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Greek crisis: Varoufakis presents ideas to end 'costly discord' - live updates Greek crisis: Varoufakis presents proposals in bid to avoid default - live updates
(35 minutes later)
6.12pm BST18:12
Eurogroup meeting in Luxembourg: Varoufakis presents for 30 minutes "some ideas", among them again a debt write-down for #Greece.
6.02pm BST18:02
Varoufakis presents new proposals
Another important development: Yanis Varoufakis has been presenting new proposals to his fellow eurozone finance ministers.
According to one report, he’s presented five pages of ideas.
Our Europe editor, Ian Traynor, says Athens still wants Europe’s bailout fund to help it, by buying the €6.7bn of bonds it must repay to the ECB this summer.
#grexit varoufakis spokesman says greeks tabling 'new proposals', still asking for esm-ecb debt swap
One Greek official told Reuters:
“Varoufakis is presenting new ideas right now...The proposals are based on fiscal consolidation that needs to go with debt sustainability.”
Athens also downplayed speculation that the two sides were at odds:
“There is no clash. We are negotiating. We are open to proposals.”
As we covered earlier, Varoufakis declared that he would present proposals to “replace costly discord with effective consensus.”
His press conference later tonight could be a sellout.
There was no room big enough for the press conference of @yanisvaroufakis so its been set up on a hallway! #eurogroup pic.twitter.com/c14KHJomyD
5.51pm BST17:51
Diplomatics in Luxembourg are downplaying Die Zeit’s claim that Greece is being offered a short-term deal by the eurozone.
Diplomat calls Die Zeit report of Greece side deal "daydreaming" (corrects spelling) #Eurogroup
5.49pm BST17:49
The euro soared, then slumped, as traders digested Die Zeit’s claim that Greece is getting a ‘final offer’:
Perhaps traders are concerned that the story isn’t sourced, and only four paragraphs long....
5.40pm BST17:40
Die Zeit: Eurozone offers Greece an extension
German newspaper Die Zeit is reporting tonight that the eurozone is proposing extending Greece’s current bailout until the end of the year.
According to Die Ziet’s story, Greece would receive €10bn of cash which is currently set aside to recapitalise the Greek banking sector.
The ECB would also raise the cap on Greek banks, allowing them to buy another €2bn of government debt.
Together, this would allow Greece to meet its repayments to the IMF and the ECB this summer.
It is billed as a “final offer” to Greece to avoid bankruptcy.
The IMF wouldn’t be involved in the plan -- understandable, given its concerns that Greece’s debt burden is now unsustainable, meaning debt relief is needed.
Creditors to offer Greece ext until Dec. €10bn from bank recap fund to repay IMF, ECB. ECB would lift bill cap by 2bn http://t.co/uB0h1jIUAP
So, it sounds like the short-term can-kicking offer that some analysts had expected. There has been speculation that the bank recapitalisation money could be used in this way.
But a word of caution -- it is not clear what conditions Greece would have to agree to.
More as we get it.
DIE ZEIT und ZEIT ONLINE exklusiv: Eurozone wollen Griechenland neues Angebot vorlegen – ohne den IWF (nd) http://t.co/vMzw4hknZd
Updated at 5.51pm BST
5.30pm BST17:305.30pm BST17:30
Summary: IMF rules out payment delay as eurogroup meetsSummary: IMF rules out payment delay as eurogroup meets
I was going to put together a summary, but AFP have just published a really decent round-up of events. So, over to them... (with links to the main points in today’s liveblog)I was going to put together a summary, but AFP have just published a really decent round-up of events. So, over to them... (with links to the main points in today’s liveblog)
IMF rules out Greek payment delayIMF rules out Greek payment delay
International Monetary Fund chief Christine Lagarde warned Greece on Thursday it would get no leeway on a huge debt payment as EU ministers warned they were looking at a “plan B” for a possible default.International Monetary Fund chief Christine Lagarde warned Greece on Thursday it would get no leeway on a huge debt payment as EU ministers warned they were looking at a “plan B” for a possible default.
Eurozone finance ministers holding a crisis meeting in Luxembourg [photos] pressed Athens to finally present a credible reform plan and end the five-month standoff between Greece’s anti-austerity government and its creditors.Eurozone finance ministers holding a crisis meeting in Luxembourg [photos] pressed Athens to finally present a credible reform plan and end the five-month standoff between Greece’s anti-austerity government and its creditors.
But with Athens owing a 1.6-billion-euro payment to the IMF at the end of June and Greece’s international bailout due to expire the same day, they were pessimistic about the chances of a deal on Thursday.But with Athens owing a 1.6-billion-euro payment to the IMF at the end of June and Greece’s international bailout due to expire the same day, they were pessimistic about the chances of a deal on Thursday.
“There will be no period of grace” for the loan payment, Lagarde told reporters before she joined the ministers for their Eurogroup meeting. “I have a term of June 30 - if it’s not paid by July 1, it’s not paid.”“There will be no period of grace” for the loan payment, Lagarde told reporters before she joined the ministers for their Eurogroup meeting. “I have a term of June 30 - if it’s not paid by July 1, it’s not paid.”
Greece’s creditors are withholding the last €7.2bn of its bailout until Athens caves in, but leftist Prime Minister Alexis Tsipras has refused to make changes to pensions and VAT rates.Greece’s creditors are withholding the last €7.2bn of its bailout until Athens caves in, but leftist Prime Minister Alexis Tsipras has refused to make changes to pensions and VAT rates.
Europe’s most powerful leader, German Chancellor Angela Merkel, weighed in on the issue earlier Thursday when she told German lawmakers in the Bundestag she was “still confident” that a deal was possible.Europe’s most powerful leader, German Chancellor Angela Merkel, weighed in on the issue earlier Thursday when she told German lawmakers in the Bundestag she was “still confident” that a deal was possible.
- ‘Not a lot of hope’ -- ‘Not a lot of hope’ -
But the mood was darker in an overcast Luxembourg, where ministers were openly broaching scenarios such as a Greek exit from the euro if it defaults on its debts.But the mood was darker in an overcast Luxembourg, where ministers were openly broaching scenarios such as a Greek exit from the euro if it defaults on its debts.
“The next step to make the deal credible, also financially sustainable, will have to come from the Greek side,” the Dutch Eurogroup chief Jeroen Dijsselbloem told reporters.“The next step to make the deal credible, also financially sustainable, will have to come from the Greek side,” the Dutch Eurogroup chief Jeroen Dijsselbloem told reporters.
He added that he did “not have a lot of hope” that the Greeks would present a new plan Thursday.He added that he did “not have a lot of hope” that the Greeks would present a new plan Thursday.
No deal at the Eurogroup meeting means the issue will likely go to the wire at an EU leaders’ summit in Brussels on June 25 and 26.No deal at the Eurogroup meeting means the issue will likely go to the wire at an EU leaders’ summit in Brussels on June 25 and 26.
Greek Finance Minister Yanis Varoufakis, the motorbike-riding former economist whose relations with his counterparts have been strained, said he wanted to “replace costly discord with effective consensus.”Greek Finance Minister Yanis Varoufakis, the motorbike-riding former economist whose relations with his counterparts have been strained, said he wanted to “replace costly discord with effective consensus.”
“Today we are going to be presenting the Greek government ideas,” he added, without specifying whether he meant a new reform plan.“Today we are going to be presenting the Greek government ideas,” he added, without specifying whether he meant a new reform plan.
Without the bailout tranche and the IMF deadline missed, Greece would be for the first time in five years financially alone, with its coffers empty and all eyes on what happens next.Without the bailout tranche and the IMF deadline missed, Greece would be for the first time in five years financially alone, with its coffers empty and all eyes on what happens next.
“The other option is to prepare the B plan,” said Irish finance minister Michael Noonan, adding that he didn’t fear any “contagion effect” in the case of a “Grexit” - meaning Greece crashing out of the euro.“The other option is to prepare the B plan,” said Irish finance minister Michael Noonan, adding that he didn’t fear any “contagion effect” in the case of a “Grexit” - meaning Greece crashing out of the euro.
Finnish Finance Minister Alex Stubb added:Finnish Finance Minister Alex Stubb added:
“Option number 1 is extension .... Option B could be default.”“Option number 1 is extension .... Option B could be default.”
The IMF has taken a harder line than its co-bailout monitors the European Commission and European Central Bank, pushing for Europe to write off some Greek debts.The IMF has taken a harder line than its co-bailout monitors the European Commission and European Central Bank, pushing for Europe to write off some Greek debts.
Greece had already bought itself time by bundling four looming IMF loan payments into one lump sum to be paid by June 30 - becoming the first country to use such a possibility since Zambia in the 1980s - and it is losing patience.Greece had already bought itself time by bundling four looming IMF loan payments into one lump sum to be paid by June 30 - becoming the first country to use such a possibility since Zambia in the 1980s - and it is losing patience.
- No Waterloo -- No Waterloo -
The coincidence that the Eurogroup was meeting on the 200th anniversary of the Battle of Waterloo led EU Economic Affairs Commissioner Pierre Moscovici to draw a comparison between then and now.The coincidence that the Eurogroup was meeting on the 200th anniversary of the Battle of Waterloo led EU Economic Affairs Commissioner Pierre Moscovici to draw a comparison between then and now.
“I certainly don’t want this to be a ‘Battle of Waterloo’ with the whole of Europe against one state,” he said.“I certainly don’t want this to be a ‘Battle of Waterloo’ with the whole of Europe against one state,” he said.
Greece’s central bank warned for the first time Wednesday that the country could suffer a “painful” exit from the single currency area - and even the European Union - if it fails to reach a deal.Greece’s central bank warned for the first time Wednesday that the country could suffer a “painful” exit from the single currency area - and even the European Union - if it fails to reach a deal.
