This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jun/22/greek-crisis-eurozone-summit-leaders-eurogroup-ecb-live

The article has changed 28 times. There is an RSS feed of changes available.

Version 10 Version 11
Greek crisis: Finance ministers dampen hopes of deal today - live updates Greek crisis: Eurogroup meeting ends without a breakthrough - live
(35 minutes later)
1.47pm BST13:47
Greek journalist Eleni Varvitsiotis has confirmed that €-ministers haven’t reached agreement on Greece -- indeed, the latest proposals are only a “possible” move forwards.....
Eu source;": No conclusion on basis of current info.Greek proposals welcomed. A "possible" step in right direction. #Eurogroup
1.39pm BST13:39
Ian Traynor reports that Greece’s lenders are divided.....
#grexit #euco seems there are splits in the troika on the wrong greek paper fiasco
1.38pm BST13:38
Finland’s finance minister tweets that work will continue over Greece’s proposals - a diplomatic way of saying no deal today.
#Eurogroup ends. Work continues. Institutions assess proposals.
1.31pm BST13:31
Eurogroup meeting is over
The eurogroup meeting has ended, after barely an hour.
That strongly suggests that very little progress has been made on the latest Greek proposals; so EU leaders won’t be in a position to sign off a deal at tonight’s summit.
A press briefing should start shortly, so we’ll find out exactly what happened soon enough.
It will be streamed live here. (right-click to open in a new tab)
Updated at 1.45pm BST
1.18pm BST13:18
Photos from the start of today’s eurogroup meeting are arriving, and they suggest that the mood is grim.
Christine Lagarde looked as gloomy as the weather when she greeted Spain’s Luis de Guindos:
Penny for your thoughts, Wolfgang....
Italy’s Pier Carlo Padoa and France’s Michel Sapin looked contemplative too.
We haven’t received any photos of Yanis Varoufakis inside the building yet - perhaps because he was apparently late for the meeting - but here’s a shot of him arriving:
And here’s Greek PM Alexis Tsipras and Commission president Jean-Claude Juncker heading off for their own talks this morning.
1.07pm BST13:071.07pm BST13:07
Greece’s finance minister was late for the kick-off of today’s meeting, reports my colleague Ian Traynor, who is also hearing that tonight’s summit won’t yield a deal (no surprise there!)Greece’s finance minister was late for the kick-off of today’s meeting, reports my colleague Ian Traynor, who is also hearing that tonight’s summit won’t yield a deal (no surprise there!)
#grexit @yanisvaroufakis 45 mins late for eurogroup - eurozone source#grexit @yanisvaroufakis 45 mins late for eurogroup - eurozone source
#grexit #euco no decision expected at summit - top source. just ultimatum to @atsipras. take or leave it and come back with better proposal#grexit #euco no decision expected at summit - top source. just ultimatum to @atsipras. take or leave it and come back with better proposal
Assuming the summit actually happens...Assuming the summit actually happens...
Quite a lot of chatter here in Brussels that there may not be a leaders’ summit at all tonight given how little progress there is to discussQuite a lot of chatter here in Brussels that there may not be a leaders’ summit at all tonight given how little progress there is to discuss
12.56pm BST12:5612.56pm BST12:56
The domestic political pressure on Alexis Tsipras is intensifying....The domestic political pressure on Alexis Tsipras is intensifying....
Leftist hardliners in #Greece's ruling #Syriza call country's "economic strangulation" blackmail and "neo-colonial ultimatum."Leftist hardliners in #Greece's ruling #Syriza call country's "economic strangulation" blackmail and "neo-colonial ultimatum."
12.54pm BST12:5412.54pm BST12:54
Lunchtime summary: Hopes stubbed out, but markets still rallyingLunchtime summary: Hopes stubbed out, but markets still rallying
Time for a recap.Time for a recap.
The prospect of a major breakthrough in the Greek bailout saga have been knocked back this morning, after it emerged that Athens initially sent the wrong proposals to its creditors last night.The prospect of a major breakthrough in the Greek bailout saga have been knocked back this morning, after it emerged that Athens initially sent the wrong proposals to its creditors last night.
In the last hour, a series of finance ministers have warned that they will be unable to make a ‘final assessment’ of Greece’s latest proposals, which do appear to close the gap with its creditors.In the last hour, a series of finance ministers have warned that they will be unable to make a ‘final assessment’ of Greece’s latest proposals, which do appear to close the gap with its creditors.
Finance chiefs from Austria, Ireland, Germany, Finland and Slovakia all told reporters in Brussels that they don’t expect big progress today. This means another meeting could be held later this week, leaving Greece’s future handing precariously in the balance.Finance chiefs from Austria, Ireland, Germany, Finland and Slovakia all told reporters in Brussels that they don’t expect big progress today. This means another meeting could be held later this week, leaving Greece’s future handing precariously in the balance.
Ireland’s Michael Noonan says confusion has been rife over the last 12 hours:Ireland’s Michael Noonan says confusion has been rife over the last 12 hours:
There was such confusion in the night, with alternative versions coming in. There hasn’t been any preparation for the meeting. My expectation is that we will be meeting again onThursday before the full Council meeting. We are still not quite clear what the actual proposals are....There was such confusion in the night, with alternative versions coming in. There hasn’t been any preparation for the meeting. My expectation is that we will be meeting again onThursday before the full Council meeting. We are still not quite clear what the actual proposals are....
Wolfgang Schauble, Germany’s finance minister, warned that it may not be possible to prepare for tonight’s emergency summit of European leaders:Wolfgang Schauble, Germany’s finance minister, warned that it may not be possible to prepare for tonight’s emergency summit of European leaders:
We haven’t received any substantial proposals until now. I can’t see how we can be able to prepare the eurosummit without proposals. It’s not possible to prepare a statement for the euro summit, the status hasn’t changed since Thursday.We haven’t received any substantial proposals until now. I can’t see how we can be able to prepare the eurosummit without proposals. It’s not possible to prepare a statement for the euro summit, the status hasn’t changed since Thursday.
Greece’s prime minister Alexis Tsipras looked upbeat this morning, even joking around with Jean-Claude Juncker and earning a slap on the chops when they spoke to the press before their talks.Greece’s prime minister Alexis Tsipras looked upbeat this morning, even joking around with Jean-Claude Juncker and earning a slap on the chops when they spoke to the press before their talks.
