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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jun/19/greek-crisis-emergency-meetings-tsipras-banks-ecb-live-updates
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| Version 1 | Version 2 |
|---|---|
| Greek crisis: Emergency meetings as bank fears grow - live updates | Greek crisis: Emergency meetings as bank fears grow - live updates |
| (35 minutes later) | |
| 8.39am BST08:39 | |
| Osborne: Time to prepare for the worst | |
| UK chancellor George Osborne has urged Athens to reach a deal with its lenders. | |
| Arriving at today’s meeting of finance ministers, he says: | |
| We have entered the eleventh hour of this Greek crisis and we urge the Greek government to do a deal before it is too late. | |
| We hope for the best, but we now must be prepared for the worst. | |
| Britain has “taken measures” to increase economic security to handle risks from abroad, he adds. | |
| A reporter asks Osborne what “the worst” is, but I don’t think he replies before vanishing into today’s meeting. | |
| Updated at 8.45am BST | |
| 8.27am BST08:27 | |
| There is a total absence of panic in the European stock markets in early trading: | |
| The Athens market opens in a few minutes.... | |
| 8.19am BST08:19 | 8.19am BST08:19 |
| EU finance ministers are arriving back in Luxembourg -- and sounding downbeat about Greece. | EU finance ministers are arriving back in Luxembourg -- and sounding downbeat about Greece. |
| Luis Des Guindos, Spanish fin min #ECOFIN doorstep on #Greece "I'm worried.I don’t know what we’re going to do.We just have a few days left" | Luis Des Guindos, Spanish fin min #ECOFIN doorstep on #Greece "I'm worried.I don’t know what we’re going to do.We just have a few days left" |
| "Most likely a #eurogroup on Monday says @alexstubb of Finland. No new doc since 20 Feb" on #Greece #ECOFIN | "Most likely a #eurogroup on Monday says @alexstubb of Finland. No new doc since 20 Feb" on #Greece #ECOFIN |
| 8.05am BST08:05 | 8.05am BST08:05 |
| Tsipras: There will be a deal | Tsipras: There will be a deal |
| Greece’s prime minister has welcomed the decision to call an emergency summit on Monday night. | Greece’s prime minister has welcomed the decision to call an emergency summit on Monday night. |
| In a statement, Alexis Tsipras declared that Greece will reach a solution that will allow it to stay in the euro area and return to growth: | In a statement, Alexis Tsipras declared that Greece will reach a solution that will allow it to stay in the euro area and return to growth: |
| “Τhe (euro zone) leaders summit on Monday is a positive development on the road toward a deal. | “Τhe (euro zone) leaders summit on Monday is a positive development on the road toward a deal. |
| “All those who are betting on crisis and terror scenarios will be proven wrong. | “All those who are betting on crisis and terror scenarios will be proven wrong. |
| There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro” | There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro” |
| Greek PM Tsipras: Euro Summit On Greece Is Positive Development -- RTRS -Those Betting On Crisis Will Be Proven Wrong | Greek PM Tsipras: Euro Summit On Greece Is Positive Development -- RTRS -Those Betting On Crisis Will Be Proven Wrong |
| Updated at 8.05am BST | Updated at 8.05am BST |
| 8.01am BST08:01 | 8.01am BST08:01 |
| These charts show how Greek deposit levels have fallen steadily this year, prompting the ECB to steadily provide more and more emergency liquidity. | These charts show how Greek deposit levels have fallen steadily this year, prompting the ECB to steadily provide more and more emergency liquidity. |
| #ECB said to plan Emergency Greek aid call amid bank run http://t.co/WBWgadIU77 #Greece #Grexit pic.twitter.com/7j08e5HIbH | #ECB said to plan Emergency Greek aid call amid bank run http://t.co/WBWgadIU77 #Greece #Grexit pic.twitter.com/7j08e5HIbH |
| 7.53am BST07:53 | 7.53am BST07:53 |
| Greek newspaper Kathimerini reports that the Bank of Greece has asked the ECB for another €3.5bn of emergency funding, to handle the deposit flight. | Greek newspaper Kathimerini reports that the Bank of Greece has asked the ECB for another €3.5bn of emergency funding, to handle the deposit flight. |