Greece has another €6.7bn due to the European Central Bank in July and August and there have been reports of planning for possible capital controls if Greece’s financial system runs dry.Greece has another €6.7bn due to the European Central Bank in July and August and there have been reports of planning for possible capital controls if Greece’s financial system runs dry.
European officials warned that the IMF’s zero-tolerance on July 1 could also force the European Central Bank to cut-off vital financing to Greece’s creaking banks.European officials warned that the IMF’s zero-tolerance on July 1 could also force the European Central Bank to cut-off vital financing to Greece’s creaking banks.
Elected in January on a vow to end five years of bailout-imposed austerity, Tsipras warned Wednesday that an EU “fixation” with pension cuts would scupper a deal and harm Europe as a whole.Elected in January on a vow to end five years of bailout-imposed austerity, Tsipras warned Wednesday that an EU “fixation” with pension cuts would scupper a deal and harm Europe as a whole.
In a move that seemed calculated to irk other European leaders amid tensions with Russia over Ukraine, Tsipras visited Saint Petersburg Thursday where he is the star guest at President Vladimir Putin’s investment drive forum. [end]In a move that seemed calculated to irk other European leaders amid tensions with Russia over Ukraine, Tsipras visited Saint Petersburg Thursday where he is the star guest at President Vladimir Putin’s investment drive forum. [end]
5.02pm BST17:025.02pm BST17:02
European stock markets shook off their Greek fears by the close of trading.European stock markets shook off their Greek fears by the close of trading.
Most indices finished higher, matching rises on Wall Street where shares rallied after the Federal Reserve dampened fears of an early rate rise.Most indices finished higher, matching rises on Wall Street where shares rallied after the Federal Reserve dampened fears of an early rate rise.
Tony Cross of Trustnet says investors are waiting for any signs of a resolution over the Greek debt crisis:Tony Cross of Trustnet says investors are waiting for any signs of a resolution over the Greek debt crisis:
Obviously any further word on what happens next in Greece will be closely followed, but until we see this, it seems as if equity markets are happy to tread water.Obviously any further word on what happens next in Greece will be closely followed, but until we see this, it seems as if equity markets are happy to tread water.
While Michael Hewson of CMC Markets sees little sign for optimism today:While Michael Hewson of CMC Markets sees little sign for optimism today:
Given that German Chancellor Angela Merkel reiterated the creditor’s position in a speech to the Bundestag earlier today that no money would be released unless Greece implemented reforms, the prospect of any sort of deal seems more remote than ever.Given that German Chancellor Angela Merkel reiterated the creditor’s position in a speech to the Bundestag earlier today that no money would be released unless Greece implemented reforms, the prospect of any sort of deal seems more remote than ever.
4.37pm BST16:374.37pm BST16:37
The Eurogroup agenda has been slightly reshuffled, the FT’s Peter Spiegel reports, so that ministers will cover all the other business before Greece.The Eurogroup agenda has been slightly reshuffled, the FT’s Peter Spiegel reports, so that ministers will cover all the other business before Greece.
I'm told #Greece discussion moved from top of #Eurogroup agenda to last item. Don't think that means anything other than I'll miss deadline!I'm told #Greece discussion moved from top of #Eurogroup agenda to last item. Don't think that means anything other than I'll miss deadline!
No deadlines in the liveblog, obviously!No deadlines in the liveblog, obviously!
Earlier this week, EU negotiators had suggested the Greek discussion would be quite short. What is there to talk about, they suggested?Earlier this week, EU negotiators had suggested the Greek discussion would be quite short. What is there to talk about, they suggested?
Perhaps this reshuffle means they expect a longer debate?Perhaps this reshuffle means they expect a longer debate?
Updated at 4.41pm BSTUpdated at 4.41pm BST
4.28pm BST16:284.28pm BST16:28
After that early wobble, the Athens stock market ended the day up 0.37%.After that early wobble, the Athens stock market ended the day up 0.37%.
The news that Yanis Varoufakis is going to present some ideas at today’s meeting may have generated some optimism, after the index hit a three-year low this morning.The news that Yanis Varoufakis is going to present some ideas at today’s meeting may have generated some optimism, after the index hit a three-year low this morning.
4.15pm BST16:154.15pm BST16:15
Here’s our economics editor, Larry Elliott, explaining why the Greek crisis gives Angela Merkel such a headache (including references to Bob Dylan and British left-winger Ken Livingstone)Here’s our economics editor, Larry Elliott, explaining why the Greek crisis gives Angela Merkel such a headache (including references to Bob Dylan and British left-winger Ken Livingstone)
Updated at 4.16pm BSTUpdated at 4.16pm BST
4.03pm BST16:034.03pm BST16:03
Updated at 4.04pm BSTUpdated at 4.04pm BST
3.55pm BST15:553.55pm BST15:55
Students of body language will have a field day with these photos from the eurogroup meeting, showing most of the main characters in this crisis:Students of body language will have a field day with these photos from the eurogroup meeting, showing most of the main characters in this crisis:
3.48pm BST15:483.48pm BST15:48
Greek bank withdrawals spike as revenue slidesGreek bank withdrawals spike as revenue slides
Greece’s battered economy is sinking even deeper into the mire, according to two pieces of information today.Greece’s battered economy is sinking even deeper into the mire, according to two pieces of information today.
First, Reuters is reporting that two billion euros were withdrawn from Greek banks between Monday morning and Wednesday night.First, Reuters is reporting that two billion euros were withdrawn from Greek banks between Monday morning and Wednesday night.
That would be a significant acceleration in the steady outflow, that has already pushed deposit levels to 11-year lows. Before talks collapsed last weekend, Greek banks were losing €200m to €300m per day.That would be a significant acceleration in the steady outflow, that has already pushed deposit levels to 11-year lows. Before talks collapsed last weekend, Greek banks were losing €200m to €300m per day.
The second worrying news is that government revenue tumbled in May, as households and firms hoarded cash and delayed filing tax returns.The second worrying news is that government revenue tumbled in May, as households and firms hoarded cash and delayed filing tax returns.
Greek government revenues in May were 24% under target -- or around €900m. That’s a remarkable shortfall.Greek government revenues in May were 24% under target -- or around €900m. That’s a remarkable shortfall.
But Greece is still running a primary budget surplus this year, because it has deferred so much of its own spending.But Greece is still running a primary budget surplus this year, because it has deferred so much of its own spending.
As one senior banker told the Financial Times:As one senior banker told the Financial Times:
“There appears to be a complete freeze on domestic payments apart from wages and pensions as the government rounds up cash to pay international creditors,”“There appears to be a complete freeze on domestic payments apart from wages and pensions as the government rounds up cash to pay international creditors,”
“This is starting to have a knock-on effect on revenue collection.”“This is starting to have a knock-on effect on revenue collection.”
3.29pm BST15:293.29pm BST15:29
Just feel that tension....Just feel that tension....
Don't forget Yanis, i want my money back! #IMF #Lagarde talking to #Greece fin min @yanisvaroufakis at #Eurogroup pic.twitter.com/62v7k6mTLRDon't forget Yanis, i want my money back! #IMF #Lagarde talking to #Greece fin min @yanisvaroufakis at #Eurogroup pic.twitter.com/62v7k6mTLR
Not quite as friendly as four months ago, when Lagarde turned up in a leather jacket in solidarity with Yanis, who sported a Burberry scarf.Not quite as friendly as four months ago, when Lagarde turned up in a leather jacket in solidarity with Yanis, who sported a Burberry scarf.
3.23pm BST15:233.23pm BST15:23
The eurogroup meeting is now underway. It’s a packed agenda -- ministers are talking about the Cyprus bailout, Portugal, the state of the eurozone, and implications of the current record low interest rates.The eurogroup meeting is now underway. It’s a packed agenda -- ministers are talking about the Cyprus bailout, Portugal, the state of the eurozone, and implications of the current record low interest rates.
And Greece, of course -- with Yanis Varoufakis presenting his new ideas.And Greece, of course -- with Yanis Varoufakis presenting his new ideas.
A press conference will be held later, perhaps at 7pm BST?A press conference will be held later, perhaps at 7pm BST?
3.15pm BST15:153.15pm BST15:15
If Greece does fail to repay the IMF on 30 June, the consequences could be very nasty.If Greece does fail to repay the IMF on 30 June, the consequences could be very nasty.
Klaus Regling, who runs the Europe’s bailout fund (the ESM) told reporters in Luxembourg that an IMF default could trigger clauses in ESM lending, allowing it to demand early repayment on its own loans.Klaus Regling, who runs the Europe’s bailout fund (the ESM) told reporters in Luxembourg that an IMF default could trigger clauses in ESM lending, allowing it to demand early repayment on its own loans.
He’s not saying that would definitely happen, but that’s the procedure.He’s not saying that would definitely happen, but that’s the procedure.
The FT’s Peter Spiegel has the quote:The FT’s Peter Spiegel has the quote:
"Our lending is linked to IMF; if there’s a non-payment to IMF, it’s an event of default & we have choice to accelerate our loan."- Regling"Our lending is linked to IMF; if there’s a non-payment to IMF, it’s an event of default & we have choice to accelerate our loan."- Regling
What is Regling showing to Varoufakis here? The exit? pic.twitter.com/xgv2Ot7WW8What is Regling showing to Varoufakis here? The exit? pic.twitter.com/xgv2Ot7WW8
Updated at 3.19pm BSTUpdated at 3.19pm BST
2.57pm BST14:572.57pm BST14:57
Stubb: €-zone now in position where it cld weather #Grexit. Wld be much worse for #Greece.Stubb: €-zone now in position where it cld weather #Grexit. Wld be much worse for #Greece.