Tsipras declared:Tsipras declared:
“This is time for a substantial, viable solution that allows Greece to come back to growth within the eurozone with social justice.”“This is time for a substantial, viable solution that allows Greece to come back to growth within the eurozone with social justice.”
EU insiders say that Greece’s latest proposals do include compromises on pension reform and VAT rates.EU insiders say that Greece’s latest proposals do include compromises on pension reform and VAT rates.
But officials have revealed that Greece initially sent the wrong document to its creditors late last night, scuppering the prospects of a deal today.But officials have revealed that Greece initially sent the wrong document to its creditors late last night, scuppering the prospects of a deal today.
Austrian FinMin Schelling: You can't send proposals over at 2AM and then expect decisions by midday. #Eurogroup #GreeceAustrian FinMin Schelling: You can't send proposals over at 2AM and then expect decisions by midday. #Eurogroup #Greece
#Schelling: There are obviously "massive communication problems in the #Greek gov't" #Eurogroup #Greece#Schelling: There are obviously "massive communication problems in the #Greek gov't" #Eurogroup #Greece
Back in Greece, the head of the junior coalition party has warned that he won’t accept VAT hikes on the country’s islands.Back in Greece, the head of the junior coalition party has warned that he won’t accept VAT hikes on the country’s islands.
And the European Central Bank has stepped in again to keep the system running, by granting Greek banks an estimated €2bn fresh liquidity. That suggests the outflow of deposits has increased.And the European Central Bank has stepped in again to keep the system running, by granting Greek banks an estimated €2bn fresh liquidity. That suggests the outflow of deposits has increased.
On conference call this morning, @ecb raised #Greece ELA by about €2bn. Agreed another call in 24 hours http://t.co/uIBoLzhy6COn conference call this morning, @ecb raised #Greece ELA by about €2bn. Agreed another call in 24 hours http://t.co/uIBoLzhy6C
But despite the deadlock, there have not been any signs of panic at Greek banks today.But despite the deadlock, there have not been any signs of panic at Greek banks today.
There isn't a visible bank run in Greece - no queues. But money is leaving the banks, the ECB has increased support 3 times in 5 days.There isn't a visible bank run in Greece - no queues. But money is leaving the banks, the ECB has increased support 3 times in 5 days.
And financial market are still buoyant, on hopes that a deal will be reached (even if not today):And financial market are still buoyant, on hopes that a deal will be reached (even if not today):
Dr Sotirios Zartaloudis, lecturer in politics at the University of Birmingham, believes that the threat of Grexit means both sides will strive for a deal.Dr Sotirios Zartaloudis, lecturer in politics at the University of Birmingham, believes that the threat of Grexit means both sides will strive for a deal.
Despite the considerable differences remaining between the parties, everyone involved has a high incentive to reach a compromise.Despite the considerable differences remaining between the parties, everyone involved has a high incentive to reach a compromise.
Greece would be economically, politically and socially devastated if it left the Euro, while a Grexit may cause considerable knock-on effects to other Eurozone members and the EU as a whole.’Greece would be economically, politically and socially devastated if it left the Euro, while a Grexit may cause considerable knock-on effects to other Eurozone members and the EU as a whole.’
Updated at 12.56pm BSTUpdated at 12.56pm BST
12.26pm BST12:2612.26pm BST12:26
Austria’s finance minister, Hans Jörg Schelling, has scooped the award for the most unamused attendee at today’s meeting.Austria’s finance minister, Hans Jörg Schelling, has scooped the award for the most unamused attendee at today’s meeting.
Schelling told reporters that he doesn’t expect a final deal today, and even hinted that Greece should start picking up the tab for these meetings....Schelling told reporters that he doesn’t expect a final deal today, and even hinted that Greece should start picking up the tab for these meetings....
Thanks to Eurasia Group’s Famke Krumbmüller for the translation:Thanks to Eurasia Group’s Famke Krumbmüller for the translation:
Schelling: "I dont think we can reach final agreement today, we will need another Eurogroup this week" #Greece #eurogroupSchelling: "I dont think we can reach final agreement today, we will need another Eurogroup this week" #Greece #eurogroup
Schelling: "there are no new proposals, all things we had proposed earlier, shows problem of communication within Gr govt"#Greece #eurogroupSchelling: "there are no new proposals, all things we had proposed earlier, shows problem of communication within Gr govt"#Greece #eurogroup
Schelling sounded particularly annoyed! #Greece #eurogroupSchelling sounded particularly annoyed! #Greece #eurogroup
Schelling (dark joke): At some point we're going to have to decide who's going to pay for our travel to repeated #Eurogroups. #GreeceSchelling (dark joke): At some point we're going to have to decide who's going to pay for our travel to repeated #Eurogroups. #Greece
12.21pm BST12:2112.21pm BST12:21
Yanis Varoufakis, Greece’s finance minister, didn’t speak to the press as he arrived at the eurogroup meeting.Yanis Varoufakis, Greece’s finance minister, didn’t speak to the press as he arrived at the eurogroup meeting.
He swiftly headed inside, for what could be a rather uncomfortable meeting....He swiftly headed inside, for what could be a rather uncomfortable meeting....
12.18pm BST12:1812.18pm BST12:18
Commissioner Pierre Moscovici remains more optimistic than the rest of the bunch.Commissioner Pierre Moscovici remains more optimistic than the rest of the bunch.
He tells the increasingly soggy press pack that the Greek proposals do represent “progress”, but more work needs to be done.He tells the increasingly soggy press pack that the Greek proposals do represent “progress”, but more work needs to be done.
12.15pm BST12:1512.15pm BST12:15
Spanish finance minister Luis de Guindos says there is still time for a breakthrough with Greece, as the rain splatters down in BrusselsSpanish finance minister Luis de Guindos says there is still time for a breakthrough with Greece, as the rain splatters down in Brussels
de Guindos: "we still have time, but less and less" #Greece #eurogroupde Guindos: "we still have time, but less and less" #Greece #eurogroup
12.11pm BST12:1112.11pm BST12:11
Most the finance ministers arrived so far looked like their dog has just died. What a cheerful bunch! #Greece #EurogroupMost the finance ministers arrived so far looked like their dog has just died. What a cheerful bunch! #Greece #Eurogroup
12.08pm BST12:0812.08pm BST12:08
Slovakia’s finance minister, Peter Kazimir, tells reporters wryly that “we might see each other soon”, as he arrives at the eurogroup meeting.Slovakia’s finance minister, Peter Kazimir, tells reporters wryly that “we might see each other soon”, as he arrives at the eurogroup meeting.
