails to make the payment, it risks having to leave the eurozone and possibly also the EU. | If it fails to make the payment, it risks having to leave the eurozone and possibly also the EU. |
| But the European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock bailout funds until Greece agrees to reforms. | But the European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock bailout funds until Greece agrees to reforms. |
| They want Greece to implement a series of economic changes in areas such as pensions, VAT and on the budget surplus before releasing €7.2bn of funds, which have been delayed since February. | They want Greece to implement a series of economic changes in areas such as pensions, VAT and on the budget surplus before releasing €7.2bn of funds, which have been delayed since February. |
| Pressure was also raised on Greece earlier today when the boss of the International Money Fund (IMF), Christine Lagarde, warned there was "no period of grace" for Greece over a debt repayment deadline. | |
| She said Greece would be in default on its loans from the IMF if it failed to make a €1.6bn (£1.1bn; $1.8bn) payment on 30 June. | |
| German Chancellor Angela Merkel said earlier she was "still convinced" that a Greek debt deal was possible. | |
| Greece - deal or no deal? | |
| Greece has less than 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. | |
| Peston: Will ECB keep Greece afloat? | |
| Walker: The options for Greece | |
| What impact would Grexit have on UK? | |
| Also on Thursday, EU diplomats played down German media reports that Greece could be offered an extension to its bailout deal. | Also on Thursday, EU diplomats played down German media reports that Greece could be offered an extension to its bailout deal. |
| German newspaper Die Zeit reported that Greece's creditors planned to offer to extend the existing aid programme to the end of the year, which would buy more time for further negotiations. | German newspaper Die Zeit reported that Greece's creditors planned to offer to extend the existing aid programme to the end of the year, which would buy more time for further negotiations. |
| That was dismissed as having "nothing to do with reality", according to one EU diplomat speaking to the Reuters news agency. | That was dismissed as having "nothing to do with reality", according to one EU diplomat speaking to the Reuters news agency. |
| The BBC's Chris Morris said that similar reports emerged last week. | The BBC's Chris Morris said that similar reports emerged last week. |
| In another development, Greek Prime Minister Alexis Tsipras denied allegations that elderly Greeks were receiving lavish pensions. | In another development, Greek Prime Minister Alexis Tsipras denied allegations that elderly Greeks were receiving lavish pensions. |
| Writing in the German newspaper Der Tagesspiegel, he said: "The problem is not one of supposed generous pensions. The most significant disruption to the pension funds is due to dramatically lower revenues in recent years. | Writing in the German newspaper Der Tagesspiegel, he said: "The problem is not one of supposed generous pensions. The most significant disruption to the pension funds is due to dramatically lower revenues in recent years. |
| "These were caused by... the sharp drop in contributions that resulted from soaring unemployment and the reduction in wages." | "These were caused by... the sharp drop in contributions that resulted from soaring unemployment and the reduction in wages." |
| 'Commitments' | 'Commitments' |
| In her statement to the German parliament, Mrs Merkel said Germany was working hard to keep Greece in the euro, but said Athens had to follow through on reform commitments. | In her statement to the German parliament, Mrs Merkel said Germany was working hard to keep Greece in the euro, but said Athens had to follow through on reform commitments. |
| "I'm still convinced - where there's a will, there's a way," she said. | "I'm still convinced - where there's a will, there's a way," she said. |
| "If those in charge in Greece can muster the will, an agreement with the three institutions is still possible." | "If those in charge in Greece can muster the will, an agreement with the three institutions is still possible." |
| Greek debt talks: main sticking points | Greek debt talks: main sticking points |
| Is Greece close to Grexit? | Is Greece close to Grexit? |
| EU solidarity damaged by Greek splits | EU solidarity damaged by Greek splits |
| Are you in Greece? How have you been affected by the crisis over recent years? You can email haveyoursay@bbc.co.uk with your experience. | Are you in Greece? How have you been affected by the crisis over recent years? You can email haveyoursay@bbc.co.uk with your experience. |
| If you are willing to speak further to a BBC journalist, please include a contact telephone number. | If you are willing to speak further to a BBC journalist, please include a contact telephone number. |
| Or WhatsApp us on +44 7525 900971 | Or WhatsApp us on +44 7525 900971 |