This article is from the source 'guardian' 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.theguardian.com/world/2015/jun/18/greece-eurozone-finance-ministers-talks-austerity-protests-athens
The article has changed 6 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Eurozone talks end without deal as Greek proposals rejected | Eurozone talks end without deal as Greek proposals rejected |
| (about 2 hours later) | |
| Talks to end the debt crisis that has engulfed Greece broke up early on Thursday, despite Athens presenting a raft of new reform proposals to eurozone finance ministers in a bid to secure a deal. A summit of eurozone leaders was immediately called for Monday in a bid to find a solution to the mounting crisis. | Talks to end the debt crisis that has engulfed Greece broke up early on Thursday, despite Athens presenting a raft of new reform proposals to eurozone finance ministers in a bid to secure a deal. A summit of eurozone leaders was immediately called for Monday in a bid to find a solution to the mounting crisis. |
| The Greek finance minister, Yanis Varoufakis, talked for half an hour at the Luxembourg meeting and distributed a five-page memorandum of fresh policy changes, according to sources at the meeting, but failed to persuade the debt-stricken country’s creditors that they could form the basis for an agreement. | The Greek finance minister, Yanis Varoufakis, talked for half an hour at the Luxembourg meeting and distributed a five-page memorandum of fresh policy changes, according to sources at the meeting, but failed to persuade the debt-stricken country’s creditors that they could form the basis for an agreement. |
| Related: Greek crisis: EU leaders to hold crisis summit after talks fail - live updates | Related: Greek crisis: EU leaders to hold crisis summit after talks fail - live updates |
| The failure to find common ground at the eurogroup meeting of finance ministers will heap pressure on a summit of European leaders next week only days ahead of a debt repayment deadline that Athens must meet to avoid defaulting on its mountain of debts. | The failure to find common ground at the eurogroup meeting of finance ministers will heap pressure on a summit of European leaders next week only days ahead of a debt repayment deadline that Athens must meet to avoid defaulting on its mountain of debts. |
| A senior EU official taking part in the meeting told the Guardian that Monday’s summit was convened as soon as EU leaders learned of the collapse of the Luxembourg talks. The spectre of a Greek banking collapse under the weight of withdrawals prompted eurozone heads of government to meet on Monday, he said. | |
| Earlier, International Monetary Fund boss Christine Lagarde ruled out any further delay to €1.6bn of loan repayments due from Greece by the end of the month, raising the pressure on Athens as eurozone finance ministers gathered in Luxembourg to discuss the growing crisis. | Earlier, International Monetary Fund boss Christine Lagarde ruled out any further delay to €1.6bn of loan repayments due from Greece by the end of the month, raising the pressure on Athens as eurozone finance ministers gathered in Luxembourg to discuss the growing crisis. |
| Lagarde said there would be “no grace period or possibility of delay” to loan payments that are due on 30 June. | Lagarde said there would be “no grace period or possibility of delay” to loan payments that are due on 30 June. |
| It follows a series of threats by the debt-stricken Greek government that it would be unable to pay without a deal with Brussels and the IMF to provide extra funds. | It follows a series of threats by the debt-stricken Greek government that it would be unable to pay without a deal with Brussels and the IMF to provide extra funds. |
| Lagarde said the leftist Syriza administration would need to concede over making further reforms to its pension system to get a deal, something prime minister Alexis Tsipras has refused to countenance. | Lagarde said the leftist Syriza administration would need to concede over making further reforms to its pension system to get a deal, something prime minister Alexis Tsipras has refused to countenance. |
| Writing in German newspaper Der Tagesspiegel, Tsipras said pensioners had become the main breadwinners in many families, meaning cuts in pension payments would increase poverty. | Writing in German newspaper Der Tagesspiegel, Tsipras said pensioners had become the main breadwinners in many families, meaning cuts in pension payments would increase poverty. |
| Related: 'Making us poorer won't save Greece': how pension crisis is hurting its people | Related: 'Making us poorer won't save Greece': how pension crisis is hurting its people |
| Tsipras is under pressure to agree a compromise deal after Greek banks struggled to cope with the loss of €2bn in deposits this week. Optimism that a deal could be forged began to evaporate last weekend, triggering a rush by customers to take out funds. | Tsipras is under pressure to agree a compromise deal after Greek banks struggled to cope with the loss of €2bn in deposits this week. Optimism that a deal could be forged began to evaporate last weekend, triggering a rush by customers to take out funds. |