2.45pm BST14:452.45pm BST14:45
Stubb: Plan B if no Greece dealStubb: Plan B if no Greece deal
Patience is a virtue, but some countries are running out of patience. says Finland’s finance minister Alex Stubb.Patience is a virtue, but some countries are running out of patience. says Finland’s finance minister Alex Stubb.
In the EU, if you make a deal, you’re supposed to stick with it, he adds, somewhat archly. There has been too much going back and forth in recent months.In the EU, if you make a deal, you’re supposed to stick with it, he adds, somewhat archly. There has been too much going back and forth in recent months.
Stubb thinks there are two options, either a new deal for Greece with some ‘conditionally’, or a plan B, which could result in a default.Stubb thinks there are two options, either a new deal for Greece with some ‘conditionally’, or a plan B, which could result in a default.
And he argues that there’s little risk of contagion for the eurozone if Greece defaulted.And he argues that there’s little risk of contagion for the eurozone if Greece defaulted.
Finnish FM Stubb: There was more sympathy, but the past 6 months have eroded that. #GreeceFinnish FM Stubb: There was more sympathy, but the past 6 months have eroded that. #Greece
Stubb: Either we reach a deal, or plan B - which means Greek default. I don't think there will be contagion on €-zone periphery. #GreeceStubb: Either we reach a deal, or plan B - which means Greek default. I don't think there will be contagion on €-zone periphery. #Greece
Updated at 2.47pm BSTUpdated at 2.47pm BST
2.40pm BST14:402.40pm BST14:40
Lagarde: IMF must be credible, and flexibleLagarde: IMF must be credible, and flexible
Christine Lagarde defended the IMF’s handling of the Greek debt crisis as she arrived at today’s meeting.Christine Lagarde defended the IMF’s handling of the Greek debt crisis as she arrived at today’s meeting.
When we make a loan, the money comes from Senegal, Sri Lanka, Switzerland.... so we need to be credible because it’s their money we’re lending.When we make a loan, the money comes from Senegal, Sri Lanka, Switzerland.... so we need to be credible because it’s their money we’re lending.
But we also need to be flexible, she adds:But we also need to be flexible, she adds:
If there are credible proposals on the table then of course we’ll examine them.If there are credible proposals on the table then of course we’ll examine them.
Updated at 4.23pm BSTUpdated at 4.23pm BST
2.37pm BST14:372.37pm BST14:37
Germany’s finance minister, Wolfgang Schäuble, told reporters that he is “optimistic” that ministers will now get proposals from Greece.Germany’s finance minister, Wolfgang Schäuble, told reporters that he is “optimistic” that ministers will now get proposals from Greece.
Asked about the dangers of “Grexit”, he replied:Asked about the dangers of “Grexit”, he replied:
“One mustn’t speak in public about everything.”“One mustn’t speak in public about everything.”
(Don’t get all coy on us, Wolfgang!)(Don’t get all coy on us, Wolfgang!)
2.30pm BST14:302.30pm BST14:30
Moscovici: Let's get a deal and avoid another WaterlooMoscovici: Let's get a deal and avoid another Waterloo
Pierre Moscovici says that a solution is badly needed, both for Greece and the wider eurozone project.Pierre Moscovici says that a solution is badly needed, both for Greece and the wider eurozone project.
Let’s start by examining proposals..... we are in a state of mind to find a deal, which is indispensible.Let’s start by examining proposals..... we are in a state of mind to find a deal, which is indispensible.
But it’s up to the Greeks to deliver. The ball is in their camp (oh god, not again)But it’s up to the Greeks to deliver. The ball is in their camp (oh god, not again)
EU's Moscovici says lenders have been waiting for "more than a week" for new proposals from #Greece #Eurogroup pic.twitter.com/LiQ9eIXPmjEU's Moscovici says lenders have been waiting for "more than a week" for new proposals from #Greece #Eurogroup pic.twitter.com/LiQ9eIXPmj
Moscovici (a former French finance minister) has also joked about how he hopes to avoid another Waterloo, on the 200th anniversary of that famous away win.Moscovici (a former French finance minister) has also joked about how he hopes to avoid another Waterloo, on the 200th anniversary of that famous away win.
Moscovici: I really wish we can avoid another Waterloo. #GreeceMoscovici: I really wish we can avoid another Waterloo. #Greece
Updated at 2.53pm BSTUpdated at 2.53pm BST
2.24pm BST14:242.24pm BST14:24
Excellent diss by Ireland's Noonan: 'I've heard Yanis's proposals before and they tend to be more macroeconomic than micro'Excellent diss by Ireland's Noonan: 'I've heard Yanis's proposals before and they tend to be more macroeconomic than micro'
2.22pm BST14:222.22pm BST14:22
Irish finance minister Michael Noonan told reporters that we shouldn’t have “any great expectations” for a positive outcome from today’s meeting.Irish finance minister Michael Noonan told reporters that we shouldn’t have “any great expectations” for a positive outcome from today’s meeting.
Discussions will be preliminary, before Greece is discussed by heads of government next week.Discussions will be preliminary, before Greece is discussed by heads of government next week.
There is “no optimism among the people I’ve spoken to today”.There is “no optimism among the people I’ve spoken to today”.
Noonan says discussions have taken place at a high level in Ireland in case Greece leaves the eurozone, involving the ECB, but believes there is still time and space to get a deal.Noonan says discussions have taken place at a high level in Ireland in case Greece leaves the eurozone, involving the ECB, but believes there is still time and space to get a deal.
BREAKING Ireland's finance min Michael Noonan says Irish govt is "taking advice" on a Grexit from the NTMA, Irish central bank and the ECBBREAKING Ireland's finance min Michael Noonan says Irish govt is "taking advice" on a Grexit from the NTMA, Irish central bank and the ECB
Noonan adds that he has heard that the Greek finance minister plans to “make an intervention” at today’s meeting. He’s not sure what it is, but we’ll see.Noonan adds that he has heard that the Greek finance minister plans to “make an intervention” at today’s meeting. He’s not sure what it is, but we’ll see.
I’ve heard Yanis’s proposals before, they tend to be macroeconomic in nature rather than about specifics, and these proposals need to be about specifics, Noonan concludes.I’ve heard Yanis’s proposals before, they tend to be macroeconomic in nature rather than about specifics, and these proposals need to be about specifics, Noonan concludes.
Updated at 2.31pm BSTUpdated at 2.31pm BST
2.11pm BST14:112.11pm BST14:11
Ireland’s finance minister says the eurozone cannot make further concessions to Greece.Ireland’s finance minister says the eurozone cannot make further concessions to Greece.
Irish fin min Michael Noonan says eurozone lenders have gone "as far as they can go". Options beyond that? "Prepare the B plan.." #GreeceIrish fin min Michael Noonan says eurozone lenders have gone "as far as they can go". Options beyond that? "Prepare the B plan.." #Greece
Updated at 2.12pm BSTUpdated at 2.12pm BST
2.08pm BST14:082.08pm BST14:08
Peter Kazimir, Slovakia’s finance minister, has arrived.Peter Kazimir, Slovakia’s finance minister, has arrived.
He denies being angry with Greece. I’m tired, he says, and I’m not the only minister tired on this issueHe denies being angry with Greece. I’m tired, he says, and I’m not the only minister tired on this issue
We need to be honest, he says, there is no time left for the games. and we have to deliver. Greece must face the reality - they might like it, we may not like it, but we cannot shake the realityWe need to be honest, he says, there is no time left for the games. and we have to deliver. Greece must face the reality - they might like it, we may not like it, but we cannot shake the reality
When a bill is due, certain things need to be done. You cannot cheat it....When a bill is due, certain things need to be done. You cannot cheat it....
What do you think about Yanis Varoufakis saying he has brought some ideas today?What do you think about Yanis Varoufakis saying he has brought some ideas today?
Kazimir smiles. Now is a good time for ideas, he replies.Kazimir smiles. Now is a good time for ideas, he replies.
We have wasted a lot of time. but I do believe in miracles - I’m Catholic, so I have to believe in miracles.We have wasted a lot of time. but I do believe in miracles - I’m Catholic, so I have to believe in miracles.
Is this the time to talk about capital controls?Is this the time to talk about capital controls?
We need to be ready for everything, Kazimir replies.We need to be ready for everything, Kazimir replies.
Slovakia FinMin Kazimir: "#Greece has to face reality ... We have wasted a lot of time. I do believe in miracles" pic.twitter.com/jRKs3I4UG5Slovakia FinMin Kazimir: "#Greece has to face reality ... We have wasted a lot of time. I do believe in miracles" pic.twitter.com/jRKs3I4UG5
Updated at 2.18pm BSTUpdated at 2.18pm BST
1.57pm BST13:571.57pm BST13:57
Here’s a video clip of Yanis Varoufakis saying he will present ideas to “replace costly discord with effective consensus” (but not revealing if they are old ideas or new ones)Here’s a video clip of Yanis Varoufakis saying he will present ideas to “replace costly discord with effective consensus” (but not revealing if they are old ideas or new ones)
#Eurogroup meeting - Doorstep #GR @yanisvaroufakis on the Greek proposal http://t.co/xvSCldtBz3 pic.twitter.com/zJUxYcBjjc#Eurogroup meeting - Doorstep #GR @yanisvaroufakis on the Greek proposal http://t.co/xvSCldtBz3 pic.twitter.com/zJUxYcBjjc
1.52pm BST13:521.52pm BST13:52
More arrivals! France’s Michel Sapin says talks must resume, and it’s wrong to think there are “monstrous differences” between two sides.More arrivals! France’s Michel Sapin says talks must resume, and it’s wrong to think there are “monstrous differences” between two sides.
