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Greek crisis: Eurozone ministers still hopeful of deal this week - live updates Greek crisis: Eurozone ministers still hopeful of deal this week - live updates
(35 minutes later)
5.16pm BST17:16
Greece holds talks with Tusk
The Greek delegation has just held talks right now with European Council president Donald Tusk, who called tonight’s emergency summit:.
Finance minister Yanis Varoufakis (top right) does not look particularly happy....
Bilateral meeting with Greek Prime Minister @atsipras ahead of today's #EuroSummit. pic.twitter.com/kKhbHk37Mr
Συνάντηση αυτή την ώρα με τον Πρόεδρο του Ευρωπαϊκού Συμβουλίου κ. Toύσκ @eucopresident #Greece #EuroSummit #EUCO pic.twitter.com/56znMExICG
Updated at 5.18pm BST
5.11pm BST17:11
European investors have given a resounding vote of confidence that the Greek debt crisis is going to be resolved, if only temporarily, this week.
The German, French and Spanish stock markets have both closed around 3.8% higher – a really hefty rally.
That’s the biggest one-day percentage rise on the Dax since early August 2012, my colleague Nick Fletcher reports.
Those predictions that a deal is just days away are being taken seriously, so if relations fall apart tonight there could be wild swings tomorrow.....
4.59pm BST16:59
Yup:
'We're not so much five minutes to midnight as thirty seconds to midnight,' says Luxembourg PM @Xavier_Bettel on Greece
4.55pm BST16:55
There could be tensions in Athens tonight, with rival demonstrations due to take place in the coming hours.
Pro-government demonstrators have begun marching in the Greek capital:
You don't have to sit around for very long in Athens for a demo to go past at the moment, it seems pic.twitter.com/hGWXJ8wvXA
Ahead of pro Euro rally. The anti austerity lot are here. pic.twitter.com/C9zuQp507c
And we’re also expecting another march, in favour of reaching a compromise with creditors and preserving Greece’s EU membership, later.
4.55pm BST16:55
Our Jennifer Rankin is poised outside tonight’s emergency summit meeting, to hear what leaders say as they arrive:
PM of Luxembourg:"lose-lose situation" if Greece leaves the ez, but stresses he has responsibility to his taxpayers.
4.51pm BST16:51
The head of one of Germany’s major economic think tanks has argued that EU leaders should push Greece to implement capital controls tonight.
Professor Clemens Fuest, head of the ZEW, isn’t convinced that a deal is close, arguing:
“Greece are withdrawing their money from banks, and European Central Bank (ECB) aids are maintaining the bank’s liquidity. As a result, liability risks for tax payers in the euro area are increasing every day, while the bargaining power of the Greek government is growing.
“Alexis Tsipras has no plan for economic recovery in Greece. His only plan is to employ more government officials, to nationalize companies, and to make the citizens of other countries fund his policy. His government is failing to collect taxes at home, for example the taxes from illicit accounts in Switzerland.”
Updated at 4.51pm BST
4.44pm BST16:444.44pm BST16:44
You can watch EU leaders arriving at tonight’s Emergency Summit here.You can watch EU leaders arriving at tonight’s Emergency Summit here.
4.40pm BST16:404.40pm BST16:40
Reminder: Tonight’s emergency summit is due to start at 7pm Brussels time, or 6pm BST.Reminder: Tonight’s emergency summit is due to start at 7pm Brussels time, or 6pm BST.
There will be other meetings first, though, with Alexis Tsipras due to meet Mario Draghi shortly....There will be other meetings first, though, with Alexis Tsipras due to meet Mario Draghi shortly....
4.38pm BST16:384.38pm BST16:38
Alexis Tsipras has just arrived for tonight’s summit meeting, with a smile for the cameras but no quotes for the assembled reporters.Alexis Tsipras has just arrived for tonight’s summit meeting, with a smile for the cameras but no quotes for the assembled reporters.
Updated at 4.39pm BSTUpdated at 4.39pm BST
4.33pm BST16:334.33pm BST16:33
The BBC are tweeting more details of their interview with Greek economy minister George Stathakis, who believes a breakthrough has been achieved.The BBC are tweeting more details of their interview with Greek economy minister George Stathakis, who believes a breakthrough has been achieved.
