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Eurozone leaders echo hopes for Greek deal Eurozone leaders echo hopes for Greek deal
(about 7 hours later)
Eurozone leaders have echoed hopes that a deal can be struck within days to stop Greece defaulting on its debt.Eurozone leaders have echoed hopes that a deal can be struck within days to stop Greece defaulting on its debt.
German Chancellor Angela Merkel said new proposals offered by Greece constituted "some progress". But she said more work was needed and "time is short".German Chancellor Angela Merkel said new proposals offered by Greece constituted "some progress". But she said more work was needed and "time is short".
Greece must repay a €1.6bn (£1.1bn) International Monetary Fund (IMF) loan by the end of the month.Greece must repay a €1.6bn (£1.1bn) International Monetary Fund (IMF) loan by the end of the month.
If it fails to do so, it risks crashing out of the single currency.If it fails to do so, it risks crashing out of the single currency.
Although no deal has been struck, the blockages on a way to a deal appear to have been cleared, BBC Europe Correspondent Damian Grammaticas reports from Brussels. Although no deal has been struck, key obstacles appear to have been cleared, BBC Europe Correspondent Damian Grammaticas reports from Brussels.
Earlier, Greece's economy minister outlined new taxes on businesses and the wealthy that he hoped would break a deadlock with creditors. The deal being formed is said to include:
Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds.
The move was received with cautious optimism by leaders of 18 other eurozone nations gathered for an emergency summit in Brussels.The move was received with cautious optimism by leaders of 18 other eurozone nations gathered for an emergency summit in Brussels.
Greek Prime Minister Alexis Tsipras met the heads of Greece's three international creditors - the IMF, the European Commission and the European Central Bank (ECB) - in Brussels on Monday ahead of attending the summit.Greek Prime Minister Alexis Tsipras met the heads of Greece's three international creditors - the IMF, the European Commission and the European Central Bank (ECB) - in Brussels on Monday ahead of attending the summit.
After the talks ended on Monday evening, Mrs Merkel said that everyone taking part wanted Greece to stay in the eurozone, "myself included".After the talks ended on Monday evening, Mrs Merkel said that everyone taking part wanted Greece to stay in the eurozone, "myself included".
"The proposals offered by Greece today constitute some progress. However, it became clear during our discussions that there is a lot of work to be done and time is short," she said."The proposals offered by Greece today constitute some progress. However, it became clear during our discussions that there is a lot of work to be done and time is short," she said.
Analysis by Chris Morris, BBC Europe correspondentAnalysis by Chris Morris, BBC Europe correspondent
As political and economic pressure mounted on Greece, it finally gave some ground - with proposals to cut its overall pension bill and raise more money from VAT. As he left the summit, Greek Prime Minister Alexis Tsipras said the ball was now in the court of the European leaders. But after a bruising five months of negotiation, there is still plenty of scepticism about Greece around the eurozone. Earlier, finance ministers prompted by Germany's Wolfgang Schauble argued about whether capital controls should be introduced, as significant amounts of money continue to be withdrawn from Greek banks. As political and economic pressure mounted on Greece, it finally gave some ground - with proposals to cut its overall pension bill and raise more money from VAT. As he left the summit, Greek Prime Minister Alexis Tsipras said the ball was now in the court of the European leaders. But after a bruising five months of negotiation, there is still plenty of scepticism about Greece around the eurozone. Earlier, finance ministers prompted by Germany's Wolfgang Schaeuble argued about whether capital controls should be introduced, as significant amounts of money continue to be withdrawn from Greek banks.
Stock markets rise on hopes of dealStock markets rise on hopes of deal
Walker: The options for GreeceWalker: The options for Greece
Why should I care?Why should I care?
What's behind the crisis?What's behind the crisis?
French President Francois Hollande said Greece and its creditors were "moving towards an accord".French President Francois Hollande said Greece and its creditors were "moving towards an accord".
He also said there was "still work to be done" for a solution to be in sight when eurozone finance ministers meet again on Wednesday. He also said there was "still work to be done" for a solution to be in sight when eurozone finance ministers meet again on Wednesday - when they hope to approve a package to be put to eurozone leaders for final endorsement on Thursday morning.
European Council President Donald Tusk said the new Greek proposals were viewed as a "a positive step", and that they would be "further assessed over the coming hours".
"As the last hours have shown we can see all parties fully committed to finding a solution," he added.
He said the aim was to have eurozone finance ministers approve a package on Wednesday evening that would be put to eurozone leaders for final endorsement on Thursday morning.
European Commission President Jean-Claude Juncker - one of the key power-brokers - told a late-night news conference: "I am convinced that we will come to a final agreement in the course of this week".European Commission President Jean-Claude Juncker - one of the key power-brokers - told a late-night news conference: "I am convinced that we will come to a final agreement in the course of this week".
However, German Finance Minister Wolfgang Schaeuble was more negative about the prospects of a deal, saying he had seen nothing new from Athens.
And there was some pessimism from Greece itself, with deputy parliament speaker and Syriza lawmaker Alexis Mitropoulos reportedly telling Greek TV that lawmakers would find it "difficult to pass" the latest package of reforms.
Meanwhile, thousands attended a rally outside the Greek parliament in Athens on Monday in support of Greece staying in the eurozone. It came a day after an anti-austerity protest backing the government's tough stance towards creditors.Meanwhile, thousands attended a rally outside the Greek parliament in Athens on Monday in support of Greece staying in the eurozone. It came a day after an anti-austerity protest backing the government's tough stance towards creditors.
Talks have been in deadlock for five months with Greece's three main creditors 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 with Greece's three main creditors unwilling to unlock the final instalment of bailout funds until Greece agrees to economic reforms.
Greece's left-wing Syriza government has opposed reforms that it says will impose unnecessary hardship on the Greek people.Greece's left-wing Syriza government has opposed reforms that it says will impose unnecessary hardship on the Greek people.
Earlier on Monday, Greece's economy minister Giorgios Stathakis said the new proposals included new taxes on business and the wealthy but no further cuts in pensions or public sector salaries.
He also said there would be no increase in VAT on electricity.
The European Central Bank (ECB) again increased its emergency funding for Greek banks on Monday after anxious savers withdrew more than €4bn in recent days.The European Central Bank (ECB) again increased its emergency funding for Greek banks on Monday after anxious savers withdrew more than €4bn in recent days.
Greek debt talks: Main sticking points