French FinMin Sapin: "We have reached a crucial moment in talks with Greece" #Greece #Eurogroup pic.twitter.com/kIt8cRVd8oFrench FinMin Sapin: "We have reached a crucial moment in talks with Greece" #Greece #Eurogroup pic.twitter.com/kIt8cRVd8o
1.49pm BST13:491.49pm BST13:49
Varoufakis says he'll be presenting Greek gov't "ideas". Not clear whether they're new ones or old ones. #GreeceVaroufakis says he'll be presenting Greek gov't "ideas". Not clear whether they're new ones or old ones. #Greece
1.46pm BST13:461.46pm BST13:46
Greek finance minister: We'll present our ideas todayGreek finance minister: We'll present our ideas today
Yanis Varoufakis has just arrived.Yanis Varoufakis has just arrived.
He tells reporters:He tells reporters:
Mario Draghi once said that for the euro to succeed anywhere, it has to succeed everywhere.Mario Draghi once said that for the euro to succeed anywhere, it has to succeed everywhere.
We think he is spot on. And today we will be presenting the Greek government’s ideas along those lines.We think he is spot on. And today we will be presenting the Greek government’s ideas along those lines.
And then he adds:And then he adds:
The purpose is to replace costly discord with effective consensus.The purpose is to replace costly discord with effective consensus.
With that, Varoufakis vanishes inside the building.With that, Varoufakis vanishes inside the building.
Does that mean that Greece has brought some new proposals?.....Does that mean that Greece has brought some new proposals?.....
#grexit @yanisvaroufakis says he'll be presenting greek govt 'ideas'. not the case yesterday#grexit @yanisvaroufakis says he'll be presenting greek govt 'ideas'. not the case yesterday
Greece's Varoufakis says wants to 'replace costly discord with effective consensus.' Also uses the phrase 'spot on'.Greece's Varoufakis says wants to 'replace costly discord with effective consensus.' Also uses the phrase 'spot on'.
Updated at 1.53pm BSTUpdated at 1.53pm BST
1.37pm BST13:371.37pm BST13:37
Pierre Gramegna, Luxembourg’s finance minister, has warned that “time is coming to an end”, as he arrives at the Eurogroup.Pierre Gramegna, Luxembourg’s finance minister, has warned that “time is coming to an end”, as he arrives at the Eurogroup.
He hopes to make progress at today’s meetings, and doesn’t accept that Greece is heading out of the eurozone:He hopes to make progress at today’s meetings, and doesn’t accept that Greece is heading out of the eurozone:
We are still on the same lines, Greece and the rest of Europe.... We need a deal so Greece can start to grow again, and attract investors.We are still on the same lines, Greece and the rest of Europe.... We need a deal so Greece can start to grow again, and attract investors.
Gramegna: We need to see facts and figures to measure in which way both sides are getting closer to each other to bridge gaps. #GreeceGramegna: We need to see facts and figures to measure in which way both sides are getting closer to each other to bridge gaps. #Greece
1.33pm BST13:331.33pm BST13:33
That really wasn’t a very confident-looking eurogroup president who swept into today’s meeting.That really wasn’t a very confident-looking eurogroup president who swept into today’s meeting.
Dijsselbloem says he hopes the Greeks come with a proposal; says he's not so optimistic; "not sure we'll make progress" #GreeceDijsselbloem says he hopes the Greeks come with a proposal; says he's not so optimistic; "not sure we'll make progress" #Greece
#grexit @J_Dijsselbloem 'i don't have a lot of hope'#grexit @J_Dijsselbloem 'i don't have a lot of hope'
1.32pm BST13:321.32pm BST13:32
Dijsselbloem gives little indication that there will be a breakthrough today.Dijsselbloem gives little indication that there will be a breakthrough today.
Too little progress has been made, and there are still gaps between Greece and the institutions, he adds. Time is very, very short.Too little progress has been made, and there are still gaps between Greece and the institutions, he adds. Time is very, very short.
1.31pm BST13:311.31pm BST13:31
Dijsselbloem: Not sure we will make progress todayDijsselbloem: Not sure we will make progress today
Jeroen Dijsselbloem, head of the eurogroup, has just arrived at this afternoon’s meeting, and is being grilled by the EU press pack.Jeroen Dijsselbloem, head of the eurogroup, has just arrived at this afternoon’s meeting, and is being grilled by the EU press pack.
Asked about Christine Lagarde’s comments, Dijsselbloem says he won’t speculate about whether or not Greece will make its 30 June repayment.Asked about Christine Lagarde’s comments, Dijsselbloem says he won’t speculate about whether or not Greece will make its 30 June repayment.
Only have one job today, to see if we can get that deal with Greece closerOnly have one job today, to see if we can get that deal with Greece closer
It need a solid deal, for Greece and Europe that can hold up in the coming years, says Dijsselbloem, adding:It need a solid deal, for Greece and Europe that can hold up in the coming years, says Dijsselbloem, adding:
I am not sure if we will make any progress, but we will try.I am not sure if we will make any progress, but we will try.
Not much new from @J_Dijsselbloem as he heads into #Eurogroup. "I'm not sure we'll make any progress." #GreeceNot much new from @J_Dijsselbloem as he heads into #Eurogroup. "I'm not sure we'll make any progress." #Greece
The arrivals are being streamed live here.The arrivals are being streamed live here.
1.22pm BST13:221.22pm BST13:22
Has Finland’s finance minister, Alex Stubb, just uttered the D word?....Has Finland’s finance minister, Alex Stubb, just uttered the D word?....
#Finland fin min @alexstubb talks about "some form of default" as option for #Greece. #Eurogroup #Grexit pic.twitter.com/W8BxIrQS3I#Finland fin min @alexstubb talks about "some form of default" as option for #Greece. #Eurogroup #Grexit pic.twitter.com/W8BxIrQS3I
1.20pm BST13:201.20pm BST13:20
We’ve put together a chart to guide you through the next few crucial days for Greece, and the eurozone:We’ve put together a chart to guide you through the next few crucial days for Greece, and the eurozone:
Related: Greek debt crisis: what happens next?Related: Greek debt crisis: what happens next?
1.12pm BST13:121.12pm BST13:12
Eurozone finance ministers have already held one session today -- the annual meeting of the European Stability Mechanism Board (that’s the main Eurozone bailout fund).Eurozone finance ministers have already held one session today -- the annual meeting of the European Stability Mechanism Board (that’s the main Eurozone bailout fund).
Here’s some photos:Here’s some photos:
Updated at 1.13pm BSTUpdated at 1.13pm BST
12.54pm BST12:5412.54pm BST12:54
Greece has arguably been given one delay by the IMF already, which is perhaps why Christine Lagarde says it can’t have another one.Greece has arguably been given one delay by the IMF already, which is perhaps why Christine Lagarde says it can’t have another one.
This 30 June payment consists of four smaller bills due this month, which are being wrapped together. That’s within the Fund’s rules, but is also the first time in decades that any country (hello Zambia!) has done it.This 30 June payment consists of four smaller bills due this month, which are being wrapped together. That’s within the Fund’s rules, but is also the first time in decades that any country (hello Zambia!) has done it.
@OmairaGill @GreekAnalyst The period up to June 30th *was* the grace period.@OmairaGill @GreekAnalyst The period up to June 30th *was* the grace period.
12.36pm BST12:3612.36pm BST12:36
Public support for Alexis Tsipras’s party is still holding up, according to a new poll this morning.Public support for Alexis Tsipras’s party is still holding up, according to a new poll this morning.
Pro Rata poll for Kokkino FM SYRIZA 33.5% New Democracy 13.5 G Dawn 6 Potami 6 KKE 4 Ind Grks 3 PASOK 3 Others 9 Undecided 22 #GreecePro Rata poll for Kokkino FM SYRIZA 33.5% New Democracy 13.5 G Dawn 6 Potami 6 KKE 4 Ind Grks 3 PASOK 3 Others 9 Undecided 22 #Greece
12.33pm BST12:3312.33pm BST12:33
There could be shockwaves through Greece and the wider eurozone if Athens doesn’t repay the IMF on 30 June, says Diego Iscaro, senior economist at IHS Global Insight.There could be shockwaves through Greece and the wider eurozone if Athens doesn’t repay the IMF on 30 June, says Diego Iscaro, senior economist at IHS Global Insight.
Even though it’s not a technical default, Iscaro reckons a non-payment would trigger volatility:Even though it’s not a technical default, Iscaro reckons a non-payment would trigger volatility:
Deposit outflows in Greek banks are likely to accelerate, increasing the pressure on the government to introduce capital controls.Deposit outflows in Greek banks are likely to accelerate, increasing the pressure on the government to introduce capital controls.
Meanwhile, increasing uncertainty regarding the outcome of the negotiations will result in higher volatility in Eurozone financial markets (most likely through pressurizing bond yields in the southern periphery countries), as well as weighing down on confidence levels.Meanwhile, increasing uncertainty regarding the outcome of the negotiations will result in higher volatility in Eurozone financial markets (most likely through pressurizing bond yields in the southern periphery countries), as well as weighing down on confidence levels.
Just to be clear, here the *normal* IMF procedure in case of a missed payment. But Greece is unique, right? pic.twitter.com/gHLhUqPlAtJust to be clear, here the *normal* IMF procedure in case of a missed payment. But Greece is unique, right? pic.twitter.com/gHLhUqPlAt
12.16pm BST12:1612.16pm BST12:16
Got it in one....Got it in one....
When you might be sequencing policy wrong, Lagarde edition: Greece needs long-term pension reform, & oh btw it might default on us June 30When you might be sequencing policy wrong, Lagarde edition: Greece needs long-term pension reform, & oh btw it might default on us June 30
12.13pm BST12:1312.13pm BST12:13
Christine Lagarde’s demand for an “intelligent approach” to Greek pensions is the latest shot in an intense war of words between the two sides.Christine Lagarde’s demand for an “intelligent approach” to Greek pensions is the latest shot in an intense war of words between the two sides.