Last week, Kazimir told us that he “believes in miracles”, regarding a Greek deal. Hopefully he still does....Last week, Kazimir told us that he “believes in miracles”, regarding a Greek deal. Hopefully he still does....
12.05pm BST12:0512.05pm BST12:05
Dijsselbloem: impossible to have final assessment todayDijsselbloem: impossible to have final assessment today
Jeroen Dijsselbloem, president of the Eurogroup, has just arrived at the meeting, and confirmed that pessimism is rife.Jeroen Dijsselbloem, president of the Eurogroup, has just arrived at the meeting, and confirmed that pessimism is rife.
Is this the basis for a big breakthrough?Is this the basis for a big breakthrough?
I leave that up to the institutions [Greece’s creditors] to give their views first, Dijsselbloem replies, but the Greek proposals have only arrived very late...I leave that up to the institutions [Greece’s creditors] to give their views first, Dijsselbloem replies, but the Greek proposals have only arrived very late...
Thus:Thus:
It is impossible to have a final assessment....we’ll see if we have the basis for final talks.It is impossible to have a final assessment....we’ll see if we have the basis for final talks.
Dijsselbloem says Greek proposals have only come in v v recently so it will be impossible to have a final assessment.Dijsselbloem says Greek proposals have only come in v v recently so it will be impossible to have a final assessment.
And then he broke away, without saying if he expects yet another another eurogroup meeting this week (as Michael Noonan suggested).And then he broke away, without saying if he expects yet another another eurogroup meeting this week (as Michael Noonan suggested).
11.59am BST11:5911.59am BST11:59
This is not looking good. Germany’s Wolfgang Schäuble has told reporters that the eurogroup don’t have new proposals to work on.This is not looking good. Germany’s Wolfgang Schäuble has told reporters that the eurogroup don’t have new proposals to work on.
He was speaking in German, with lots of shrugs and ‘neins’ to drive the point home:He was speaking in German, with lots of shrugs and ‘neins’ to drive the point home:
Schauble: 'we dont have anything new, we have not moved since last Thursday' #Greece #eurogroupSchauble: 'we dont have anything new, we have not moved since last Thursday' #Greece #eurogroup
11.50am BST11:5011.50am BST11:50
Sounds like last night's mix-up in #Greece submissions may scupper changes of deal today. Both @alexstubb & @NoonanLive say deal unchievableSounds like last night's mix-up in #Greece submissions may scupper changes of deal today. Both @alexstubb & @NoonanLive say deal unchievable
11.50am BST11:5011.50am BST11:50
Ireland's Noonan: Very low expectations for todayIreland's Noonan: Very low expectations for today
Ireland’s finance minister, Michael Noonan, does not look a happy man at all, as he arrives at the eurogroup.Ireland’s finance minister, Michael Noonan, does not look a happy man at all, as he arrives at the eurogroup.
Noonan says he has “very low expectations” for a deal.Noonan says he has “very low expectations” for a deal.
And that’s because the eurogroup hasn’t been able to make any useful preparation ahead of tonight’s emergency EU summit, because of the “confusion” caused by Greece submitting various different proposals through the night.And that’s because the eurogroup hasn’t been able to make any useful preparation ahead of tonight’s emergency EU summit, because of the “confusion” caused by Greece submitting various different proposals through the night.
"Such confusion during night w/alternative versions of #Greece proposal coming in; there hasn't been proper preparation," says @NoonanLive"Such confusion during night w/alternative versions of #Greece proposal coming in; there hasn't been proper preparation," says @NoonanLive
Noonan predicts that the eurogroup could be back again on Thursday (!), to lay the ground ahead of the scheduled EU leaders meeting.Noonan predicts that the eurogroup could be back again on Thursday (!), to lay the ground ahead of the scheduled EU leaders meeting.
What does the confusion over Greece’s proposals say about the situation?What does the confusion over Greece’s proposals say about the situation?
It says a lot about the state of play in Athens, not the rest of Europe, Noonan responds, before vanishing out of the rain.It says a lot about the state of play in Athens, not the rest of Europe, Noonan responds, before vanishing out of the rain.
11.41am BST11:4111.41am BST11:41
Finland's finance minister: I don't foresee a breakthough todayFinland's finance minister: I don't foresee a breakthough today
Alexander Stubb, Finland’s finance minister, has braved the weather....to pour a big bucket of cold water over those expecting a big breakthrough today.Alexander Stubb, Finland’s finance minister, has braved the weather....to pour a big bucket of cold water over those expecting a big breakthrough today.
Stubb told reporters that :Stubb told reporters that :
I’ve got very low expectations for today.I’ve got very low expectations for today.
Alex Stubb, Finland's finmin, keeps it brief: "I have very low expectations for today." #EuroSummitAlex Stubb, Finland's finmin, keeps it brief: "I have very low expectations for today." #EuroSummit
And then added:And then added:
It seems to be a Monday where we have wasted a lost of air miles, as finance ministers and heads of state....It seems to be a Monday where we have wasted a lost of air miles, as finance ministers and heads of state....
I don’t foresee a breakthrough today.I don’t foresee a breakthrough today.
Updated at 11.57am BSTUpdated at 11.57am BST
11.36am BST11:3611.36am BST11:36
Several eurozone ministers have chosen to scamper into the building to avoid the rain, rather than speaking to the press.Several eurozone ministers have chosen to scamper into the building to avoid the rain, rather than speaking to the press.
Best thing bout the rain - spares us endless moronic ministerial soundbites going in #grexitBest thing bout the rain - spares us endless moronic ministerial soundbites going in #grexit
11.29am BST11:2911.29am BST11:29
IMF chief Christine Lagarde gave reporters a no-nonsense wave as she arrived for her meeting with Alexis Tsipras in Brussels.IMF chief Christine Lagarde gave reporters a no-nonsense wave as she arrived for her meeting with Alexis Tsipras in Brussels.
