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| Greece to make improved offer to international creditors | |
| (35 minutes later) | |
| Greece is to improve its offer to its international creditors, in a new attempt to find agreement before a deadline at the end of June which could force it into default and out of the eurozone. | Greece is to improve its offer to its international creditors, in a new attempt to find agreement before a deadline at the end of June which could force it into default and out of the eurozone. |
| The country has been locked in negotiations with European leaders for weeks, but has been unable to find a compromise on the reforms demanded by its creditors in return for a fresh tranche of cash. | The country has been locked in negotiations with European leaders for weeks, but has been unable to find a compromise on the reforms demanded by its creditors in return for a fresh tranche of cash. |
| The European Central Bank was forced to provide €1.8bn in emergency funding for the Greek banking system on Friday to keep it afloat over the weekend, after more than €1bn was withdrawn in just one day by Greeks, fearing that their country was about to slip into economic crisis. | The European Central Bank was forced to provide €1.8bn in emergency funding for the Greek banking system on Friday to keep it afloat over the weekend, after more than €1bn was withdrawn in just one day by Greeks, fearing that their country was about to slip into economic crisis. |
| The minister of state, Alekos Flabouraris, told a Greek television show on Saturday morning that the government was prepared to bring new reforms to the table when talks restarted. “We will try to supplement our proposal so that we get closer to a solution,” he said. | The minister of state, Alekos Flabouraris, told a Greek television show on Saturday morning that the government was prepared to bring new reforms to the table when talks restarted. “We will try to supplement our proposal so that we get closer to a solution,” he said. |
| “We are not going there with the old proposal. Some work is being done to see where we can converge, so that we achieve a mutually beneficial solution.” | “We are not going there with the old proposal. Some work is being done to see where we can converge, so that we achieve a mutually beneficial solution.” |
| If Greece does not receive a fresh bailout from its creditors by 30 June, it will be unable to meet the next repayment of €1.6bn to the International Monetary Fund and could be turfed out of the single currency completely. | If Greece does not receive a fresh bailout from its creditors by 30 June, it will be unable to meet the next repayment of €1.6bn to the International Monetary Fund and could be turfed out of the single currency completely. |
| Previously, the prime minister, Alexis Tsipras, and his radical leftist government elected in January on an anti-austerity platform, have refused to give in to eurozone demands that they cut pensions and raise taxes. | Previously, the prime minister, Alexis Tsipras, and his radical leftist government elected in January on an anti-austerity platform, have refused to give in to eurozone demands that they cut pensions and raise taxes. |
| Flabouraris, who is close to Tsipras, also said he was confident a deal would be reached soon. A teleconference between Tsipras and the head of the European Commission, Jean-Claude Juncker, will probably take place today, he added. | Flabouraris, who is close to Tsipras, also said he was confident a deal would be reached soon. A teleconference between Tsipras and the head of the European Commission, Jean-Claude Juncker, will probably take place today, he added. |
| Tsipras is on his way back to Greece from Russia, where he has been seeking support from Vladimir Putin. | Tsipras is on his way back to Greece from Russia, where he has been seeking support from Vladimir Putin. |
| Speaking in St Petersburg yesterday, Tsipras expressed confidence that a deal would be done. “All those who are betting on crisis and terror scenarios will be proven wrong,” he said. | Speaking in St Petersburg yesterday, Tsipras expressed confidence that a deal would be done. “All those who are betting on crisis and terror scenarios will be proven wrong,” he said. |