Alexis Tsipras has argued this morning that Greece cannot accept pension cuts.Alexis Tsipras has argued this morning that Greece cannot accept pension cuts.
Writing in Der Tagesspiegel, Tsipras pointed out that pensioners are actually the main breadwinner in many Greek families:Writing in Der Tagesspiegel, Tsipras pointed out that pensioners are actually the main breadwinner in many Greek families:
The social security system is the institutionalized mechanism of intergenerational solidarity, and its sustainability is a main concern for society as a whole. Traditionally, this solidarity has meant that young people, through their contributions, fund the pensions of their parents. But during the Greek crisis, we’ve witnessed this solidarity being reversed as the parents’ pensions fund the survival of their children. The pensions of the elderly are often the last refuge for entire families that have only one or no member working in a country with 25% unemployment in the general population, and 50% among young people.The social security system is the institutionalized mechanism of intergenerational solidarity, and its sustainability is a main concern for society as a whole. Traditionally, this solidarity has meant that young people, through their contributions, fund the pensions of their parents. But during the Greek crisis, we’ve witnessed this solidarity being reversed as the parents’ pensions fund the survival of their children. The pensions of the elderly are often the last refuge for entire families that have only one or no member working in a country with 25% unemployment in the general population, and 50% among young people.
Faced with such a situation we cannot adopt the logic of blind and horizontal cuts, as some have asked us to do, which would result in dramatic social consequences.Faced with such a situation we cannot adopt the logic of blind and horizontal cuts, as some have asked us to do, which would result in dramatic social consequences.
On myths & crisis, my article in @tagesspiegel: German taxpayers not paying for Greek pensions http://t.co/jhnxFZTIc1 pic.twitter.com/dLa3rIyACBOn myths & crisis, my article in @tagesspiegel: German taxpayers not paying for Greek pensions http://t.co/jhnxFZTIc1 pic.twitter.com/dLa3rIyACB
12.04pm BST12:0412.04pm BST12:04
Christine Lagarde has just crushed the idea that Greece could delay its €1.6bn repayment due to the International Monetary Fund on 30 June.Christine Lagarde has just crushed the idea that Greece could delay its €1.6bn repayment due to the International Monetary Fund on 30 June.
There is no chance of a ‘grace period’ or a delay, the IMF chief says:There is no chance of a ‘grace period’ or a delay, the IMF chief says:
Yesterday, Greece admitted that it won’t have the money to repay the IMF unless it gets a bailout deal fast, meaning it would be in arrears with the Fund (this isn’t an official default, though)Yesterday, Greece admitted that it won’t have the money to repay the IMF unless it gets a bailout deal fast, meaning it would be in arrears with the Fund (this isn’t an official default, though)
12.00pm BST12:0012.00pm BST12:00
We’re facing a “very difficult situation”, says Finland’s finance minister, Alex Stubb, as he arrives at the Eurogroup meeting.We’re facing a “very difficult situation”, says Finland’s finance minister, Alex Stubb, as he arrives at the Eurogroup meeting.
And you’ll never guess where the ball is.....And you’ll never guess where the ball is.....
Very difficult situation, have to stick to conditionality.Ball is on the #Greek court says Finish Fin Min @alexstubb pic.twitter.com/8RgLRS3GOmVery difficult situation, have to stick to conditionality.Ball is on the #Greek court says Finish Fin Min @alexstubb pic.twitter.com/8RgLRS3GOm
11.40am BST11:4011.40am BST11:40
Greek prime minister lands in RussiaGreek prime minister lands in Russia
Alexis Tsipas has just been sighted in Russia, which might cause a few alarm bells to ring in Brussels and Washington.Alexis Tsipas has just been sighted in Russia, which might cause a few alarm bells to ring in Brussels and Washington.
Greek PM Tsipras arrives in St Petersburg as the Eurogroup prepares to meet in Brussels http://t.co/NNxNiRjQSe pic.twitter.com/xbwkTf2dumGreek PM Tsipras arrives in St Petersburg as the Eurogroup prepares to meet in Brussels http://t.co/NNxNiRjQSe pic.twitter.com/xbwkTf2dum
The Greek PM is attending an economic forum in St Petersburg, and is due to meet President Putin tomorrow.The Greek PM is attending an economic forum in St Petersburg, and is due to meet President Putin tomorrow.
This has fuelled talk that Moscow could offer Athens some help - perhaps a credit line, to help it handle debt repayments.This has fuelled talk that Moscow could offer Athens some help - perhaps a credit line, to help it handle debt repayments.
Greek officials have been defending the trip, though, arguing they are allowed to pursue a ‘multi-dimensional foreign policy’. And after all, Germany does a lot of business with Russia (before the Ukraine sanctions, anyway)Greek officials have been defending the trip, though, arguing they are allowed to pursue a ‘multi-dimensional foreign policy’. And after all, Germany does a lot of business with Russia (before the Ukraine sanctions, anyway)
#Greece as full member of #EU has right 2 have multi-dimensional f/policy" Costas Isychos, travelling w Grk PM to Russia, tells me#Greece as full member of #EU has right 2 have multi-dimensional f/policy" Costas Isychos, travelling w Grk PM to Russia, tells me
"Why should Germany have the monopoly of commercial relats w Russia?" says Costas Isychos, part of #Greek delegation, in St Petersburg"Why should Germany have the monopoly of commercial relats w Russia?" says Costas Isychos, part of #Greek delegation, in St Petersburg
11.15am BST11:1511.15am BST11:15
There are reports swirling that the European Commission and the European Central Bank are drafting some kind of statement on the issue of Greek debt relief.There are reports swirling that the European Commission and the European Central Bank are drafting some kind of statement on the issue of Greek debt relief.
Not clear exactly what, at this stage, so we’ll keep you posted.Not clear exactly what, at this stage, so we’ll keep you posted.
EU Commission & ECB drafting statement on debt relief for #Greece, Brussels source tells @Elbarbie. But may be repeat of pledge Samaras gotEU Commission & ECB drafting statement on debt relief for #Greece, Brussels source tells @Elbarbie. But may be repeat of pledge Samaras got
The EC and ECB have been resisting pressure from Athens, and the IMF, to consider the issue of Greece’s debt pile, which appears simply unsustainable at 180% of GDP.The EC and ECB have been resisting pressure from Athens, and the IMF, to consider the issue of Greece’s debt pile, which appears simply unsustainable at 180% of GDP.
My colleague Heather Stewart has looked at this issue, and explains:My colleague Heather Stewart has looked at this issue, and explains:
When debt repayments reach a certain level, they undermine social solidarity because governments struggle to afford investment in schools, health and public services. And they undermine economic growth, because the state has to divert resources that could be spent on infrastructure, training and export support towards its foreign creditors.When debt repayments reach a certain level, they undermine social solidarity because governments struggle to afford investment in schools, health and public services. And they undermine economic growth, because the state has to divert resources that could be spent on infrastructure, training and export support towards its foreign creditors.
Great piece by @heatherstewart3 on the burden of Greece's debt http://t.co/DQMrkWNUWwGreat piece by @heatherstewart3 on the burden of Greece's debt http://t.co/DQMrkWNUWw
10.58am BST10:5810.58am BST10:58
Bank of Greece governor Yannis Stournaras continues to be criticised by government MPs today, after warning yesterday of an “uncontrollable crisis” unless a deal is reached:Bank of Greece governor Yannis Stournaras continues to be criticised by government MPs today, after warning yesterday of an “uncontrollable crisis” unless a deal is reached:
#BOG gov #YannisStournaras focus of lawsuit by Syriza MP who accuses him of panic-mongering w his warnings of econ collapse#BOG gov #YannisStournaras focus of lawsuit by Syriza MP who accuses him of panic-mongering w his warnings of econ collapse
10.52am BST10:5210.52am BST10:52
In Athens, talk of euro exit is rifeIn Athens, talk of euro exit is rife
Helena SmithHelena Smith
Over in Athens there has been some fighting talk from senior members of the governing far left Syriza party this morning, reports our correspondent Helena Smith.Over in Athens there has been some fighting talk from senior members of the governing far left Syriza party this morning, reports our correspondent Helena Smith.
With no signs of a deal in sight, leading Syriza party cadres are now being asked, outright, whether euro exit is on the cards.With no signs of a deal in sight, leading Syriza party cadres are now being asked, outright, whether euro exit is on the cards.
Speaking to Mega TV this morning, the party’s hardline social security minister Dimitris Stratoulis said the leftist-led government had already “taken measures” to ensure that ordinary Greeks did not suffer in the event of an agreement not being reached.Speaking to Mega TV this morning, the party’s hardline social security minister Dimitris Stratoulis said the leftist-led government had already “taken measures” to ensure that ordinary Greeks did not suffer in the event of an agreement not being reached.
“We have seen to it that people won’t have a problem if we reach the point of having to say the big no,” he said, insisting that if Athens did not pay the IMF the €1.6bn it owes at the end of the month it would not amount to a credit event (default).“We have seen to it that people won’t have a problem if we reach the point of having to say the big no,” he said, insisting that if Athens did not pay the IMF the €1.6bn it owes at the end of the month it would not amount to a credit event (default).
Presumably, with that in mind, Stratoulis also said that the government would have the means to pay public sector salaries and pensions “in July, August, September, October etc.”Presumably, with that in mind, Stratoulis also said that the government would have the means to pay public sector salaries and pensions “in July, August, September, October etc.”
“If we are forced to say the big no the difficulties will last for a few months …. but the consequences will be much worse for Europe.”“If we are forced to say the big no the difficulties will last for a few months …. but the consequences will be much worse for Europe.”