(unless she’s rehearsing a Juncker-style slap of her own....)(unless she’s rehearsing a Juncker-style slap of her own....)
Updated at 11.31am BSTUpdated at 11.31am BST
11.27am BST11:2711.27am BST11:27
The EC’s top spokesman, Margaritis Schinas, tells the midday press conference we have “a very important day ahead of us”, with several key meetings on Greece.The EC’s top spokesman, Margaritis Schinas, tells the midday press conference we have “a very important day ahead of us”, with several key meetings on Greece.
The commission’s position.... is that the document received by the Greek PM represents a good basis for progress in the eurozone summit.The commission’s position.... is that the document received by the Greek PM represents a good basis for progress in the eurozone summit.
But which proposal is being discussed?But which proposal is being discussed?
We have a document signed by the Greek PM, that’s what the Institutions are discussing, fires back Schinas.We have a document signed by the Greek PM, that’s what the Institutions are discussing, fires back Schinas.
11.21am BST11:2111.21am BST11:21
Greek government bonds are continuing to rally this morning, despite some concerns that we might not get a major agreement tonight:Greek government bonds are continuing to rally this morning, despite some concerns that we might not get a major agreement tonight:
Greek bonds extend rally. 2yr yields slump to 24.3%. pic.twitter.com/Af6rRn7wzPGreek bonds extend rally. 2yr yields slump to 24.3%. pic.twitter.com/Af6rRn7wzP
11.19am BST11:1911.19am BST11:19
Belgium’s finance minister, Johan Van Overtveldt, dampened expectations of a big breakthrough today.Belgium’s finance minister, Johan Van Overtveldt, dampened expectations of a big breakthrough today.
He told reporters outside the Eurogroup that ministers need to see what Greece is proposing.... (maybe Van Overtveldt is foxed by the news they sent the wrong document last night)He told reporters outside the Eurogroup that ministers need to see what Greece is proposing.... (maybe Van Overtveldt is foxed by the news they sent the wrong document last night)
Not a great start to talks on Greece's proposals. Belgium's finance minister says bit confusing exactly what was on the table.Not a great start to talks on Greece's proposals. Belgium's finance minister says bit confusing exactly what was on the table.
Belgian FinMin Van Overtveldt cautious, needs to see what's exactly on the table, says current programme remains "reference point". #GreeceBelgian FinMin Van Overtveldt cautious, needs to see what's exactly on the table, says current programme remains "reference point". #Greece
11.10am BST11:1011.10am BST11:10
French president Francois Hollande has also cautioned that the big deal might not come tonight, flags up AFP’s Alex Pigman:French president Francois Hollande has also cautioned that the big deal might not come tonight, flags up AFP’s Alex Pigman:
Hollande and Merkel separately refer to Greece deal in the "coming days", reducing expectations for big announcements tonight.Hollande and Merkel separately refer to Greece deal in the "coming days", reducing expectations for big announcements tonight.
11.07am BST11:0711.07am BST11:07
EU insiders say that the new Greek proposal is a “good basis for discussion”, reports our Europe editor Ian Traynor.EU insiders say that the new Greek proposal is a “good basis for discussion”, reports our Europe editor Ian Traynor.
Gk props easily most detailed/credible from @atsipras - eu official. 'Don't know if will fly but good basis for discussion'Gk props easily most detailed/credible from @atsipras - eu official. 'Don't know if will fly but good basis for discussion'
Ian confirms that Greece has made some concessions (as flagged a few minutes ago)Ian confirms that Greece has made some concessions (as flagged a few minutes ago)
Gk props- keeps 3-tier VAT but low rate only for couple 'social' items.No rise in electricity VAT.But concessions on pensions too. Eu sourceGk props- keeps 3-tier VAT but low rate only for couple 'social' items.No rise in electricity VAT.But concessions on pensions too. Eu source
Updated at 11.08am BSTUpdated at 11.08am BST
11.01am BST11:0111.01am BST11:01
It’s about to get quite busy.It’s about to get quite busy.
Eurozone finance ministers will arrive for today’s emergency Eurogroup meeting shortly, and should speak to the press on their way in (here’s a live feed from outside the building).Eurozone finance ministers will arrive for today’s emergency Eurogroup meeting shortly, and should speak to the press on their way in (here’s a live feed from outside the building).
And that clashes nicely with the regular EU midday briefing, (it should be streamed here now).And that clashes nicely with the regular EU midday briefing, (it should be streamed here now).
Updated at 11.21am BSTUpdated at 11.21am BST
11.00am BST11:0011.00am BST11:00
Merkel: We've got a few days yetMerkel: We've got a few days yet
Angela Merkel has just predicted that it might take a few more days to reach a Greek agreement.Angela Merkel has just predicted that it might take a few more days to reach a Greek agreement.
Speaking to reporters in the German city of Magdeburg, chancellor Merkel warned that EU leaders can’t take any decisions at tonight’s emergency summit unless they have a recommendation from Greece’s lenders.Speaking to reporters in the German city of Magdeburg, chancellor Merkel warned that EU leaders can’t take any decisions at tonight’s emergency summit unless they have a recommendation from Greece’s lenders.
There are still a lot of days in the week in which decisions can be taken.There are still a lot of days in the week in which decisions can be taken.
So the crisis might rumble on.....So the crisis might rumble on.....
Updated at 11.57am BSTUpdated at 11.57am BST
10.53am BST10:5310.53am BST10:53
Reuters has got hold of the latest Greek reform proposals, which includes some pension changes.Reuters has got hold of the latest Greek reform proposals, which includes some pension changes.
The key here is how “gradually” this would happen; fast enough to deliver the savings which the institutions want?The key here is how “gradually” this would happen; fast enough to deliver the savings which the institutions want?
And it appears Greece is agreeing that more items should be taxed at the top VAT rate, with fewer exemptions. It still wants to keep its 6% basic rate (which institutions wish to abolish)And it appears Greece is agreeing that more items should be taxed at the top VAT rate, with fewer exemptions. It still wants to keep its 6% basic rate (which institutions wish to abolish)
The upshot is that a final deal is unlikely today:The upshot is that a final deal is unlikely today:
10.35am BST10:3510.35am BST10:35
The Guardian is holding a panel discussion on Greece, Grexit and the troika on Thursday. Come along to have your say.The Guardian is holding a panel discussion on Greece, Grexit and the troika on Thursday. Come along to have your say.
