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Greek crisis: Bailout talks resume in race for a deal - live updates Greek crisis: Bailout talks resume in race for a deal - live updates
(35 minutes later)
8.39am BST08:39
Athens stock market falls
The Greek stock market has just opened....and shares are, unsurprisingly, falling fast.
Bank shares have dropped by 5%, helping to drag the main ATG index down by almost 2%.
Updated at 8.39am BST
8.33am BST08:33
Europe’s stock markets have fallen a little in early trading, extending yesterday’s losses.
Connor Campbell, financial analyst at Spreadex, says:
The markets are slightly more tentative this morning as another Greece dominant day looms...
An unhappy IMF on one side, which wants stronger pension reforms instead of a reliance on raised taxes, and an angry Greek government on the other means Tsipras, and Greece is general, is caught between the proverbial rock and a hard place as judgement day (i.e. a whopping €1.6bn payment to the Washington-based institution) grows ever closer.
8.27am BST08:27
Greece and its creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting (which ended so early yesterday)
8.21am BST08:21
Over in Brussels, MNI reporter Simon Marks has spotted Alexis Tsipras arriving back at the European Commission for more talks with the IMF, ECB and EC:
And the main man-@tsipras_eu has entered the ring. pic.twitter.com/v8LwofhiKx
8.14am BST08:14
Analysts at Royal Bank of Scotland reckon a deal probably won’t be reached today:
EU sources have been reported as saying that logistically Sat is deadline for negotiations if #IMF payment on Jun30th is to be made on time.
RBS on #Greece negotiations: Our baseline (50%) continues to be that there will be an agreement before Tuesday but not likely today.
RBS: We certainly cannot rule out that a Greek deal only follows after missed IMF payment, change in Greek govt composition or cap controls.
8.06am BST08:068.06am BST08:06
Greek government: we've being blackmailed Greek government: we're being blackmailed
A senior official of Greece’s ruling Syriza party has claimed that creditors are trying to “blackmail” the country.A senior official of Greece’s ruling Syriza party has claimed that creditors are trying to “blackmail” the country.
Nikos Filis, the ruling Syriza party’s parliamentary spokesman, told Mega TV that:Nikos Filis, the ruling Syriza party’s parliamentary spokesman, told Mega TV that:
“The lenders’ demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax.”“The lenders’ demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax.”
Filis added that Greece is adamant that lenders must embrace the issue of debt relief:Filis added that Greece is adamant that lenders must embrace the issue of debt relief:
“There cannot be a deal without a substantial reference and specific steps on the issue of debt.”“There cannot be a deal without a substantial reference and specific steps on the issue of debt.”
(Thanks to Reuters for the quotes)(Thanks to Reuters for the quotes)
Updated at 8.45am BST
7.58am BST07:587.58am BST07:58
Europe’s indefatigably optimistic commissioner, Pierre Moscovoci, has tweeted that “Where there is a will, there is a way”.Europe’s indefatigably optimistic commissioner, Pierre Moscovoci, has tweeted that “Where there is a will, there is a way”.
Là où il y a une volonté, il y a un cheminLà où il y a une volonté, il y a un chemin
That phrase was used by Angela Merkel earlier this month; wonder if she still agrees....That phrase was used by Angela Merkel earlier this month; wonder if she still agrees....
7.51am BST07:517.51am BST07:51
Introduction: Here we go again (again)Introduction: Here we go again (again)
Good morning.Good morning.
Last ditch talks. Going to the wire. Groundhog Day. Pick your cliché, because it’s going to be another one of those moments.Last ditch talks. Going to the wire. Groundhog Day. Pick your cliché, because it’s going to be another one of those moments.
Greece and its creditors are hunkering down for another attempt to reach an agreement over its bailout package, which expires in just six days.Greece and its creditors are hunkering down for another attempt to reach an agreement over its bailout package, which expires in just six days.
Technical teams are already at their desks working away.Technical teams are already at their desks working away.
And soon, Greece’s prime minister, Alexis Tsipras, will meet with IMF managing director Christine Lagarde, ECB president Mario Draghi, and European Commission president Jean-Claude Juncker. Those talks are expected to start at 9am Brussels time, or 8am BST.And soon, Greece’s prime minister, Alexis Tsipras, will meet with IMF managing director Christine Lagarde, ECB president Mario Draghi, and European Commission president Jean-Claude Juncker. Those talks are expected to start at 9am Brussels time, or 8am BST.
They can’t have had much sleep -- emergency talks between the quartet lasted until after midnight. Juncker still had enough energy to wave at our Europe editor, Ian Traynor - which must be a good sign.They can’t have had much sleep -- emergency talks between the quartet lasted until after midnight. Juncker still had enough energy to wave at our Europe editor, Ian Traynor - which must be a good sign.
Juncker has left the building. He waved at @traynorbrussels. Really. He did pic.twitter.com/URGMlyK4FkJuncker has left the building. He waved at @traynorbrussels. Really. He did pic.twitter.com/URGMlyK4Fk
The meeting ended in the early hours of Thursday with Greece “remaining firm on its position” according to a Greek government official.The meeting ended in the early hours of Thursday with Greece “remaining firm on its position” according to a Greek government official.
The two sides are really struggling to close the yawning gap over the measures Greece must take to obtain bailout funds.The two sides are really struggling to close the yawning gap over the measures Greece must take to obtain bailout funds.
As we covered yesterday, the IMF refuses to accept Athens’ plan to raise €8bn mainly through tax rises, and is demanding much tougher pension reforms.As we covered yesterday, the IMF refuses to accept Athens’ plan to raise €8bn mainly through tax rises, and is demanding much tougher pension reforms.
Related: Alexis Tsipras's homework has been thrown back in his faceRelated: Alexis Tsipras's homework has been thrown back in his face
Today’s goal is to make serious progress this morning, so that eurozone finance ministers have a proposal to sign off when they meet - for the fourth time in a week - at 1pm Brussels time. Today’s goal is to make serious progress this morning, so that eurozone finance ministers have a proposal to sign off when they meet - for the fourth time in a week - at 1pm Brussels time (or noon BST)
Greek talks to resume today at 0800BST in order to construct new proposals, which can be presented at the Eurogroup summit 1200BSTGreek talks to resume today at 0800BST in order to construct new proposals, which can be presented at the Eurogroup summit 1200BST
Then, EU leaders gather for a two-day summit this evening that was meant to focus on the migration crisis, and Britain’s renegotiation plans. Greece, though, could hijack the event, with Tsipras’s insisting that Greece must be given debt relief.Then, EU leaders gather for a two-day summit this evening that was meant to focus on the migration crisis, and Britain’s renegotiation plans. Greece, though, could hijack the event, with Tsipras’s insisting that Greece must be given debt relief.
Morning from Brussels where multiple crises collide: med migrant crisis, Grexit & Brexit. #EUco Summit in 1 building. next door Greek talksMorning from Brussels where multiple crises collide: med migrant crisis, Grexit & Brexit. #EUco Summit in 1 building. next door Greek talks
We’ll be tracking all the events through the day....We’ll be tracking all the events through the day....
Updated at 8.19am BST