Greece's economy minister spells out terms of new proposals to end deadlock on debt crisis http://t.co/qIxHI9diOH pic.twitter.com/194EiK9dH5Greece's economy minister spells out terms of new proposals to end deadlock on debt crisis http://t.co/qIxHI9diOH pic.twitter.com/194EiK9dH5
4.24pm BST16:244.24pm BST16:24
European leaders are starting to arrive for tonight’s emergency summit, starting with Latvia’s Laimdota Straujuma, and Mark Rutte of the Netherlands:European leaders are starting to arrive for tonight’s emergency summit, starting with Latvia’s Laimdota Straujuma, and Mark Rutte of the Netherlands:
4.14pm BST16:144.14pm BST16:14
If you’re just tuning in, here’s my colleague Jennifer Rankin’s latest dispatch from Brussels on today’s developments:If you’re just tuning in, here’s my colleague Jennifer Rankin’s latest dispatch from Brussels on today’s developments:
Related: Eurozone finance chief says more time needed for Greek negotiationsRelated: Eurozone finance chief says more time needed for Greek negotiations
And here’s a flavour:And here’s a flavour:
Greece’s eurozone creditors have called for more time to study the latest plan from Athens aimed at unlocking Greece’s remaining bailout funds and staving off imminent bankruptcy.Greece’s eurozone creditors have called for more time to study the latest plan from Athens aimed at unlocking Greece’s remaining bailout funds and staving off imminent bankruptcy.
A meeting of eurozone finance ministers broke up after little more than an hour of discussions, raising questions about the purpose of an emergency summit of EU leaders starting in a few hours.A meeting of eurozone finance ministers broke up after little more than an hour of discussions, raising questions about the purpose of an emergency summit of EU leaders starting in a few hours.
Jeroen Dijsselbloem, the Dutch finance minister, who chairs the group of 19 eurozone countries, said that the European Union institutions needed time to look at the Greek proposals with the aim of reaching an agreement later this week.Jeroen Dijsselbloem, the Dutch finance minister, who chairs the group of 19 eurozone countries, said that the European Union institutions needed time to look at the Greek proposals with the aim of reaching an agreement later this week.
But the Greek plan was “a basis to really restart the talks again and really get a result”, he said, although officials needed to assess whether “the economic reforms [proposed] are enough for the economy to take off again”.But the Greek plan was “a basis to really restart the talks again and really get a result”, he said, although officials needed to assess whether “the economic reforms [proposed] are enough for the economy to take off again”.
Greece submitted concessions overnight responding to creditors’ key demands including raising VAT and making changes to the country’s pension system that would eventually raise the retirement age to 67..... (click here for more)Greece submitted concessions overnight responding to creditors’ key demands including raising VAT and making changes to the country’s pension system that would eventually raise the retirement age to 67..... (click here for more)
4.12pm BST16:124.12pm BST16:12
Here’s another shot of Greece’s creditors planning their strategy ahead of tonight’s emergency summit:Here’s another shot of Greece’s creditors planning their strategy ahead of tonight’s emergency summit:
4.02pm BST16:024.02pm BST16:02
The FT’s Peter Spiegel has also heard that eurozone finance ministers discussed whether capital controls should be imposed in Greece (as flagged earlier)The FT’s Peter Spiegel has also heard that eurozone finance ministers discussed whether capital controls should be imposed in Greece (as flagged earlier)
He writes:He writes:
“There was a discussion about capital controls, but without conclusion,” said one of the officials.“There was a discussion about capital controls, but without conclusion,” said one of the officials.
3.51pm BST15:513.51pm BST15:51
Over in Brussels now, the heads of the IMF, ECB, Europan Commission and European Council are sitting down to plan for tonight’s emergency summit on Greece.Over in Brussels now, the heads of the IMF, ECB, Europan Commission and European Council are sitting down to plan for tonight’s emergency summit on Greece.
@eucopresident's w/ @Lagarde @ECB Draghi @JunckerEU @J_Dijsselbloem to prepare #EuroSummit on #Greece this evening pic.twitter.com/hh9NIL0P9e@eucopresident's w/ @Lagarde @ECB Draghi @JunckerEU @J_Dijsselbloem to prepare #EuroSummit on #Greece this evening pic.twitter.com/hh9NIL0P9e
3.46pm BST15:463.46pm BST15:46
The Eurogroup has now issued a brief statement, confirming what we learned earlier:The Eurogroup has now issued a brief statement, confirming what we learned earlier:
The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process.The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process.
