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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jun/18/greek-crisis-eurozone-finance-ministers-merkel-live
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| Greek crisis: Merkel says a deal is still possible - live updates | Greek crisis: Merkel says a deal is still possible - live updates |
| (35 minutes later) | |
| 9.24am 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. | |
| Speaking 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: | |
| “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.” | |
| 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: | |
| 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. | |
| 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. | |
| 9.04am 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: | |
| Britain is a great political, economic and cultural force in Europe. | |
| 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. | |
| 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. | |
| Europe does not work if everyone thinks only of their own advantages. | |
| If the “I” becomes a “we” we can emerge from the crisis. | |
| Updated at 9.09am BST | |
| 8.54am BST08:54 | 8.54am 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 BST08:48 | 8.48am 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 BST08:45 | 8.45am 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 BST08:44 | 8.44am 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 BST08:41 | 8.41am 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 BST | Updated at 8.42am BST |
| 8.31am BST08:31 | 8.31am 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 BST08:29 | 8.29am BST08:29 |
| 8.28am BST08:28 | 8.28am 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 BST08:26 | 8.26am 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 BST08:26 | 8.26am BST08:26 |
| Merkel: 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 currency | Merkel: #Euro far more than a currency |
| Updated at 9.04am BST | |
| 8.23am BST08:23 | 8.23am 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 BST | Updated at 8.39am BST |
| 8.22am BST08:22 | 8.22am BST08:22 |
| Merkel: #Euro far more than a currency | Merkel: #Euro far more than a currency |
| Updated at 8.24am BST | Updated at 8.24am BST |
| 8.18am BST08:18 | 8.18am 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 BST | Updated at 8.34am BST |
| 8.15am BST08:15 | 8.15am 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 BST08:08 | 8.08am BST08:08 |
| 8.07am BST08:07 | 8.07am 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 BST08:04 | 8.04am BST08:04 |
| After a brief mic malfunction, Merkel is speaking now. | After a brief mic malfunction, Merkel is speaking now. |
| 8.01am BST08:01 | 8.01am BST08:01 |
| Angela Merkel addresses German parliament | Angela 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 BST | Updated at 8.09am BST |
| 7.57am BST07:57 | 7.57am BST07:57 |
| French finance minister: Grexit would be a catastrophe | French 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 BST | Updated at 8.01am BST |
| 7.50am BST07:50 | 7.50am 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 BST | Updated at 7.53am BST |
| 7.40am BST07:40 | 7.40am BST07:40 |
| Introduction: Eurogroup meets, but hopes aren't high | Introduction: 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 prepare 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 prepare 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/eDXt3SQ98S | Today'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 7.43am BST | Updated at 7.43am BST |