See below for more details.See below for more details.
Membership Event: Guardian Newsroom: Should Greece leave the Euro?Membership Event: Guardian Newsroom: Should Greece leave the Euro?
Updated at 10.37am BSTUpdated at 10.37am BST
10.30am BST10:3010.30am BST10:30
Angelique ChrisafisAngelique Chrisafis
Over in the Greek city of Thessaloniki, there’s no sign of a bank run among the crisis-weary population.Over in the Greek city of Thessaloniki, there’s no sign of a bank run among the crisis-weary population.
My colleague Angelique Chrisafis reportsMy colleague Angelique Chrisafis reports
In Thessaloniki, Greece’s second biggest city, cash-points were quiet around Aristotelous Square. There were no queues and the few people stopping to use ATMs were often just checking their balance or paying bills. Many felt weary at what they said felt like the umpteenth so-called “knife-edge” moment in years of economic crisis.In Thessaloniki, Greece’s second biggest city, cash-points were quiet around Aristotelous Square. There were no queues and the few people stopping to use ATMs were often just checking their balance or paying bills. Many felt weary at what they said felt like the umpteenth so-called “knife-edge” moment in years of economic crisis.
“I did ask my mum whether I should be worried and needed to withdraw cash but she said ‘Of course not’,” said Elena, 19, a psychology student checking her current account balance. “It does feel like we’ve been at this point of crisis talks so many times over the past few years.”“I did ask my mum whether I should be worried and needed to withdraw cash but she said ‘Of course not’,” said Elena, 19, a psychology student checking her current account balance. “It does feel like we’ve been at this point of crisis talks so many times over the past few years.”
She added:She added:
“My biggest worry is my future. I’m seriously considering going abroad to find a job and to be able to have children and get married.“My biggest worry is my future. I’m seriously considering going abroad to find a job and to be able to have children and get married.
I want children in the future but I don’t feel I could start a family without being sure of having the money to raise them. I’d like to be a psychologist and here, with 60% youth unemployment, the only job I could find would be in a café or bar, if that.I want children in the future but I don’t feel I could start a family without being sure of having the money to raise them. I’d like to be a psychologist and here, with 60% youth unemployment, the only job I could find would be in a café or bar, if that.
My mother, a music teacher, has lost her job.”My mother, a music teacher, has lost her job.”
Tassos, an accountancy graduate, who finished his military service five days ago, had checked his balance and wouldn’t be withdrawing any cash for the day. He was living off support from his farmer parents in rural nothern Greece while he looked for a job.Tassos, an accountancy graduate, who finished his military service five days ago, had checked his balance and wouldn’t be withdrawing any cash for the day. He was living off support from his farmer parents in rural nothern Greece while he looked for a job.
“The ideal would be to get an accountancy job in a company,” he said, conceding that it wouldn’t be easy.“The ideal would be to get an accountancy job in a company,” he said, conceding that it wouldn’t be easy.
In #Thessaloniki to hear about the impact on daily lives of the talks, uncertainty & economic situation. Keen for all views #GreeceIn #Thessaloniki to hear about the impact on daily lives of the talks, uncertainty & economic situation. Keen for all views #Greece
Updated at 10.37am BSTUpdated at 10.37am BST
10.14am BST10:1410.14am BST10:14
Sorry for the typos in that last post - please refresh to get a cleaned-up version.Sorry for the typos in that last post - please refresh to get a cleaned-up version.
10.08am BST10:0810.08am BST10:08
Tsipras: It's time for a substantial solution (and a slap from Juncker)Tsipras: It's time for a substantial solution (and a slap from Juncker)
Alexis Tsipras has arrived at the EC for talks with Jean-Claude Juncker, and a brief chat to reporters:Alexis Tsipras has arrived at the EC for talks with Jean-Claude Juncker, and a brief chat to reporters:
Tsipras tells the press pack:Tsipras tells the press pack:
This is time for a substantial and viable solution that will allow Greece to come back to growth within the eurozone, with social justice and cohesion.This is time for a substantial and viable solution that will allow Greece to come back to growth within the eurozone, with social justice and cohesion.
Juncker is more cautious, says that he doesn’t know if there will be a deal today.Juncker is more cautious, says that he doesn’t know if there will be a deal today.
There’s then a classic moment.... after Tsipras speaks in Greek, Juncker jokes that although he’s getting more fluent in Greek, he can’t follow everythingThere’s then a classic moment.... after Tsipras speaks in Greek, Juncker jokes that although he’s getting more fluent in Greek, he can’t follow everything
Don’t worry, Tsipras smiles, I told them:Don’t worry, Tsipras smiles, I told them:
Everything that I said...it’s in your position.Everything that I said...it’s in your position.
(ie, he was speaking on Juncker’s behalf)(ie, he was speaking on Juncker’s behalf)
Which earns him a mock-slap from the EC president.Which earns him a mock-slap from the EC president.
Updated at 10.13am BSTUpdated at 10.13am BST
9.54am BST09:549.54am BST09:54
Alexis Tsipras is about to arrive at the European Commission for talks with EC president Jean-Claude Juncker.Alexis Tsipras is about to arrive at the European Commission for talks with EC president Jean-Claude Juncker.
Will be get one of Juncker’s famous kisses? Watch this live feed to find out....Will be get one of Juncker’s famous kisses? Watch this live feed to find out....
Prepare for handshakes, look for kissing. Tsipras about to do photo op with Juncker ahead of Greek D-Day. @tsipras @JunckerEU #eucoPrepare for handshakes, look for kissing. Tsipras about to do photo op with Juncker ahead of Greek D-Day. @tsipras @JunckerEU #euco
9.52am BST09:529.52am BST09:52
Helena SmithHelena Smith
Greek prime minister Alexis Tsipras faces an uphill battle back home over the compromise plan being hammered out with lenders, with his coalition partner refusing to accept tax rises on Greek islands.Greek prime minister Alexis Tsipras faces an uphill battle back home over the compromise plan being hammered out with lenders, with his coalition partner refusing to accept tax rises on Greek islands.