| It also says that €1.2bn was taken out of banks on Thursday, on top of the €2bn between Monday and Wednesday. | It also says that €1.2bn was taken out of banks on Thursday, on top of the €2bn between Monday and Wednesday. |
| More here: | More here: |
| Bank of Greece asks ECB for extra cash flow via ELA | Bank of Greece asks ECB for extra cash flow via ELA |
| 7.47am BST07:47 | 7.47am BST07:47 |
| Today’s ECB session comes just two days after it extended another €1.1bn of emergency liquidity to the Greek banking sector. | Today’s ECB session comes just two days after it extended another €1.1bn of emergency liquidity to the Greek banking sector. |
| But the fear is that funds are leaving banks faster than the ECB can put them in. | But the fear is that funds are leaving banks faster than the ECB can put them in. |
| Especially after ECB executive Benoît Cœuré told yesterday’s meeting that he didn’t know if Greek banks would be able to open on Monday. | Especially after ECB executive Benoît Cœuré told yesterday’s meeting that he didn’t know if Greek banks would be able to open on Monday. |
| #grexit ecb put up 1bn+ in ELA on weds, looks like more today. stopping or starting a #bankrun? | #grexit ecb put up 1bn+ in ELA on weds, looks like more today. stopping or starting a #bankrun? |
| @traynorbrussels @graemewearden After Coeure's alleged remarks I would say fuelling, since it has already started | @traynorbrussels @graemewearden After Coeure's alleged remarks I would say fuelling, since it has already started |
| 7.35am BST07:35 | 7.35am BST07:35 |
| The AFP newswire has more details of the European Central Bank’s emergency meeting: | The AFP newswire has more details of the European Central Bank’s emergency meeting: |
| The European Central Bank’s decision-making governing council will hold an emergency session Friday to discuss a request from the Bank of Greece for an increase in liquidity to Greek banks, sources familiar with the matter told AFP. | The European Central Bank’s decision-making governing council will hold an emergency session Friday to discuss a request from the Bank of Greece for an increase in liquidity to Greek banks, sources familiar with the matter told AFP. |
| The council will hold a teleconference at around midday (1000 GMT) to discuss a possible increase in the Emergency Liquidity Assistance facility, as deposit withdrawals from Greek banks have accelerated in recent days, sources said, speaking on condition of anonymity. An ECB spokesman declined to comment. | The council will hold a teleconference at around midday (1000 GMT) to discuss a possible increase in the Emergency Liquidity Assistance facility, as deposit withdrawals from Greek banks have accelerated in recent days, sources said, speaking on condition of anonymity. An ECB spokesman declined to comment. |
| 7.29am BST07:29 | 7.29am BST07:29 |
| Introduction: Emergency meetings as Greek crisis hits new highs | Introduction: Emergency meetings as Greek crisis hits new highs |
| Good morning. | Good morning. |
| More than five years after it began, Greece’s debt crisis is rattling towards a climax after finance ministers failed to make any progress towards a deal last night. | More than five years after it began, Greece’s debt crisis is rattling towards a climax after finance ministers failed to make any progress towards a deal last night. |
| And with deposits leaving its banks at a faster rate this week, Europe could be facing a full-blown banking crisis: | And with deposits leaving its banks at a faster rate this week, Europe could be facing a full-blown banking crisis: |
| Related: Greece faces banking crisis after eurozone meeting breaks down | Related: Greece faces banking crisis after eurozone meeting breaks down |