The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.
The Eurogroup might hold another meeting this week.The Eurogroup might hold another meeting this week.
Today's #Eurogroup welcomed "positive steps" of Greek authorities. View to final agreement later this week. #Greece pic.twitter.com/zRTcGSmBltToday's #Eurogroup welcomed "positive steps" of Greek authorities. View to final agreement later this week. #Greece pic.twitter.com/zRTcGSmBlt
3.41pm BST15:413.41pm BST15:41
The Athens stock market just closed for the night having surged by 9% today, as optimism ripples through the trading floor.The Athens stock market just closed for the night having surged by 9% today, as optimism ripples through the trading floor.
Traders are clinging onto hopes that a deal will be reached -- driving bank shares up by 20% today. Quite a vote of confidence that this crisis will end well....Traders are clinging onto hopes that a deal will be reached -- driving bank shares up by 20% today. Quite a vote of confidence that this crisis will end well....
The German and French markets are both up around 3.5% in late trading, as optimistic noises from Athens and Brussels spark a rally.The German and French markets are both up around 3.5% in late trading, as optimistic noises from Athens and Brussels spark a rally.
And in the City, the FTSE 100 index of blue-chip sharesis up now up 99 points or 1.5%.And in the City, the FTSE 100 index of blue-chip sharesis up now up 99 points or 1.5%.
3.22pm BST15:223.22pm BST15:22
Hello...... Belgium’s finance minister has revealed that some of his counterparts think capital controls should be imposed in Greece now.....Hello...... Belgium’s finance minister has revealed that some of his counterparts think capital controls should be imposed in Greece now.....
Belgian finmin breaks the first rule of Capital Controls Club pic.twitter.com/upT3zT0To1Belgian finmin breaks the first rule of Capital Controls Club pic.twitter.com/upT3zT0To1
3.20pm BST15:203.20pm BST15:20
Optimism is picking up again... European Commission president Jean-Claude Juncker has just declared that he’s aiming for a deal with Greece by the end of the week.Optimism is picking up again... European Commission president Jean-Claude Juncker has just declared that he’s aiming for a deal with Greece by the end of the week.
.@JunckerEU doorstep at the @EUCouncilPress "My aim is a deal by the end of the week. We are working day and night for this." #Greece.@JunckerEU doorstep at the @EUCouncilPress "My aim is a deal by the end of the week. We are working day and night for this." #Greece
3.17pm BST15:173.17pm BST15:17
BBC will shortly show @Peston interview with Greek minister will say deal has been done that does not cross Tsipras red linesBBC will shortly show @Peston interview with Greek minister will say deal has been done that does not cross Tsipras red lines
3.15pm BST15:153.15pm BST15:15
Greek minister tells BBC: there's a breakthroughGreek minister tells BBC: there's a breakthrough
Greece’s economy minister, Giorgos Stathakis, has told the BBC that he believes Athens’ new proposals have broken the deadlock.Greece’s economy minister, Giorgos Stathakis, has told the BBC that he believes Athens’ new proposals have broken the deadlock.
And he also reckons that European leaders will reflect that in their communique tonight.And he also reckons that European leaders will reflect that in their communique tonight.
Robert Peston, the Beeb’s economics editor, has the story:Robert Peston, the Beeb’s economics editor, has the story:
He said he expects eurozone government heads to issue a communique later today that will say there is now a basis for a formal agreement with Athens to complete the current bailout programme and release €7.2bn of vital funds.He said he expects eurozone government heads to issue a communique later today that will say there is now a basis for a formal agreement with Athens to complete the current bailout programme and release €7.2bn of vital funds.
Mr Stathakis conceded that technical work would need to be done in the coming days to formalise the agreement. But he was hopeful that Greece would be able to make its €1.5bn payment to the IMF on its due date of June 30 - and therefore avoid a devastating default.Mr Stathakis conceded that technical work would need to be done in the coming days to formalise the agreement. But he was hopeful that Greece would be able to make its €1.5bn payment to the IMF on its due date of June 30 - and therefore avoid a devastating default.