| But the IMF and Brussels want further cuts to bring down the cost of pensions, which account for 13% of GDP, with further restrictions on early retirement and lower supplementary pension payments. | But the IMF and Brussels want further cuts to bring down the cost of pensions, which account for 13% of GDP, with further restrictions on early retirement and lower supplementary pension payments. |
| Greek negotiators have ruled out cuts in pensions, saying there is a reform plan that reduces costs dramatically over the next 10 years. | Greek negotiators have ruled out cuts in pensions, saying there is a reform plan that reduces costs dramatically over the next 10 years. |
| The gathering of finance ministers from the currency bloc’s 19 member states was due to discuss the gulf between Athens and its creditors, officials in Brussels said. | The gathering of finance ministers from the currency bloc’s 19 member states was due to discuss the gulf between Athens and its creditors, officials in Brussels said. |
| Related: Greece says it will run out of money by end of month without bailout deal | Related: Greece says it will run out of money by end of month without bailout deal |
| The Greekchief negotiator, Euclid Tsakalotos, warned on the BBC’s Today programme on Radio 4 this morning that “If Greece goes out, the euro might break down.” | The Greekchief negotiator, Euclid Tsakalotos, warned on the BBC’s Today programme on Radio 4 this morning that “If Greece goes out, the euro might break down.” |
| He said: “Once one country has left, you change a monetary union into a fixed exchange rate system, where it’s a cost-benefit analysis whether another country leaves. | He said: “Once one country has left, you change a monetary union into a fixed exchange rate system, where it’s a cost-benefit analysis whether another country leaves. |
| “My greatest fear is that the break-up of the euro will return [us] to the competitive devaluations, and the nationalisms, and the kind of politics we had in the 1930s.” | “My greatest fear is that the break-up of the euro will return [us] to the competitive devaluations, and the nationalisms, and the kind of politics we had in the 1930s.” |
| He added: “If we have don’t [have a deal], we have to go to the Greek people because we have no mandate to leave the euro, and that would be a very bad eventuality.” | He added: “If we have don’t [have a deal], we have to go to the Greek people because we have no mandate to leave the euro, and that would be a very bad eventuality.” |
| EU commissioner, Pierre Moscovici, who has voiced some sympathy for Athens, said earlier: “Today is an important date and I have no desire to see us return to the age of Waterloo when the Europeans were all lined up against a single state.” | EU commissioner, Pierre Moscovici, who has voiced some sympathy for Athens, said earlier: “Today is an important date and I have no desire to see us return to the age of Waterloo when the Europeans were all lined up against a single state.” |
| The Greek stock market has slumped 17% in a week after the country reached an impasse with its troika of lenders – the European commission, the International Monetary Fund (IMF) and European Central Bank (ECB). | The Greek stock market has slumped 17% in a week after the country reached an impasse with its troika of lenders – the European commission, the International Monetary Fund (IMF) and European Central Bank (ECB). |
| A war of words between the Greek prime minister, Alexis Tsipras, and the troika has become further inflamed after he accused the IMF this week of “criminal responsibility” for the situation and said lenders were seeking to “humiliate” his country. | A war of words between the Greek prime minister, Alexis Tsipras, and the troika has become further inflamed after he accused the IMF this week of “criminal responsibility” for the situation and said lenders were seeking to “humiliate” his country. |
| Jean-Claude Juncker, the president of the European commission, responded that he had “sympathy for the Greek people but not the Greek government”. Juncker was until recently viewed as one of Tsipras’s few allies. | Jean-Claude Juncker, the president of the European commission, responded that he had “sympathy for the Greek people but not the Greek government”. Juncker was until recently viewed as one of Tsipras’s few allies. |
| Informal talks could take place over the weekend ahead of next week’s summit after the ECB threw Athens a lifeline by raising the maximum emergency funding that Greek banks can obtain by €1.1bn (£790m). | Informal talks could take place over the weekend ahead of next week’s summit after the ECB threw Athens a lifeline by raising the maximum emergency funding that Greek banks can obtain by €1.1bn (£790m). |
| The increase, which brought the overall ceiling on emergency liquidity assistance to €84.1bn, came after a stark warning from the Bank of Greece that the country could crash out of the eurozone in an “uncontrollable crisis” unless it can conclude loan talks with its creditors by the end of the month. | The increase, which brought the overall ceiling on emergency liquidity assistance to €84.1bn, came after a stark warning from the Bank of Greece that the country could crash out of the eurozone in an “uncontrollable crisis” unless it can conclude loan talks with its creditors by the end of the month. |