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| Greece spells out terms for debt crisis 'breakthrough' | Greece spells out terms for debt crisis 'breakthrough' |
| (35 minutes later) | |
| Greece's economy minister has spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. | Greece's economy minister has spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. |
| It includes new taxes on businesses and the wealthy, Giorgios Stathakis told the BBC in an exclusive interview. | It includes new taxes on businesses and the wealthy, Giorgios Stathakis told the BBC in an exclusive interview. |
| Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days". | Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days". |
| Greece will default if it does not repay a €1.6bn (£1.1bn) IMF loan by the end of the month. | Greece will default if it does not repay a €1.6bn (£1.1bn) IMF loan by the end of the month. |
| If that happens, it risks crashing out of the single currency and possibly the EU. | If that happens, it risks crashing out of the single currency and possibly the EU. |
| Mr Stathakis told the BBC's Robert Peston he was confident Greece's new proposals to balance the government's books had broken the deadlock with its creditors. | Mr Stathakis told the BBC's Robert Peston he was confident Greece's new proposals to balance the government's books had broken the deadlock with its creditors. |
| He said the proposals also included an increase in the VAT rate for some selected items. | He said the proposals also included an increase in the VAT rate for some selected items. |
| Analysis - Robert Peston, BBC economics editor | Analysis - Robert Peston, BBC economics editor |
| Greece's economy minister Giorgios Stathakis told me that his Syriza government, led by Alexis Tsipras, had avoided crossing its red lines with the new proposals. | Greece's economy minister Giorgios Stathakis told me that his Syriza government, led by Alexis Tsipras, had avoided crossing its red lines with the new proposals. |
| So, he said, there would be no further reductions in pensions or public-sector wages. And there would be no increase in VAT on electricity. | So, he said, there would be no further reductions in pensions or public-sector wages. And there would be no increase in VAT on electricity. |
| He also said that the government had agreed with the IMF and eurozone governments that the targeted budget surplus would be 1% of GDP or national income this year, 2% next year and 3% the year after. | He also said that the government had agreed with the IMF and eurozone governments that the targeted budget surplus would be 1% of GDP or national income this year, 2% next year and 3% the year after. |
| There will be no agreement with creditors to cut Greece's massive burden of debt, despite Syriza's earlier insistence on this. But Mr Stathakis told me he expects eurozone government heads to issue a communique later saying that debt relief will be on the agenda for negotiation in coming months. | There will be no agreement with creditors to cut Greece's massive burden of debt, despite Syriza's earlier insistence on this. But Mr Stathakis told me he expects eurozone government heads to issue a communique later saying that debt relief will be on the agenda for negotiation in coming months. |
| Read more from Robert | Read more from Robert |
| An emergency Eurogroup summit in Brussels is still due to go ahead later on Monday. | An emergency Eurogroup summit in Brussels is still due to go ahead later on Monday. |
| Talks have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms. | Talks have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms. |
| Separately, the European Central Bank (ECB) again increased its emergency funding for Greek banks after anxious savers withdrew more than €4bn in recent days. | Separately, the European Central Bank (ECB) again increased its emergency funding for Greek banks after anxious savers withdrew more than €4bn in recent days. |
| Greek PM Alexis Tsipras, who has ruled out pension cuts, higher power rates, and an excessive budget surplus, said he hoped Greece would "return to growth within the eurozone". | Greek PM Alexis Tsipras, who has ruled out pension cuts, higher power rates, and an excessive budget surplus, said he hoped Greece would "return to growth within the eurozone". |
| He met the heads of Greece's three international creditors in Brussels, ahead of his talks with the leaders of 18 other eurozone nations. | He met the heads of Greece's three international creditors in Brussels, ahead of his talks with the leaders of 18 other eurozone nations. |
| 'Broad and comprehensive' | 'Broad and comprehensive' |
| But eurozone finance ministers said they were not given enough time to study them for a proper assessment, amid confusion over different versions of the Greek proposals submitted. | But eurozone finance ministers said they were not given enough time to study them for a proper assessment, amid confusion over different versions of the Greek proposals submitted. |
| Speaking after the meeting, Mr Dijsselbloem described the proposals as "broad and comprehensive", but said work was needed to check they added up "in fiscal terms". | Speaking after the meeting, Mr Dijsselbloem described the proposals as "broad and comprehensive", but said work was needed to check they added up "in fiscal terms". |
| Earlier, Germany's Wolfgang Schaeuble told reporters he had not seen anything new from Greece so far and "without anything new, there is nothing for the ministers to prepare for their leaders". The Irish and Finnish finance ministers echoed the sentiment. | Earlier, Germany's Wolfgang Schaeuble told reporters he had not seen anything new from Greece so far and "without anything new, there is nothing for the ministers to prepare for their leaders". The Irish and Finnish finance ministers echoed the sentiment. |
| News of a possible breakthrough gave a boost to European stock markets, with Greece's main stock exchange jumping 9% by the end of trading on Monday. | |
| The deadline for Greece to pay back a slice of its loan is 30 June, but a last-minute deal would make it difficult to arrange the logistics of transferring the money. | The deadline for Greece to pay back a slice of its loan is 30 June, but a last-minute deal would make it difficult to arrange the logistics of transferring the money. |
| A separate European Council summit is scheduled for Thursday and Friday, and its agenda is packed. | A separate European Council summit is scheduled for Thursday and Friday, and its agenda is packed. |
| Greek debt talks: Main sticking points | Greek debt talks: Main sticking points |
| Business live: Latest from Greece | Business live: Latest from Greece |
| Stock markets rise on hopes of deal | Stock markets rise on hopes of deal |
| Walker: The options for Greece | Walker: The options for Greece |
| Why should I care? | Why should I care? |
| What's behind the crisis? | What's behind the crisis? |