From Athens, Helena Smith reportsFrom Athens, Helena Smith reports
Panos Kammenos, the defence minister who also heads the coalition government’s junior partner, the right-wng Independent Greeks party, Anel, is adamantly opposed to VAT rates being raised on islands in the Aegean.Panos Kammenos, the defence minister who also heads the coalition government’s junior partner, the right-wng Independent Greeks party, Anel, is adamantly opposed to VAT rates being raised on islands in the Aegean.
I’m hearing that Kammenos says VAT on islands is his party’s bottom line to stay in the government. Top Anel insiders suggest that the right-wing populist party could withdraw from the coalition in the event of VAT being raised on Aegean islands close to Turkey.I’m hearing that Kammenos says VAT on islands is his party’s bottom line to stay in the government. Top Anel insiders suggest that the right-wing populist party could withdraw from the coalition in the event of VAT being raised on Aegean islands close to Turkey.
Kammenos fears that if Greek islanders lose the privilege of low VAT they would “get in their boats and go and shop opposite [in Turkey], local markets would dissolve and islands would close.”Kammenos fears that if Greek islanders lose the privilege of low VAT they would “get in their boats and go and shop opposite [in Turkey], local markets would dissolve and islands would close.”
The money, he said, could be found by increasing taxes by 1% on luxury good and raising levies on properties owned by off-shore companies.The money, he said, could be found by increasing taxes by 1% on luxury good and raising levies on properties owned by off-shore companies.
Positive mood in BXL while in #Greece ANEL leader Kammenos says that scrapping the 30% VAT discount for the Aegean islands is a casus belliPositive mood in BXL while in #Greece ANEL leader Kammenos says that scrapping the 30% VAT discount for the Aegean islands is a casus belli
The hardline Syriza MP Alexis Mitropolos is also concerned about the possible agreement. He told state- run television channel, ERT, this morning, that:The hardline Syriza MP Alexis Mitropolos is also concerned about the possible agreement. He told state- run television channel, ERT, this morning, that:
“But what nation would accept such measures, what nation would be able to bear such these policies?”“But what nation would accept such measures, what nation would be able to bear such these policies?”
Konstantinos Michalos, who heads the Athens chamber of commerce and industry (ACCI) summed up the situation:Konstantinos Michalos, who heads the Athens chamber of commerce and industry (ACCI) summed up the situation:
“The government is facing a very difficult dilemma....between painful measures or rupture (from the EU).”“The government is facing a very difficult dilemma....between painful measures or rupture (from the EU).”
9.40am BST09:409.40am BST09:40
The French and German stock markets are on an absolute tear this morning - both up over 3%:The French and German stock markets are on an absolute tear this morning - both up over 3%:
Germany's DAX +3.5%, on track for its best day in 3 years.Germany's DAX +3.5%, on track for its best day in 3 years.
9.38am BST09:389.38am BST09:38
Greek journalist Eleni Varvitsiotis reports that Athens has submitted a new proposals, slightly different to the old one....Greek journalist Eleni Varvitsiotis reports that Athens has submitted a new proposals, slightly different to the old one....
New #Greek proposal sent just now with slight differencesNew #Greek proposal sent just now with slight differences
Updated at 9.38am BSTUpdated at 9.38am BST
9.31am BST09:319.31am BST09:31
Finland’s finance minister isn’t happy with the Brussels weather, for such a crucial day:Finland’s finance minister isn’t happy with the Brussels weather, for such a crucial day:
Brussels greets us with +12C and rain. #summerBrussels greets us with +12C and rain. #summer
And you can see why:And you can see why:
Déluge sur Bruxelles ce matin...drôle de temps estival pour une journée decisive ! pic.twitter.com/dHyjZe0l2mDéluge sur Bruxelles ce matin...drôle de temps estival pour une journée decisive ! pic.twitter.com/dHyjZe0l2m
9.23am BST09:239.23am BST09:23
OK, I’ve picked my jaw up off the floor now. Greece apparently sent the wrong document to its creditors late last night.OK, I’ve picked my jaw up off the floor now. Greece apparently sent the wrong document to its creditors late last night.
That’s according to Anne-Sylvaine Chassany and Peter Spiegel of the Financial Times, who report:That’s according to Anne-Sylvaine Chassany and Peter Spiegel of the Financial Times, who report:
Three senior officials say there’s been a mix-up with the documents sent to the bailout monitors.Three senior officials say there’s been a mix-up with the documents sent to the bailout monitors.
“It’s not so dramatic, but they sent the wrong one by mistake,” said one of the officials...“It’s not so dramatic, but they sent the wrong one by mistake,” said one of the officials...
The officials said the Greeks intended to submit a new version this morning, but it remained unclear whether they had done so. Two officials said they received a revised version during the early morning hours on Monday, but the third official said they had not yet received the new version.The officials said the Greeks intended to submit a new version this morning, but it remained unclear whether they had done so. Two officials said they received a revised version during the early morning hours on Monday, but the third official said they had not yet received the new version.
More here:More here:
3 sr officials tell me #Greece told institutions they sent wrong document at midnight. Have promised revised version http://t.co/ae5yDfC1U43 sr officials tell me #Greece told institutions they sent wrong document at midnight. Have promised revised version http://t.co/ae5yDfC1U4
Regular readers will know that Greece suffered a similar hitch back in February, when it apparently sent the wrong letter to Germany. Easily done, I’m sure.Regular readers will know that Greece suffered a similar hitch back in February, when it apparently sent the wrong letter to Germany. Easily done, I’m sure.
Let he who has not (twice) submitted the wrong document to his creditors while trying to avoid a catastrophic default cast the first stone.Let he who has not (twice) submitted the wrong document to his creditors while trying to avoid a catastrophic default cast the first stone.
Updated at 9.36am BSTUpdated at 9.36am BST
9.13am BST09:139.13am BST09:13
Reuters: ECB raises emergency liquidity capReuters: ECB raises emergency liquidity cap
Reuters just flashed up that the European Central Bank has agreed to provide more emergency liquidity for Greek banks:Reuters just flashed up that the European Central Bank has agreed to provide more emergency liquidity for Greek banks:
Looks like their meeting was earlier than we expected.Looks like their meeting was earlier than we expected.
