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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)
9.18am BST09:18
9.16am BST09:16
SYRIZA spokesman Fylis on Skai TV, doesn't sound like a man who expects Tsipras to return to Athens without some kind of deal #Greece
9.12am BST09:12
Syriza MP: We won't be humiliated
Helena Smith
More fighting talks from Syriza MPs this morning.
Alexis Mitropoulos says:
“We are being confronted with a cartel of lenders....
“The message that the government has to send is that we are a proud people. We are not going to accept being humiliated,”
Speaking on STAR TV, Mitropoulos adding that the EU and IMF had to respect the “democratic choice” of the Greek people.
State-run TV station ERT is reporting that international lenders are now pushing for €2.3bn in extra measures on top of the €8bn Athens has already agreed to.
“They want 1 % of GDP in Value added tax and are insisting that 23 percent be slapped on restaurants.”
Updated at 9.12am BST
9.06am BST09:06
A striking front page from Greece:
Today's @TOPONTIKI frontpage: Shameful #Europe: committed to the "lethal prescription" insists on executing #Greece pic.twitter.com/5iADe8xUb1
The front-page headline of the left-leaning Syntaktwn newspaper is also very forceful, Helena reports:
“Up to here and enough is enough!” it declared. “The prime minister rejected the far fetching demands of the lenders.”
9.00am BST09:00
Helena Smith
Over in Athens, politicians, the media and commentariat all concur that D-Day has come.
Our correspondent Helena Smith reports.
Defiance and dismay are the name of the game in Athens this morning. Almost everyone agrees that both sides will have to do what has not been done in five months to date: make crunch decisions that may well change the course of tiny Greece’s history.
“These moments are something more than critical,” the news portal, newsit.gr, wrote with a touch of understatement. “White smoke” it said had still not appeared despite negotiations being drawn out into the small hours.
A gap of around €600m appears to be the source of differences, although Greek officials worry that with the International Monetary Fund “taking such a tough stance” that figure could rise to €1bn in extra measures. Athens’ leftist-led government says it cannot add that to the €8bn euro in savings it has already offered.
Leading officials in prime minister Alexis Tsipras’ radical left Syriza party repeated accusations this morning that by pushing Greece to the place where it has now pushed it, it had become quite clear that creditors had another agenda: regime change in Athens.
The phones have been ringing off the hook between Brussels and Athens with Tsipras, conferring with ministers in the Greek capital – not least the labour minister Panos Skourletis.
“The hardline faction (among lenders) does not want a an agreement, but rupture, the humiliation of Greece and the fall of the Tsipras government. It is not going to pass,” Syriza’s leading MEP, Dimitris Papadimoulis, wrote on his twitter account.
Η σκληροπυρηνική φράξια των δανειστών δεν θέλει συμφωνία,αλλά ρήξη, ταπείνωση της Ελλάδας κ πτώση της Κυβέρνησης Τσίπρα.Δεν θα τους περάσει!
Creditors had, he railed, lost touch with reality.
“They refuse to tax e-gaming but want to add 23% VAT on milk. Are they doing it for … growth or out of interest?” he wrote in another tweet.
Οι δανειστές αρνούνται την φορολόγηση του ηλεκτρονικού τζόγου, αλλά θέλουν 23% ΦΠΑ στο γάλα. Το κάνουν για την... ανάπτυξη η για συμφέροντα;
8.54am BST08:54
Carsten Brzeski, ING’s chief economist, says people are “getting exhausted” with the endless routine of meetings and deadlines around the Greek crisis.
It’s very hard to tell fact from fiction, he told Bloomberg TV this morning.
The fact that Tsipras, Lagarde, Draghi and Juncker met until midnight, and technical staff resumed work early this morning, shows there is still political will for a deal.
But still:
“If anything, the chances that these negotiations will fail have increased over the last 24 hours.”
8.54am BST08:54
8.39am BST08:398.39am BST08:39
Athens stock market fallsAthens stock market falls
The Greek stock market has just opened....and shares are, unsurprisingly, falling fast.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%.Bank shares have dropped by 5%, helping to drag the main ATG index down by almost 2%.
Updated at 8.39am BSTUpdated at 8.39am BST
8.33am BST08:338.33am BST08:33
Europe’s stock markets have fallen a little in early trading, extending yesterday’s losses.Europe’s stock markets have fallen a little in early trading, extending yesterday’s losses.
Connor Campbell, financial analyst at Spreadex, says:Connor Campbell, financial analyst at Spreadex, says:
The markets are slightly more tentative this morning as another Greece dominant day looms...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.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 BST08:278.27am 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)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 BST08:218.21am 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: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/v8LwofhiKxAnd the main man-@tsipras_eu has entered the ring. pic.twitter.com/v8LwofhiKx
8.14am BST08:148.14am BST08:14
Analysts at Royal Bank of Scotland reckon a deal probably won’t be reached today: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.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 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.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're being blackmailedGreek 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 BSTUpdated 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 economics affairs 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....
Updated at 9.15am BST
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 (or noon BST)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 BSTUpdated at 8.19am BST