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Greek crisis: last-ditch bid to avert default - live updates Greek crisis: last-ditch bid to avert default - live updates
(35 minutes later)
7.51am BST07:51
City traders are predicting that the German stock market will leap this morning, on hopes of a breakthrough today....
And German Dax forecast +290 points (!!) at 11,330, on Greek rumours.
7.45am BST07:45
Moscovici: Convinced we'll get a deal
EU economic commissioner Pierre Moscovici has declared that a solution will be found to tackle the Greek crisis, after Athens submitted new proposals late last night.
Speaking on Europe 1 radio, Moscovici said today is a “decisive, vital” day for Greece, adding:
We’ll be having meetings with [Greek PM Alexis] Tsipras which, I hope and I am convinced, will allow us to reach an agreement this evening”.
“We are moving in the right direction, we have solid ground for a deal, we just have to consolidate that today ...
I think that the political will of everyone to preserve the euro, this common good, to ensure that this single currency is irreversible, will win the day.”
(thanks to Reuters for the quotes)
"Journée décisive, vitale. Je pense que la volonté de tous de préserver l'euro l'emportera" @pierremoscovici #E1matin pic.twitter.com/7XUJrxcrYh
He’s just tweeted this message too:
La volonté politique de tous est de préserver l'#Euro, ce bien commun irréversible #Grèce @Europe1
Updated at 7.54am BST
7.31am BST07:31
Optimism is building that we will, finally, see meaningful progress today.
As Luxembourg’s foreign minister Jean Asselborn told Germany’s Deutschlandfunk radio a few minutes ago:
“There will be a lurch forward.”
7.24am BST07:247.24am BST07:24
The Agenda: Lots of meetingsThe Agenda: Lots of meetings
Today will be packed with top level meetings. Here’s the running order:Today will be packed with top level meetings. Here’s the running order:
Updated at 7.25am BST Updated at 7.39am BST
7.15am BST07:157.15am BST07:15
Introduction: Greece's future in the balanceIntroduction: Greece's future in the balance
Good morning.Good morning.
Hope you all had a relaxing weekend, because today should be as dramatic as anything we’ve seen since the eurozone crisis began over five years ago.Hope you all had a relaxing weekend, because today should be as dramatic as anything we’ve seen since the eurozone crisis began over five years ago.
In the coming hours, the most powerful politicians and officials in Europe will hold a series of emergency meetings that will, most likely, determine the future of both Greece and the wider eurozone.In the coming hours, the most powerful politicians and officials in Europe will hold a series of emergency meetings that will, most likely, determine the future of both Greece and the wider eurozone.
This really could be the last possible chance to reach a deal to avert Greece defaulting, possible exiting the eurozone, and potentially giving the financial markets and the world economy a seismic jolt.This really could be the last possible chance to reach a deal to avert Greece defaulting, possible exiting the eurozone, and potentially giving the financial markets and the world economy a seismic jolt.
The goal? Hammering out an agreement to finally unlock bailout funds for Greece, which have been locked away for months as its government has tussled with the eurozone.The goal? Hammering out an agreement to finally unlock bailout funds for Greece, which have been locked away for months as its government has tussled with the eurozone.
That deadlock was broken late last night, when the Greek government submitted new proposals to the heads of the International Monetary Fund, the European Central Bank, and the European Commission.That deadlock was broken late last night, when the Greek government submitted new proposals to the heads of the International Monetary Fund, the European Central Bank, and the European Commission.
New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt".New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt".
Eine Zangengeburt means forceps delivery, by the way.....Eine Zangengeburt means forceps delivery, by the way.....
@GreekAnalyst @MartinSelmayr @JunckerEU @Lagarde @ecb not so much forceps delivery as Caesarian section, I'd say. But to what end?@GreekAnalyst @MartinSelmayr @JunckerEU @Lagarde @ecb not so much forceps delivery as Caesarian section, I'd say. But to what end?
Those proposals will be scrutinised this morning, when Greece’s prime minister, Alexis Tsipras, meets IMF chief Christine Lagarde, ECB president Mario Draghi, EC president Jean-Claude Juncker, and Eurogroup president Jeroen Dijsselbloem (chair of the eurozone finance ministers).Those proposals will be scrutinised this morning, when Greece’s prime minister, Alexis Tsipras, meets IMF chief Christine Lagarde, ECB president Mario Draghi, EC president Jean-Claude Juncker, and Eurogroup president Jeroen Dijsselbloem (chair of the eurozone finance ministers).