He detailed Greece’s new money-raising proposals. These include:He detailed Greece’s new money-raising proposals. These include:
Here’s the full story: Stathakis: Greece rescuedHere’s the full story: Stathakis: Greece rescued
Exclusive: Greek econ minister Stathakis tells me government heads communique to say outline of Greek deal agreed, subject to technical workExclusive: Greek econ minister Stathakis tells me government heads communique to say outline of Greek deal agreed, subject to technical work
Updated at 3.16pm BSTUpdated at 3.16pm BST
3.07pm BST15:073.07pm BST15:07
A Greek official has told Reuters that Alexis Tsipras will hold a meeting with Mario Draghi, the ECB’s president, at 5pm BST (6pm Brussels time).A Greek official has told Reuters that Alexis Tsipras will hold a meeting with Mario Draghi, the ECB’s president, at 5pm BST (6pm Brussels time).
2.54pm BST14:542.54pm BST14:54
Anyone know why Christine Lagarde didn’t show at the press conference?Anyone know why Christine Lagarde didn’t show at the press conference?
Was it a bad sign that @Lagarde was supposed to be at presser w/@J_Dijsselbloem but didn't show? #GreeceWas it a bad sign that @Lagarde was supposed to be at presser w/@J_Dijsselbloem but didn't show? #Greece
2.37pm BST14:372.37pm BST14:37
Snap verdict: Greece lives to fight another daySnap verdict: Greece lives to fight another day
That is one of the shortest eurozone crisis press conferences I can remember. But not the most gloomy.That is one of the shortest eurozone crisis press conferences I can remember. But not the most gloomy.
The key message is that the new proposals from Greece are “broad and comprehensive,” and a good basis to restart the negotiations that froze over a week ago. But they just arrived too late for a breakthrough today.The key message is that the new proposals from Greece are “broad and comprehensive,” and a good basis to restart the negotiations that froze over a week ago. But they just arrived too late for a breakthrough today.
A deal isn’t coming tonight, but the door remains open on an agreement by Thursday, when EU leaders hold another summit.A deal isn’t coming tonight, but the door remains open on an agreement by Thursday, when EU leaders hold another summit.
However....that door could start to creak shut if Greece’s proposals aren’t up to scratch, or if negotiations stall again.However....that door could start to creak shut if Greece’s proposals aren’t up to scratch, or if negotiations stall again.
Overall, today's post-Eurogroup presser sounded far more positive than the one in Riga - to mention but one example. #GreeceOverall, today's post-Eurogroup presser sounded far more positive than the one in Riga - to mention but one example. #Greece
Also true that institutions have only just started looking into details of new Greek proposals. Objections may arise at later stage. #GreeceAlso true that institutions have only just started looking into details of new Greek proposals. Objections may arise at later stage. #Greece
In the short-term, though, the eurogroup’s optimism means it will be hard for the European Central Bank to pull the plug on the Greek banking sector.In the short-term, though, the eurogroup’s optimism means it will be hard for the European Central Bank to pull the plug on the Greek banking sector.
If finance ministers think there is a good chance of a deal, the unelected central bankers of Frankfurt can’t overrule them.If finance ministers think there is a good chance of a deal, the unelected central bankers of Frankfurt can’t overrule them.
"We consider it a step in a positive direction" says #Eurogroup chief of Greece offer.. Seems to support the ECB keeping Greek banks going"We consider it a step in a positive direction" says #Eurogroup chief of Greece offer.. Seems to support the ECB keeping Greek banks going
It’s also encouraging that Jeroen Dijsselbloem resisted giving Greece a hoofing over the mix-up with its proposals. He could have taken the opportunity to rebuke Yanus Varoufakis, having been criticised by the Greek finance minister in the past.It’s also encouraging that Jeroen Dijsselbloem resisted giving Greece a hoofing over the mix-up with its proposals. He could have taken the opportunity to rebuke Yanus Varoufakis, having been criticised by the Greek finance minister in the past.
Instead, Dijsselbloem was quite conciliatory, saying it was “no big problem” to get two versions.Instead, Dijsselbloem was quite conciliatory, saying it was “no big problem” to get two versions.
The big loser today could be fans of the BBC’s Question Time programme, who had been promised that Varoufakis would be on the panel this week. He’s probably double-booked now.....The big loser today could be fans of the BBC’s Question Time programme, who had been promised that Varoufakis would be on the panel this week. He’s probably double-booked now.....