Thanasis Petrakos, Syriza’s parliamentary spokesman, reiterated that Athens would not give in to the “irrational demands” of lenders.Thanasis Petrakos, Syriza’s parliamentary spokesman, reiterated that Athens would not give in to the “irrational demands” of lenders.
“We want to stay in the euro zone but we will not submit to blackmail, if our partners want to be logical we will come to an agreement,” he said told Star TV. “Currencies aren’t a religion,” he said to the surprise of the startled news anchor Popi Tsapanidou.“We want to stay in the euro zone but we will not submit to blackmail, if our partners want to be logical we will come to an agreement,” he said told Star TV. “Currencies aren’t a religion,” he said to the surprise of the startled news anchor Popi Tsapanidou.
“Who said currencies are a religion? Nothing of the sort is written in our constitution.”“Who said currencies are a religion? Nothing of the sort is written in our constitution.”
What was most important was that Greece did not return to the era of “memoranda” (the bailout agreement), he arguedWhat was most important was that Greece did not return to the era of “memoranda” (the bailout agreement), he argued
Kostas Lapavitsas, the London University economics professor who is now a Syriza MP, agreed.Kostas Lapavitsas, the London University economics professor who is now a Syriza MP, agreed.
“That would mean death,” Lapavitsas told Star TV. “Now that we are in the euro what lenders are dong essentially means we have limited sovereignty.”“That would mean death,” Lapavitsas told Star TV. “Now that we are in the euro what lenders are dong essentially means we have limited sovereignty.”
Any “adjustment period” that did take place in event of euro exit would only last a few months, he said.Any “adjustment period” that did take place in event of euro exit would only last a few months, he said.
“The idea that we can’t live with our own currency is absurd.”“The idea that we can’t live with our own currency is absurd.”
Updated at 11.18am BSTUpdated at 11.18am BST
10.48am BST10:4810.48am BST10:48
Moscovici: Eurogroup will be difficult, but solution is possibleMoscovici: Eurogroup will be difficult, but solution is possible
European commissioner Pierre Moscovici has predicted that today’s eurogroup meeting will be ‘difficult’, Reuters reports (possibly winning a prize for understatement).European commissioner Pierre Moscovici has predicted that today’s eurogroup meeting will be ‘difficult’, Reuters reports (possibly winning a prize for understatement).
Moscovici told reporters that a solution can still be found, even at this late hour, if there are cool heads and political will.Moscovici told reporters that a solution can still be found, even at this late hour, if there are cool heads and political will.
“Today’s meeting might not be conclusive, we all know that, but it must be useful. It must be a meeting that opens the way for a solution, if we cannot find it today. We’ll try, we must try.”.“Today’s meeting might not be conclusive, we all know that, but it must be useful. It must be a meeting that opens the way for a solution, if we cannot find it today. We’ll try, we must try.”.
But the ball is still in the Greek court, he added (a phrase we have heard quite enough this week)But the ball is still in the Greek court, he added (a phrase we have heard quite enough this week)
. @pierremoscovici 30th of June program expires markets r watching us.Solution not only possible but necessary pic.twitter.com/UtRxGYb5n1. @pierremoscovici 30th of June program expires markets r watching us.Solution not only possible but necessary pic.twitter.com/UtRxGYb5n1
Updated at 11.15am BSTUpdated at 11.15am BST
10.43am BST10:4310.43am BST10:43
Belgium’s finance minister, Johan Van Overtveldt, has told reporters in Luxembourg that today’s meeting “all depends” on what Greece proposes.Belgium’s finance minister, Johan Van Overtveldt, has told reporters in Luxembourg that today’s meeting “all depends” on what Greece proposes.
He told reporters:He told reporters:
“We’ll see what they bring to the table. I don’t know whatMr Varoufakis is coming up with. If there are reasonable proposals we will discuss them.“We’ll see what they bring to the table. I don’t know whatMr Varoufakis is coming up with. If there are reasonable proposals we will discuss them.
10.39am BST10:3910.39am BST10:39
Some European finance ministers are already arriving in Luxembourg for the eurogroup meeting, but most of them are staying silent.Some European finance ministers are already arriving in Luxembourg for the eurogroup meeting, but most of them are staying silent.
And @yanisvaroufakis just walked in. Not a single word.And @yanisvaroufakis just walked in. Not a single word.
Spanish Finance Minister De Guindos. No comment. Not a very talkative crowd this morning pic.twitter.com/M8CX1B8XZxSpanish Finance Minister De Guindos. No comment. Not a very talkative crowd this morning pic.twitter.com/M8CX1B8XZx
* Belgian finmin, asked if worried about Greece, replies "who isn't" - RTRS* Belgian finmin, asked if worried about Greece, replies "who isn't" - RTRS
10.32am BST10:3210.32am BST10:32
Eek. The Athens stock market is now down 3.5%, extending those early losses.Eek. The Athens stock market is now down 3.5%, extending those early losses.
Alpha Bank shares has tumbled almost 9%, with Piraeus Bank down 6.8% and Eurobank down 5.3%Alpha Bank shares has tumbled almost 9%, with Piraeus Bank down 6.8% and Eurobank down 5.3%
10.30am BST10:3010.30am BST10:30
Amid all the trouble and strife gripping Greece, it’s emerged that Alexis Tsipras’s domestic bliss is also on the line.Amid all the trouble and strife gripping Greece, it’s emerged that Alexis Tsipras’s domestic bliss is also on the line.
The Greek prime minister reportedly admitted to French president Francois Hollande that his partner, Peristera (Betty) Baziana, would leave him if he caves in to Greece’s creditors.The Greek prime minister reportedly admitted to French president Francois Hollande that his partner, Peristera (Betty) Baziana, would leave him if he caves in to Greece’s creditors.
That’s according to French satirical magazine Le Canard Enchaîné, which claims Hollande said:That’s according to French satirical magazine Le Canard Enchaîné, which claims Hollande said:
“[Tsipras] informed me that if he gave in to too many of the troika’s demands, he risked not only losing his party but also his partner, who is a fierce militant and is much farther left of him.”“[Tsipras] informed me that if he gave in to too many of the troika’s demands, he risked not only losing his party but also his partner, who is a fierce militant and is much farther left of him.”
won't anyone think of Tsipras' marriage? https://t.co/LhMDjY2UIEwon't anyone think of Tsipras' marriage? https://t.co/LhMDjY2UIE
Tsipras: wife will leave if I surrender to #Europe http://t.co/nhBU1UEYXa pic.twitter.com/2dlfuimlaETsipras: wife will leave if I surrender to #Europe http://t.co/nhBU1UEYXa pic.twitter.com/2dlfuimlaE
Alexis and Betty have known each other for decades; she’s credited with having encouraging him to join the communist party.Alexis and Betty have known each other for decades; she’s credited with having encouraging him to join the communist party.
As we wrote back in January:As we wrote back in January:
The two have kept their 30-year relationship largely out of the public eye. Unlike the first ladies that have come before her, Batziana has so far stayed away from the glamour that will come with the Maximos mansion, the official seat of the Greek prime minister.The two have kept their 30-year relationship largely out of the public eye. Unlike the first ladies that have come before her, Batziana has so far stayed away from the glamour that will come with the Maximos mansion, the official seat of the Greek prime minister.
The flat she shares with her partner and their two young sons is in the heart of working class district Kypseli, in Athens.The flat she shares with her partner and their two young sons is in the heart of working class district Kypseli, in Athens.
Related: Peristera Batziana: partner of 30 years to Alexis Tsipras, ‘Betty’ to the peopleRelated: Peristera Batziana: partner of 30 years to Alexis Tsipras, ‘Betty’ to the people
10.17am BST10:1710.17am BST10:17
Heads-up. The head of the Eurogroup will speak to the media around 1.15pm BST (3.15pm Athens time).Heads-up. The head of the Eurogroup will speak to the media around 1.15pm BST (3.15pm Athens time).
That’s before today’s meeting of finance ministers kicks off (so to speak).That’s before today’s meeting of finance ministers kicks off (so to speak).
Doorstep #eurogroup around 2:15pm in LuxembourgDoorstep #eurogroup around 2:15pm in Luxembourg
There’s a lot on the agenda, apart from Greece, so the meeting could last until 7pm BST.There’s a lot on the agenda, apart from Greece, so the meeting could last until 7pm BST.
Expectations, as I flagged up in the introduction, are not high. Or, as Hans Nichols of Bloomberg put it:Expectations, as I flagged up in the introduction, are not high. Or, as Hans Nichols of Bloomberg put it:
They’re below low. They’re subterranean.They’re below low. They’re subterranean.
Good morning Mr @J_Dijsselbloem: shall we just call off today's Eurogroup meeting & use the time for something more constructive? #GreeceGood morning Mr @J_Dijsselbloem: shall we just call off today's Eurogroup meeting & use the time for something more constructive? #Greece
Updated at 10.28am BSTUpdated at 10.28am BST
10.02am BST10:0210.02am BST10:02
With shares down across Europe, traders are bracing for a long, painful summer, says David Madden of IG:With shares down across Europe, traders are bracing for a long, painful summer, says David Madden of IG:
The word ‘default’ is being bandied around the trading floor even more so, and there are only so many times dealers will stare at the sea of red screens before they jump ship. The left-wing Syriza is determined it will not be the first one to blink and the ECB continues to stand its ground, but playing chicken with people who have nothing to lose is a dangerous game.The word ‘default’ is being bandied around the trading floor even more so, and there are only so many times dealers will stare at the sea of red screens before they jump ship. The left-wing Syriza is determined it will not be the first one to blink and the ECB continues to stand its ground, but playing chicken with people who have nothing to lose is a dangerous game.