That will be followed by a eurogroup meeting (where details of a deal could be thrashed out), and then an EU leaders summit tonight.That will be followed by a eurogroup meeting (where details of a deal could be thrashed out), and then an EU leaders summit tonight.
So, what might the deal be?So, what might the deal be?
Greece’s creditors are prepared to sign up for a short-term deal to extend the existing bailout by another six months, injecting up to €18bn of loans into the cash-starved Greek economy. They could also make some kind of pledge about debt restructuring, as part of a third bailout.Greece’s creditors are prepared to sign up for a short-term deal to extend the existing bailout by another six months, injecting up to €18bn of loans into the cash-starved Greek economy. They could also make some kind of pledge about debt restructuring, as part of a third bailout.
As my colleague Ian Traynor wrote last night:As my colleague Ian Traynor wrote last night:
Brussels sources also signalled moves to address Tsipras’s key demand – that the creditors need to offer debt relief to Greece.Brussels sources also signalled moves to address Tsipras’s key demand – that the creditors need to offer debt relief to Greece.
Some form of debt restructuring would be promised to Athens in the future, but it would come with strings attached and not as part of the current bailout package, they said.Some form of debt restructuring would be promised to Athens in the future, but it would come with strings attached and not as part of the current bailout package, they said.
Related: Greek debt crisis: Tsipras concessions welcomed as 'good basis for progress'Related: Greek debt crisis: Tsipras concessions welcomed as 'good basis for progress'
That package expires in just nine days time; so failure today could trigger the slide towards capital controls, given Greece owes €1.6bn to the IMF on 30 June as well.That package expires in just nine days time; so failure today could trigger the slide towards capital controls, given Greece owes €1.6bn to the IMF on 30 June as well.
But Greece will need to persuade its creditors that it is now offering the ‘credible, concrete’ proposals demanded for months. That means accepting tougher budget surplus targets, savings on pensions, VAT rates and labour market reforms – areas where progress have been stymied for months.But Greece will need to persuade its creditors that it is now offering the ‘credible, concrete’ proposals demanded for months. That means accepting tougher budget surplus targets, savings on pensions, VAT rates and labour market reforms – areas where progress have been stymied for months.
But there’s nothing like a finally-final deadline to get things moving. And there was frenzied activity over the weekend, with world leaders holding phone calls and Alexis Tsipras convening a cabinet meeting to discuss strategy.But there’s nothing like a finally-final deadline to get things moving. And there was frenzied activity over the weekend, with world leaders holding phone calls and Alexis Tsipras convening a cabinet meeting to discuss strategy.
Negotiators in Brussels worked late into the night too -- waiting for that crucial breakthroughNegotiators in Brussels worked late into the night too -- waiting for that crucial breakthrough
Midsummer's Night Celebration in Brussels' EU Commission. #Greece pic.twitter.com/bIFl3Yd1G4Midsummer's Night Celebration in Brussels' EU Commission. #Greece pic.twitter.com/bIFl3Yd1G4
And there were anti-austerity, pro-government protests in Athens last night too:And there were anti-austerity, pro-government protests in Athens last night too:
But will Greece’s banks cope?But will Greece’s banks cope?
Greek bankers are bracing for a difficult day. Although a bank run has been avoided, deposits have been exiting the system at a worrying levels.Greek bankers are bracing for a difficult day. Although a bank run has been avoided, deposits have been exiting the system at a worrying levels.
According to Reuters, around €1bn of orders have already been placed over the weekend to be carried out today, on top of €4.2bn withdrawn last week.According to Reuters, around €1bn of orders have already been placed over the weekend to be carried out today, on top of €4.2bn withdrawn last week.
But the news that Greece has submitted new proposals might ensure relative calm in Greece.But the news that Greece has submitted new proposals might ensure relative calm in Greece.
We’ll be tracking all the developments as usual, with correspondents in Brussels and Athens covering what should be a dramatic day.We’ll be tracking all the developments as usual, with correspondents in Brussels and Athens covering what should be a dramatic day.
Updated at 7.18am BSTUpdated at 7.18am BST