Greece's Fin Min Varoufakis on @bbcquestiontime this Thursday, same day Eurogroup of fin mins now reconvenes. Wonder which he'll got to?Greece's Fin Min Varoufakis on @bbcquestiontime this Thursday, same day Eurogroup of fin mins now reconvenes. Wonder which he'll got to?
Updated at 2.39pm BSTUpdated at 2.39pm BST
2.24pm BST14:242.24pm BST14:24
Yanis Varoufakis has apparently left the eurogroup without speaking to the media:Yanis Varoufakis has apparently left the eurogroup without speaking to the media:
Biggest news from #Eurogroup's doorstep is that #Greece's FinMin left without making a commentBiggest news from #Eurogroup's doorstep is that #Greece's FinMin left without making a comment
2.18pm BST14:182.18pm BST14:18
And with that, it’s over.And with that, it’s over.
Updated at 2.18pm BSTUpdated at 2.18pm BST
2.18pm BST14:182.18pm BST14:18
Eurogroup chief: It's an opportunity for a dealEurogroup chief: It's an opportunity for a deal
Last question: Are these Greek proposals actually credible?Last question: Are these Greek proposals actually credible?
Moscovici sounds optimistic:Moscovici sounds optimistic:
This is a solid basis, but work still needs to be done. We are currently looking for an agreement but we haven’t reached one yet.This is a solid basis, but work still needs to be done. We are currently looking for an agreement but we haven’t reached one yet.
Dijsselbloem echoes him, calling the Greek proposals “a welcome step, in a positive direction.”Dijsselbloem echoes him, calling the Greek proposals “a welcome step, in a positive direction.”
It is also an opportunity to get that deal this week, and that is what we will work for.It is also an opportunity to get that deal this week, and that is what we will work for.
Updated at 2.18pm BSTUpdated at 2.18pm BST
2.14pm BST14:142.14pm BST14:14
What’s the point of having an EU summit tonight, my colleague Ian Traynor asks, if the eurogroup hasn’t reached an agreement with Greece today.What’s the point of having an EU summit tonight, my colleague Ian Traynor asks, if the eurogroup hasn’t reached an agreement with Greece today.
Leaders are always free to have a different view, Dijsselbloem replies.Leaders are always free to have a different view, Dijsselbloem replies.
We tell them our view of the situation, ready for tonight’s meeting.We tell them our view of the situation, ready for tonight’s meeting.
Another eurogroup later this week - dijsselbloem. A summit with no agenda?Another eurogroup later this week - dijsselbloem. A summit with no agenda?
Updated at 2.15pm BSTUpdated at 2.15pm BST
2.11pm BST14:112.11pm BST14:11
“Prior actions” are the key to getting a deal, Dijsselbloem says.“Prior actions” are the key to getting a deal, Dijsselbloem says.
In other words, we want to see what Greece must agree to, and implement, before aid can be unlocked.In other words, we want to see what Greece must agree to, and implement, before aid can be unlocked.
2.09pm BST14:092.09pm BST14:09
How did ministers react to the Greek proposals, and is it true that several versions were submitted?How did ministers react to the Greek proposals, and is it true that several versions were submitted?
Yes, there were two versions, one late last night and one this morning. But they were quite similar, so that’s not a big deal, Dijsselbloem says.Yes, there were two versions, one late last night and one this morning. But they were quite similar, so that’s not a big deal, Dijsselbloem says.
We’d have liked them earlier, though.We’d have liked them earlier, though.
Updated at 2.12pm BSTUpdated at 2.12pm BST
2.08pm BST14:082.08pm BST14:08
Onto questions:Onto questions:
What is the initial assessment of the Greek proposals?What is the initial assessment of the Greek proposals?
The general opinion is that they are “broadly comprehensive”, but we need to check they are comprehensive enough, says Dijsselbloem.The general opinion is that they are “broadly comprehensive”, but we need to check they are comprehensive enough, says Dijsselbloem.
Basically they are a basis to restart talks.Basically they are a basis to restart talks.
2.07pm BST14:072.07pm BST14:07
Updated at 2.29pm BSTUpdated at 2.29pm BST
2.06pm BST14:062.06pm BST14:06
Christine Lagarde and Klaus Regling are both not here, despite being scheduled to speak....Christine Lagarde and Klaus Regling are both not here, despite being scheduled to speak....