The pressure is intense, even by Greek debt crisis standards, and one by one dealers are ducking of out the market.The pressure is intense, even by Greek debt crisis standards, and one by one dealers are ducking of out the market.
9.52am BST09:529.52am BST09:52
Greek stock market hits three-year lowGreek stock market hits three-year low
Greece’s stock market has fallen almost 2% in early trading, hitting a new three-year low.Greece’s stock market has fallen almost 2% in early trading, hitting a new three-year low.
#Greece's Athex share index hits fresh 3yr low below 670. pic.twitter.com/o8AmLJfXAV#Greece's Athex share index hits fresh 3yr low below 670. pic.twitter.com/o8AmLJfXAV
The Athens market has now shed 18% of its value since last Thursday (!), in a broad-based and unnerving rout.The Athens market has now shed 18% of its value since last Thursday (!), in a broad-based and unnerving rout.
Shares jumped last week on the back of reports that Germany was open to a ‘staggered deal’ for Greece, but has been sliding since as both sides have entrenched their positions.Shares jumped last week on the back of reports that Germany was open to a ‘staggered deal’ for Greece, but has been sliding since as both sides have entrenched their positions.
9.40am BST09:409.40am BST09:40
Euclid Tsakalotos has also told France’s Libération that Greece’s people could be asked to vote on its future, echoing his comments on the Today Programme.Euclid Tsakalotos has also told France’s Libération that Greece’s people could be asked to vote on its future, echoing his comments on the Today Programme.
Tsakalotos to @libe: If the choice is btw austerity inside the euro or leave the euro, it will be up to Greek people to say its opinion.Tsakalotos to @libe: If the choice is btw austerity inside the euro or leave the euro, it will be up to Greek people to say its opinion.
Updated at 9.43am BSTUpdated at 9.43am BST
9.31am BST09:319.31am BST09:31
#Greece "currencies aren't a religion" says ruling Syriza party's parliamentary spokesman Thanasis Petrakos#Greece "currencies aren't a religion" says ruling Syriza party's parliamentary spokesman Thanasis Petrakos
9.31am BST09:319.31am BST09:31
Greek government "will go to the people" if no dealGreek government "will go to the people" if no deal
The Athens government could call fresh elections or a referendum if it cannot get an acceptable deal, chief negotiator Euclid Tsakalotos suggests.The Athens government could call fresh elections or a referendum if it cannot get an acceptable deal, chief negotiator Euclid Tsakalotos suggests.
Asked for his contingency plan in case Greece leaves the euro, he replies:Asked for his contingency plan in case Greece leaves the euro, he replies:
Our position is that if we have an economically feasible plan that doesn’t create recession and continue the debt trap we will sign.Our position is that if we have an economically feasible plan that doesn’t create recession and continue the debt trap we will sign.
If we don’t, 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.If we don’t, 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.
But we will consult the Greek people. Becuase our mandate was the best possible deal within the euro, as we are pro-European.But we will consult the Greek people. Becuase our mandate was the best possible deal within the euro, as we are pro-European.
If that is not on the cards, and if Europe says you can do whatever you want, you can vote what you want but in the end you always have to do the same policies, then we’ll have to reconsider with the Greek people what to do about that.If that is not on the cards, and if Europe says you can do whatever you want, you can vote what you want but in the end you always have to do the same policies, then we’ll have to reconsider with the Greek people what to do about that.
9.24am BST09:249.24am BST09:24
While Merkel was addressing the German parliament, Greece’s chief negotiator was warning the British people that Europe could be plunged into Depression-era economics if Greece were to leave the euro.While Merkel was addressing the German parliament, Greece’s chief negotiator was warning the British people that Europe could be plunged into Depression-era economics if Greece were to leave the euro.
Speaking on the Today Programme, Euclid Tsakalotos argued that Grexit would radically change the nature of the single currencySpeaking on the Today Programme, Euclid Tsakalotos argued that Grexit would radically change the nature of the single currency
My greatest fear as a progressive person, Taskalotos said, is that:My greatest fear as a progressive person, Taskalotos said, is that:
“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”.“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.”
But if Greece stays in, isn’t the lesson to other countries with similar problems is ‘we don’t actually need to pay our debt’?But if Greece stays in, isn’t the lesson to other countries with similar problems is ‘we don’t actually need to pay our debt’?
No, Tsakalotos argues. the lesson is that we need to stop financial markets going on a lending spree:No, Tsakalotos argues. the lesson is that we need to stop financial markets going on a lending spree:
When someone has borrowed too much, someone else has lent too much...When someone has borrowed too much, someone else has lent too much...
Cue much spluttering from John Humphrys - That’s like a drunk blaming the barman for selling him the drink.Cue much spluttering from John Humphrys - That’s like a drunk blaming the barman for selling him the drink.
Tsakalotos won’t take this lying down; he reminds Humphrys that Greece’s debt/GDP ratio has done up from 129% to 180% since its first bailout programme began. A different approach is needed.Tsakalotos won’t take this lying down; he reminds Humphrys that Greece’s debt/GDP ratio has done up from 129% to 180% since its first bailout programme began. A different approach is needed.
Updated at 9.33am BSTUpdated at 9.33am BST
9.04am BST09:049.04am BST09:04
Oppermann of the SPD went on to talk about the British referendum on EU membership, which could be held as early as next year. He is hoping for a yes vote, saying:Oppermann of the SPD went on to talk about the British referendum on EU membership, which could be held as early as next year. He is hoping for a yes vote, saying:
Britain is a great political, economic and cultural force in Europe.Britain is a great political, economic and cultural force in Europe.
We owe Britain a lot – it gave us the first parliamentary democracy.We owe Britain a lot – it gave us the first parliamentary democracy.
He mentioned Magna Carta, and the fact that many Britons lost their lives in the battle against Hitler Germany.He mentioned Magna Carta, and the fact that many Britons lost their lives in the battle against Hitler Germany.
Without Britain, the EU’s foreign policy would have less weight.Without Britain, the EU’s foreign policy would have less weight.
But Europe can’t function like a sweet dispenser where everyone picks the best bits.But Europe can’t function like a sweet dispenser where everyone picks the best bits.
Europe does not work if everyone thinks only of their own advantages.Europe does not work if everyone thinks only of their own advantages.
If the “I” becomes a “we” we can emerge from the crisis.If the “I” becomes a “we” we can emerge from the crisis.
Updated at 9.09am BSTUpdated at 9.09am BST
8.54am BST08:548.54am BST08:54
Following Merkel’s speech, Gregor Gysi, of the Left Party, launched a blistering attack on the German government’s eurozone policies. Now Thomas Oppermann, who heads up the Social Democrat group in the Bundestag, has warned that “time is running out” for Greece.Following Merkel’s speech, Gregor Gysi, of the Left Party, launched a blistering attack on the German government’s eurozone policies. Now Thomas Oppermann, who heads up the Social Democrat group in the Bundestag, has warned that “time is running out” for Greece.
He accused the Syriza government, elected in January, of wasting its first few months in office by giving interviews – “I find this irresponsible.” He added that he got the impression that the Greek government didn’t really want to negotiate, and took issue with its branding of the IMF as “criminal”. But, he said:He accused the Syriza government, elected in January, of wasting its first few months in office by giving interviews – “I find this irresponsible.” He added that he got the impression that the Greek government didn’t really want to negotiate, and took issue with its branding of the IMF as “criminal”. But, he said:
It’s five to 12. I still hope we can get a fair solution.It’s five to 12. I still hope we can get a fair solution.
#Gregor Gysi (Die Linke) delivers scathing attack of German #Eurozone politics in Bundestag - says its breaking down the idea of Europe.#Gregor Gysi (Die Linke) delivers scathing attack of German #Eurozone politics in Bundestag - says its breaking down the idea of Europe.
8.48am BST08:488.48am BST08:48
Europe’s stock markets are in the red again, despite Merkel’s pledge to keep working towards a Greek deal.Europe’s stock markets are in the red again, despite Merkel’s pledge to keep working towards a Greek deal.
Most indices are at fresh four-month lows:Most indices are at fresh four-month lows:
8.45am BST08:458.45am BST08:45
Merkel this morning reiterates that Germany's goal is to keep #Greece in Euro.Merkel this morning reiterates that Germany's goal is to keep #Greece in Euro.
8.44am BST08:448.44am BST08:44
#Merkel didn't sound ready to compromise at all. She didn't talk about the hardships for the Greek, but about how #Greece failed to deliver.#Merkel didn't sound ready to compromise at all. She didn't talk about the hardships for the Greek, but about how #Greece failed to deliver.
8.41am BST08:418.41am BST08:41
As usual, Merkel delivered a very measured speech. The only stab at passion was when she said the euro is far more than just a currency.As usual, Merkel delivered a very measured speech. The only stab at passion was when she said the euro is far more than just a currency.
Updated at 8.42am BSTUpdated at 8.42am BST
8.31am BST08:318.31am BST08:31
#Merkel addressing the Bundestag: goal is to keep #Greece in euro, deal with creditors "is still possible". Really not a passionate speech.#Merkel addressing the Bundestag: goal is to keep #Greece in euro, deal with creditors "is still possible". Really not a passionate speech.
8.29am BST08:298.29am BST08:29
8.28am BST08:288.28am BST08:28
Merkel ends speech. No room for concessions to #Greece visible in her speech.Merkel ends speech. No room for concessions to #Greece visible in her speech.
8.26am BST08:268.26am BST08:26
That concludes Merkel’s statement – she has received a lot of applause from MPs in the German parliament.That concludes Merkel’s statement – she has received a lot of applause from MPs in the German parliament.
8.26am BST08:268.26am BST08:26
Merkel: A deal is still possibleMerkel: A deal is still possible
Merkel is now talking about Greece.Merkel is now talking about Greece.