Updated at 9.15am BSTUpdated at 9.15am BST
9.11am BST09:119.11am BST09:11
Greek stock market surgesGreek stock market surges
The wave of optimism sweeping Europe has reached Athens.The wave of optimism sweeping Europe has reached Athens.
Traders are rushing to buy shares, on hopes that a six-month bailout extension will be agreed today, to unlock €18bn of aid.Traders are rushing to buy shares, on hopes that a six-month bailout extension will be agreed today, to unlock €18bn of aid.
The main Greek banks are up by over 10%, as they react to the news that Greece submitted new proposals late last night, which are seen as the “basis for progress”.The main Greek banks are up by over 10%, as they react to the news that Greece submitted new proposals late last night, which are seen as the “basis for progress”.
And that has pushed the main ATG index up 6% in early trading -- a big move, but it only claws back some of its recent losses.And that has pushed the main ATG index up 6% in early trading -- a big move, but it only claws back some of its recent losses.
Updated at 12.49pm BSTUpdated at 12.49pm BST
9.04am BST09:049.04am BST09:04
News of a fresh Greek proposal have had a “magical effect on the markets”, says Connor Campbell, financial analyst at SpreadEX.News of a fresh Greek proposal have had a “magical effect on the markets”, says Connor Campbell, financial analyst at SpreadEX.
The main reason behind the positivity is hope that this latest Greek proposal contains the much needed concessions the country’s creditors have been looking for; described as ‘a good basis for progress’, already these proposals have been received better than the usual ‘insulting’ attempts at reform.The main reason behind the positivity is hope that this latest Greek proposal contains the much needed concessions the country’s creditors have been looking for; described as ‘a good basis for progress’, already these proposals have been received better than the usual ‘insulting’ attempts at reform.
Traders are now watching whether today’s series of meetings are a success. As our agenda explains, the ECB discusses Greek banks shortly, then Tsipras meets Lagarde, Draghi, Juncker and Djisselbloem, then finance ministers convene at the Eurogroup, and finally it’s over to EU leaders for their summit..Traders are now watching whether today’s series of meetings are a success. As our agenda explains, the ECB discusses Greek banks shortly, then Tsipras meets Lagarde, Draghi, Juncker and Djisselbloem, then finance ministers convene at the Eurogroup, and finally it’s over to EU leaders for their summit..
Campbell adds:Campbell adds:
After a month of interminable claims and counterclaims from each side, there is a bit of excitement on the markets and the genuine semblance of optimism; now this sentiment just has to last the day.After a month of interminable claims and counterclaims from each side, there is a bit of excitement on the markets and the genuine semblance of optimism; now this sentiment just has to last the day.
8.59am BST08:598.59am BST08:59
Insiders in Brussels are making optimistic noises this morning. And that’s significant, as they have now had more than nine hours to digest the latest proposals from Greece:Insiders in Brussels are making optimistic noises this morning. And that’s significant, as they have now had more than nine hours to digest the latest proposals from Greece:
Optimism spreading in Brussels. EU officials: "We´re not at the point where we should be, but we´ll reach it." "Greece is moving." #GreeceOptimism spreading in Brussels. EU officials: "We´re not at the point where we should be, but we´ll reach it." "Greece is moving." #Greece
8.54am BST08:548.54am BST08:54
Journalists are poised in Greece ready for queues at the cash machines, but there’s no sign of panic:Journalists are poised in Greece ready for queues at the cash machines, but there’s no sign of panic:
Journalistes allemands attendant le bankrun. Courage à eux. #Grèce pic.twitter.com/tcc4Kx6XcPJournalistes allemands attendant le bankrun. Courage à eux. #Grèce pic.twitter.com/tcc4Kx6XcP
8.50am BST08:508.50am BST08:50
Bruno Macaes, Portugal’s Secretary of State for Europe, says it’s vitally important to get a Greek deal soon.Bruno Macaes, Portugal’s Secretary of State for Europe, says it’s vitally important to get a Greek deal soon.
He told Radio 4’s Today Programme that:He told Radio 4’s Today Programme that:
Time is running out and we need a fundamental solution to the problemTime is running out and we need a fundamental solution to the problem
It would be “bad for the eurozone for a whole” if Greece left the single currency, Macaes said. It would also probably spark a “new commitment to integration”, to avoid other countries coming under fire.It would be “bad for the eurozone for a whole” if Greece left the single currency, Macaes said. It would also probably spark a “new commitment to integration”, to avoid other countries coming under fire.
Portugal was bailed out back in 2011, and Macaes says he’s “very confident” of avoiding a repeat:Portugal was bailed out back in 2011, and Macaes says he’s “very confident” of avoiding a repeat:
Everything we have done in the last three years is to avoid being pulled back into this market turbulence.Everything we have done in the last three years is to avoid being pulled back into this market turbulence.
8.43am BST08:438.43am BST08:43
If a final deal isn’t reached today, EU leaders have another opportunity later this week when they hold their next summit:If a final deal isn’t reached today, EU leaders have another opportunity later this week when they hold their next summit:
High expectations for today's last-minute #Greece summit. The only way Europe knows. Remember there's another one Friday if no deal tonight.High expectations for today's last-minute #Greece summit. The only way Europe knows. Remember there's another one Friday if no deal tonight.
8.42am BST08:428.42am BST08:42
Here’s another sign of rising confidence that significant progress will be made at today’s meetings.Here’s another sign of rising confidence that significant progress will be made at today’s meetings.
The interest rates (or yield) on Greek government has fallen sharply in early trading, showing traders see a lower risk of default.The interest rates (or yield) on Greek government has fallen sharply in early trading, showing traders see a lower risk of default.
The yield on two-year Greek debt has tumbled to 24.9%, down from 28.5% on Friday. That’s a really chunky move (but also means the bonds are seen as very risky).The yield on two-year Greek debt has tumbled to 24.9%, down from 28.5% on Friday. That’s a really chunky move (but also means the bonds are seen as very risky).
10-year Greek bond yields are down by 1 percentage points, from 12.6% to 11.6%.10-year Greek bond yields are down by 1 percentage points, from 12.6% to 11.6%.