2.06pm BST14:062.06pm BST14:06
2.06pm BST14:062.06pm BST14:06
Moscovici speaks briefly, saying that the new Greek proposals are a good basis to work from.Moscovici speaks briefly, saying that the new Greek proposals are a good basis to work from.
Updated at 2.06pm BSTUpdated at 2.06pm BST
2.05pm BST14:052.05pm BST14:05
Technical talks will continue, starting this afternoon.Technical talks will continue, starting this afternoon.
If possible, we will use these new Greek proposals as the basis for a deal. If all goes well, we could reach a final agreement later this week, Dijsselbloem adds.If possible, we will use these new Greek proposals as the basis for a deal. If all goes well, we could reach a final agreement later this week, Dijsselbloem adds.
2.04pm BST14:042.04pm BST14:04
2.04pm BST14:042.04pm BST14:04
This will be a very short press conference, declared Dijsselbloem.This will be a very short press conference, declared Dijsselbloem.
Greece has submitted new proposals.... which we welcome.Greece has submitted new proposals.... which we welcome.
But given the very short time the institutions had had, they could only give us an initial assessment.But given the very short time the institutions had had, they could only give us an initial assessment.
1.59pm BST13:591.59pm BST13:59
Eurogroup Press conference beginsEurogroup Press conference begins
Get the popcorn ready, because the press briefing is starting any minute.Get the popcorn ready, because the press briefing is starting any minute.
We’ll hear from eurogroup president Jeroen Dijsselbloem, IMF chief Christine Lagarde, European Commissioner Pierre Moscovici, and also Klaus Regling, who runs Europe’s bailout vehicle, the European Stability Mechanism.We’ll hear from eurogroup president Jeroen Dijsselbloem, IMF chief Christine Lagarde, European Commissioner Pierre Moscovici, and also Klaus Regling, who runs Europe’s bailout vehicle, the European Stability Mechanism.
Reminder, you can watch it live here.Reminder, you can watch it live here.
1.57pm BST13:571.57pm BST13:57
EU insiders are briefing that tonight’s EU leaders summit will go ahead.EU insiders are briefing that tonight’s EU leaders summit will go ahead.
6 EU sources confirm that the #EuroSummit is on.They underline that it never was meant to find an agreement but to talk openly about #Greece6 EU sources confirm that the #EuroSummit is on.They underline that it never was meant to find an agreement but to talk openly about #Greece
1.50pm BST13:501.50pm BST13:50
Vladis Dombrovskis, the European Commissioner responsible for the euro, has declared that the Eurogroup will meet again this week.Vladis Dombrovskis, the European Commissioner responsible for the euro, has declared that the Eurogroup will meet again this week.
Greece’s proposals are a welcome step but more work together with the institutions is needed. Eurogroup will reconvene this week. We need a deal in the coming days.Greece’s proposals are a welcome step but more work together with the institutions is needed. Eurogroup will reconvene this week. We need a deal in the coming days.
Updated at 1.53pm BSTUpdated at 1.53pm BST
1.47pm BST13:471.47pm 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.....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. #EurogroupEu source;": No conclusion on basis of current info.Greek proposals welcomed. A "possible" step in right direction. #Eurogroup
1.39pm BST13:391.39pm BST13:39
Ian Traynor reports that Greece’s lenders are divided.....Ian Traynor reports that Greece’s lenders are divided.....
#grexit #euco seems there are splits in the troika on the wrong greek paper fiasco#grexit #euco seems there are splits in the troika on the wrong greek paper fiasco
1.38pm BST13:381.38pm BST13:38
Finland’s finance minister tweets that work will continue over Greece’s proposals - a diplomatic way of saying no deal today.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.#Eurogroup ends. Work continues. Institutions assess proposals.
1.31pm BST13:311.31pm BST13:31
Eurogroup meeting is overEurogroup meeting is over
The eurogroup meeting has ended, after barely an hour.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.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.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)It will be streamed live here. (right-click to open in a new tab)
Updated at 1.45pm BSTUpdated at 1.45pm BST
1.18pm BST13:181.18pm BST13:18
Photos from the start of today’s eurogroup meeting are arriving, and they suggest that the mood is grim.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:Christine Lagarde looked as gloomy as the weather when she greeted Spain’s Luis de Guindos:
Penny for your thoughts, Wolfgang....Penny for your thoughts, Wolfgang....
Italy’s Pier Carlo Padoa and France’s Michel Sapin looked contemplative too.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: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.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