Greece was on a good path, but it has not been completed. It has dragged its heels on necessary structural reforms.Greece was on a good path, but it has not been completed. It has dragged its heels on necessary structural reforms.
She is heckled when she says: “Self-responsibility and solidarity go hand in hand.”She is heckled when she says: “Self-responsibility and solidarity go hand in hand.”
She reiterates that Germany is working to keep Greece in the euro, using her mantra “where there is a will, there is a way”. A deal is still possible with Greece’s three international creditors – the EU, International Monetary Fund and European Central Bank.She reiterates that Germany is working to keep Greece in the euro, using her mantra “where there is a will, there is a way”. A deal is still possible with Greece’s three international creditors – the EU, International Monetary Fund and European Central Bank.
Merkel: #Euro far more than a currencyMerkel: #Euro far more than a currency
Updated at 9.04am BSTUpdated at 9.04am BST
8.23am BST08:238.23am BST08:23
Merkel says the EU summit next week won’t discuss Britain’s demands for EU reforms, but Donald Tusk, president of the European Council, will be asked to examine them. But, Merkel stresses, the principle of freedom of movement within the EU is not up for debate.Merkel says the EU summit next week won’t discuss Britain’s demands for EU reforms, but Donald Tusk, president of the European Council, will be asked to examine them. But, Merkel stresses, the principle of freedom of movement within the EU is not up for debate.
The German chancellor says it’s not the first time that a member state has sought to clarify its role within the EU, but in the end, compromises were always found. She mentions Denmark in 1992 and Ireland in 2008.The German chancellor says it’s not the first time that a member state has sought to clarify its role within the EU, but in the end, compromises were always found. She mentions Denmark in 1992 and Ireland in 2008.
I’m confident that we can achieve this this time. [i.e. keep Britain in the EU]I’m confident that we can achieve this this time. [i.e. keep Britain in the EU]
Updated at 8.39am BSTUpdated at 8.39am BST
8.22am BST08:228.22am BST08:22
Merkel: #Euro far more than a currencyMerkel: #Euro far more than a currency
Updated at 8.24am BSTUpdated at 8.24am BST
8.18am BST08:188.18am BST08:18
On to Brexit: Merkel says she wants Britain to continue to be an “active partner in a strong EU”.On to Brexit: Merkel says she wants Britain to continue to be an “active partner in a strong EU”.
Britain needs to figure out itself what role it wants to play in Europe, she says.Britain needs to figure out itself what role it wants to play in Europe, she says.
Updated at 8.34am BSTUpdated at 8.34am BST
8.15am BST08:158.15am BST08:15
Merkel is now talking about the eurozone. France and Germany will be pushing for the coordination of economic policies within the current treaties – to boost competitiveness and jobs, she says. This means more structural reforms by member states.Merkel is now talking about the eurozone. France and Germany will be pushing for the coordination of economic policies within the current treaties – to boost competitiveness and jobs, she says. This means more structural reforms by member states.
8.08am BST08:088.08am BST08:08
8.07am BST08:078.07am BST08:07
The EU summit will address immigration policy, she says, particularly the “tragedies” in the Mediterranean. Thousands of migrants have died trying to cross the Mediterranean in recent months, and thousands of others have been rescued.The EU summit will address immigration policy, she says, particularly the “tragedies” in the Mediterranean. Thousands of migrants have died trying to cross the Mediterranean in recent months, and thousands of others have been rescued.
8.04am BST08:048.04am BST08:04
After a brief mic malfunction, Merkel is speaking now.After a brief mic malfunction, Merkel is speaking now.
8.01am BST08:018.01am BST08:01
Angela Merkel addresses German parliamentAngela Merkel addresses German parliament
German chancellor Angela Merkel is due to give a statement on next week’s EU summit in the German parliament shortly. You can watch it live here.German chancellor Angela Merkel is due to give a statement on next week’s EU summit in the German parliament shortly. You can watch it live here.
Updated at 8.09am BSTUpdated at 8.09am BST
7.57am BST07:577.57am BST07:57
French finance minister: Grexit would be a catastropheFrench finance minister: Grexit would be a catastrophe
French finance minister Michel Sapin has set the tone for today’s meeting by warning it would be a “total catastrophe” for Greece if Athens left the eurozone.French finance minister Michel Sapin has set the tone for today’s meeting by warning it would be a “total catastrophe” for Greece if Athens left the eurozone.
France was doing all it could to find a deal, he told the France Info radio, adding:France was doing all it could to find a deal, he told the France Info radio, adding:
“We will fight till the end to find an agreement with Greece.”“We will fight till the end to find an agreement with Greece.”
Updated at 8.01am BSTUpdated at 8.01am BST
7.50am BST07:507.50am BST07:50
Europe’s stock markets are expected to fall again today, extending recent losses, as investors watch the Greece crisis play out.Europe’s stock markets are expected to fall again today, extending recent losses, as investors watch the Greece crisis play out.
Here’s the pre-market predictions:Here’s the pre-market predictions:
Last night, Fed chief Janet Yellen warned there will be “spillover effects” across the financial markets if the Greek crisis ends badly.Last night, Fed chief Janet Yellen warned there will be “spillover effects” across the financial markets if the Greek crisis ends badly.
Michael Hewson of CMC Markets confirms that hopes for today’s meeting aren’t high:Michael Hewson of CMC Markets confirms that hopes for today’s meeting aren’t high:
Today’s Eurogroup meeting in Luxembourg has been touted as the “last chance saloon” for Greece to agree a deal in time for the end of June.Today’s Eurogroup meeting in Luxembourg has been touted as the “last chance saloon” for Greece to agree a deal in time for the end of June.
Regrettably the meeting is likely to come and go without any deal given that Greek officials have refused to submit any fresh proposals, and Greek Prime Minister is jetting off to Russia to see President Putin, which means we may well get some talks over the weekend.Regrettably the meeting is likely to come and go without any deal given that Greek officials have refused to submit any fresh proposals, and Greek Prime Minister is jetting off to Russia to see President Putin, which means we may well get some talks over the weekend.
In a sign of how bad things have got the Greek central bank broke with convention and abandoned its neutrality by criticising its incumbent government for the policies it was implementing, in a sign of the fissures opening up in the Greek establishment.In a sign of how bad things have got the Greek central bank broke with convention and abandoned its neutrality by criticising its incumbent government for the policies it was implementing, in a sign of the fissures opening up in the Greek establishment.
Updated at 7.53am BSTUpdated at 7.53am BST
7.40am BST07:407.40am BST07:40
Introduction: Eurogroup meets, but hopes aren't highIntroduction: Eurogroup meets, but hopes aren't high
Good morning.Good morning.
Finance ministers from across the eurozone are heading to Luxembourg today to discuss Greece, which has less than a fortnight to reach a deal with creditors before its bailout expires.Finance ministers from across the eurozone are heading to Luxembourg today to discuss Greece, which has less than a fortnight to reach a deal with creditors before its bailout expires.
Hopes of a breakthrough are desperately low, though, despite fears of looming capital controls and Greece’s membership of the EU now at stake.Hopes of a breakthrough are desperately low, though, despite fears of looming capital controls and Greece’s membership of the EU now at stake.
Today’s Eurogroup meeting had been inked in as the moment where Europe could rubber stamp a deal; instead, it could be another missed opportunity to make progress.Today’s Eurogroup meeting had been inked in as the moment where Europe could rubber stamp a deal; instead, it could be another missed opportunity to make progress.
Both sides expect the other to make the next move, to close the gap between the measures Greece is prepared to take in return for bailout aid, and what creditors demand. Athens’ insistence that debt relief is needed - and Europe’s reluctance to address this - mean it could be a short discussion.Both sides expect the other to make the next move, to close the gap between the measures Greece is prepared to take in return for bailout aid, and what creditors demand. Athens’ insistence that debt relief is needed - and Europe’s reluctance to address this - mean it could be a short discussion.
And without a deal very soon, Greece will simply be unable to repay the IMF the €1.6bn it owes on June 30.And without a deal very soon, Greece will simply be unable to repay the IMF the €1.6bn it owes on June 30.
Today's @guardian on #Greece: "can't pay, won't pay", and the striking numbers on unemployment, cuts pic.twitter.com/eDXt3SQ98SToday's @guardian on #Greece: "can't pay, won't pay", and the striking numbers on unemployment, cuts pic.twitter.com/eDXt3SQ98S
Last night, Greek finance minister Yanis Varoufakis told ITN News he doesn’t expect a deal today, even though time is desperately short.Last night, Greek finance minister Yanis Varoufakis told ITN News he doesn’t expect a deal today, even though time is desperately short.
“This is the 11th hour.”“This is the 11th hour.”
“The only sensible proposals on the table at the moment are those that we have tabled. The other side have not come to the party,”“The only sensible proposals on the table at the moment are those that we have tabled. The other side have not come to the party,”
The other side, though, insist that it’s Greece’s move in this long-running saga.The other side, though, insist that it’s Greece’s move in this long-running saga.
The meeting takes place this afternoon, but we should hear from ministers through the morning as they make their way to the meeting.The meeting takes place this afternoon, but we should hear from ministers through the morning as they make their way to the meeting.
We’re also watching out for comments from Angela Merkel this morning, when she addresses MPs in Berlin.We’re also watching out for comments from Angela Merkel this morning, when she addresses MPs in Berlin.
#grexit merkel delivers govt statement to bundestag thur morn on next week's eu summit. she always does that on summit day, not a week early#grexit merkel delivers govt statement to bundestag thur morn on next week's eu summit. she always does that on summit day, not a week early
We will be tracking all the key developments through the day...We will be tracking all the key developments through the day...
Updated at 9.38am BSTUpdated at 9.38am BST