Greek 10y yield today! Somoeone knows something!!! pic.twitter.com/1O4SDYRqSiGreek 10y yield today! Somoeone knows something!!! pic.twitter.com/1O4SDYRqSi
Typically, a country is locked out of the markets when its 10-year bond yields hit 7%, so Greece has a long way to go yet....Typically, a country is locked out of the markets when its 10-year bond yields hit 7%, so Greece has a long way to go yet....
8.29am BST08:298.29am BST08:29
Are the markets over-reacting? It certainly wouldn’t be the first time that shares have surged on hopes of a deal, only to fizzle out.Are the markets over-reacting? It certainly wouldn’t be the first time that shares have surged on hopes of a deal, only to fizzle out.
Investors are calculating that a) Greece’s latest proposals offer genuine prospects of a deal, and b) European leaders aren’t prepared to let the eurozone fragment.Investors are calculating that a) Greece’s latest proposals offer genuine prospects of a deal, and b) European leaders aren’t prepared to let the eurozone fragment.
Hey Eurozone, markets: we've been v confident and hopeful *many* times before, and look where we are now. Hold your horses (for now) #GreeceHey Eurozone, markets: we've been v confident and hopeful *many* times before, and look where we are now. Hold your horses (for now) #Greece
8.24am BST08:248.24am BST08:24
European markets are a sea of green this morning:European markets are a sea of green this morning:
Major European indices - FTSE100 and DAX - have jumped up to 1 week+ highs on hopes of this Greek deal.Major European indices - FTSE100 and DAX - have jumped up to 1 week+ highs on hopes of this Greek deal.
8.21am BST08:218.21am BST08:21
The key question is whether Greece has made sufficient concessions on pensions, says Frederik Ducrozet, economist at Credit Agricole.The key question is whether Greece has made sufficient concessions on pensions, says Frederik Ducrozet, economist at Credit Agricole.
*If* creditors are satisfied with Greek proposals on pensions, we should get the basis for a deal and no ELA cap.*If* creditors are satisfied with Greek proposals on pensions, we should get the basis for a deal and no ELA cap.
ELA is the emergency liquidity assistance provided by the European Central Bank to keep Greek banks functioning, now totalling €84bn.ELA is the emergency liquidity assistance provided by the European Central Bank to keep Greek banks functioning, now totalling €84bn.
8.13am BST08:138.13am BST08:13
There is “new hope of progress in Greek bailout negotiations” in the City today, says Mike van Dulken of Accendo Markets, after Athens has presented new proposal to creditors late last night.There is “new hope of progress in Greek bailout negotiations” in the City today, says Mike van Dulken of Accendo Markets, after Athens has presented new proposal to creditors late last night.
8.10am BST08:108.10am BST08:10
Germany’s DAX has leapt by 2.5%, as Frankfurt traders embrace optimism over Greece....Germany’s DAX has leapt by 2.5%, as Frankfurt traders embrace optimism over Greece....
8.04am BST08:048.04am BST08:04
European shares rally on Greek deal hopesEuropean shares rally on Greek deal hopes
European stock markets have surged that the start of trading, on hopes of a long-awaited deal on Greece today.European stock markets have surged that the start of trading, on hopes of a long-awaited deal on Greece today.
In London, the FTSE 100 has jumped by 72 points, or 1.1%, as investors welcome the news that Greece submitted new compromise proposals overnight.In London, the FTSE 100 has jumped by 72 points, or 1.1%, as investors welcome the news that Greece submitted new compromise proposals overnight.
In Paris, the French CAC leapt by 2.2% and the Italian market is up 1.8%.In Paris, the French CAC leapt by 2.2% and the Italian market is up 1.8%.
More to follow...More to follow...
Updated at 11.02am BSTUpdated at 11.02am BST
8.00am BST08:008.00am BST08:00
From Brussels, my colleague Jennifer Rankin sums up the situation:From Brussels, my colleague Jennifer Rankin sums up the situation:
Greece has submitted 11th-hour concessions to its creditors ahead of a crucial day of talks aimed at preventing it from crashing out of the eurozone.Greece has submitted 11th-hour concessions to its creditors ahead of a crucial day of talks aimed at preventing it from crashing out of the eurozone.
Its proposal followed a hectic round of telephone diplomacy on Sunday between Germany’s chancellor, Angela Merkel, the French president, Francois Hollande, and the European Commission president, Jean-Claude Juncker.Its proposal followed a hectic round of telephone diplomacy on Sunday between Germany’s chancellor, Angela Merkel, the French president, Francois Hollande, and the European Commission president, Jean-Claude Juncker.
Juncker’s head of cabinet, Martin Selmayr, said the Athens proposal offered “a good basis for progress”, though he described the negotiations as a “forceps delivery”, underscoring the exertions to prevent Greece leaving the eurozone.Juncker’s head of cabinet, Martin Selmayr, said the Athens proposal offered “a good basis for progress”, though he described the negotiations as a “forceps delivery”, underscoring the exertions to prevent Greece leaving the eurozone.
It was not immediately clear how far the Greek plan met its creditors’ demands for spending cuts and welfare reforms.It was not immediately clear how far the Greek plan met its creditors’ demands for spending cuts and welfare reforms.
Related: Greek debt crisis: Tsipras concessions welcomed as 'good basis for progress'Related: Greek debt crisis: Tsipras concessions welcomed as 'good basis for progress'
7.51am BST07:517.51am BST07:51
City traders are predicting that the German stock market will leap this morning, on hopes of a breakthrough today....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.And German Dax forecast +290 points (!!) at 11,330, on Greek rumours.
7.45am BST07:457.45am BST07:45
Moscovici: Convinced we'll get a dealMoscovici: 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.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: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’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 ...“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.”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)(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"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:He’s just tweeted this message too:
La volonté politique de tous est de préserver l'#Euro, ce bien commun irréversible #Grèce @Europe1La volonté politique de tous est de préserver l'#Euro, ce bien commun irréversible #Grèce @Europe1
Updated at 7.54am BSTUpdated at 7.54am BST
7.31am BST07:317.31am BST07:31
Optimism is building that we will, finally, see meaningful progress today.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:As Luxembourg’s foreign minister Jean Asselborn told Germany’s Deutschlandfunk radio a few minutes ago:
“There will be a lurch forward.”“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 7.39am BSTUpdated 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