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Eurozone leaders echo hopes for Greek deal Greek debt crisis: Eurozone leaders hopeful of deal
(35 minutes later)
Eurozone leaders have echoed hopes that a deal can be struck within days to stop Greece defaulting on its debt. Eurozone leaders have broadly welcomed new proposals for Greek reforms amid hopes 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 Greece's latest offer 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 euro and possibly the EU.
Although no deal has been struck, key obstacles 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.
The deal being formed is said to include:The deal being formed is said to include:
Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds.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.
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 correspondent Greek Prime Minister Alexis Tsipras also met the heads of Greece's three international creditors - the IMF, the European Commission and the European Central Bank (ECB) - in Brussels.
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. Analysis: Robert Peston, BBC economics editor
There is a script which seemingly all eurozone leaders are urged to learn, which is that if the currency union is in the grips of crisis, no solution can or should be found till markets and economy are on the verge of a heart attack.
With almost no time left before a de facto default - and, more frighteningly perhaps, with a Greek banking system on the brink of total collapse because savers had lost all confidence that a rescue for their state could be found - Mr Tsipras has come up with a plan that his fellow eurozone leaders see, at last, as the basis for a deal.
So subject to technical talks, an actual deal to release life-saving additional loans for Greece may be reached at the end of the week.
Greek tragedy: End of an act, not the whole play
Stock markets rise on hopes of dealStock markets rise on hopes of deal
Walker: 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 - when they hope to approve a package to be put to eurozone leaders for final endorsement on Thursday morning. 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. They hope to approve a package to 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. However, German Finance Minister Wolfgang Schaeuble was more negative, 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.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 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 instalment 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.
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.