| As we covered in yesterday’s liveblog, EU leaders will take on the responsibility for tackling the crisis, when they hold an emergency summit on Monday evening. That was triggered by growing fears over Greece’s banking sector, we understand, after over €2bn was taken out between Monday and Wednesday: | As we covered in yesterday’s liveblog, EU leaders will take on the responsibility for tackling the crisis, when they hold an emergency summit on Monday evening. That was triggered by growing fears over Greece’s banking sector, we understand, after over €2bn was taken out between Monday and Wednesday: |
| #grexit top eurogroup participant tells @guardian timing of Monday summit to do with fear of bank run/collapse | #grexit top eurogroup participant tells @guardian timing of Monday summit to do with fear of bank run/collapse |
| And the sight of pro-EU demonstrators protesting against the government’s stance last night has shown we are entering a new phase in this long crisis. | And the sight of pro-EU demonstrators protesting against the government’s stance last night has shown we are entering a new phase in this long crisis. |
| Photos: Pro-EU demo in Athens tonight after dramatic day http://t.co/KDLYWrujY7 pic.twitter.com/K0ENgXg1Rr | Photos: Pro-EU demo in Athens tonight after dramatic day http://t.co/KDLYWrujY7 pic.twitter.com/K0ENgXg1Rr |
| So what happens today? | So what happens today? |
| The European Central Bank will hold an emergency meeting to discuss whether to extend more emergency liquidity to Greece’s banks, to allow them to keep running as savers withdraw their | The European Central Bank will hold an emergency meeting to discuss whether to extend more emergency liquidity to Greece’s banks, to allow them to keep running as savers withdraw their |
| That meeting is scheduled for 11am BST, or 1pm Greek time, according to Bloomberg TV. | That meeting is scheduled for 11am BST, or 1pm Greek time, according to Bloomberg TV. |
| There could be more action in Luxembourg today, where European finance ministers will be holding further meetings. Not about Greece, though, but I think we can guess what they’ll be chatting about over the orange juice and croissants. | There could be more action in Luxembourg today, where European finance ministers will be holding further meetings. Not about Greece, though, but I think we can guess what they’ll be chatting about over the orange juice and croissants. |
| This morning starts with four breakfast meetings: hotel, @EPP, #EIB and #Ecofin. | This morning starts with four breakfast meetings: hotel, @EPP, #EIB and #Ecofin. |
| The press pack are poised for action: | The press pack are poised for action: |
| I've woken up this morning to the realisation that I'm still in #Luxembourg. | I've woken up this morning to the realisation that I'm still in #Luxembourg. |
| Greece’s prime minister Alexis Tsipras is (I think) still in Russia. He was due to meet with President Vladimir Putin at some point. | Greece’s prime minister Alexis Tsipras is (I think) still in Russia. He was due to meet with President Vladimir Putin at some point. |
| But the big question is how the Greek people, battered by years of deadlock, austerity and division, respond to the latest developments which are dominating the front pages.... | But the big question is how the Greek people, battered by years of deadlock, austerity and division, respond to the latest developments which are dominating the front pages.... |
| Guardian front page, Friday 19 June 2015: Fears over Greek banks as talks collapse in acrimony pic.twitter.com/EPSD5JX8ZX | Guardian front page, Friday 19 June 2015: Fears over Greek banks as talks collapse in acrimony pic.twitter.com/EPSD5JX8ZX |
| Friday's FT front page: EU calls crisis summit after Athens bailout talks collapse #tomorrowspaperstoday #bbcpapers pic.twitter.com/IA3q30tBRx | Friday's FT front page: EU calls crisis summit after Athens bailout talks collapse #tomorrowspaperstoday #bbcpapers pic.twitter.com/IA3q30tBRx |
| Friday's Times front page: Greek banks on brink of collapse as savers panic #tomorrowspaperstoday #bbcpapers pic.twitter.com/SdS1OylzP2 | Friday's Times front page: Greek banks on brink of collapse as savers panic #tomorrowspaperstoday #bbcpapers pic.twitter.com/SdS1OylzP2 |
| We’ll be tracking all the main events through the day... | We’ll be tracking all the main events through the day... |
| Updated at 7.29am BST | Updated at 7.29am BST |