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Version 6 Version 7
Greek crisis: Markets surge on hopes of last-minute deal - live updates Greek crisis: Markets surge on hopes of last-minute deal - live updates
(35 minutes later)
11.29am BST11:29
IMF chief Christine Lagarde gave reporters a no-nonsense wave as she arrived for her meeting with Alexis Tsipras in Brussels.
11.27am 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 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?
We have a document signed by the Greek PM, that’s what the Institutions are discussing, fires back Schinas.
11.21am BST11:21
Greek government bonds are continuing to rally this morning, despite some concerns that we might not get a major agreement tonight:
Greek bonds extend rally. 2yr yields slump to 24.3%. pic.twitter.com/Af6rRn7wzP
11.19am BST11:19
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)
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". #Greece
11.10am BST11:10
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.
11.07am BST11:07
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'
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 source
Updated at 11.08am BST
11.01am BST11:01
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).
And that clashes nicely with the regular EU midday briefing, (it should be streamed here now).
Updated at 11.21am BST
11.00am BST11:00
Merkel: 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.
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.”
So the crisis might rumble on.....
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.
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 surge on Greek deal hopes European 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 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