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| Greece debt crisis: Tsipras in new bailout 'concessions' | Greece debt crisis: Tsipras in new bailout 'concessions' |
| (35 minutes later) | |
| Greece's Prime Minister Alexis Tsipras has offered new concessions to the country's creditors, media reports say. | Greece's Prime Minister Alexis Tsipras has offered new concessions to the country's creditors, media reports say. |
| A letter to creditors obtained by the Financial Times says Mr Tsipras is prepared to accept most conditions that were on the table before talks collapsed and he called a referendum. | A letter to creditors obtained by the Financial Times says Mr Tsipras is prepared to accept most conditions that were on the table before talks collapsed and he called a referendum. |
| On Tuesday, eurozone finance ministers refused to extend the previous bailout. | On Tuesday, eurozone finance ministers refused to extend the previous bailout. |
| Greece became the first European Union country to fail to repay a loan to the International Monetary Fund. | Greece became the first European Union country to fail to repay a loan to the International Monetary Fund. |
| The Financial Times says that Mr Tsipras was prepared to accept a deal made by creditors over the weekend, if a few changes were agreed. | The Financial Times says that Mr Tsipras was prepared to accept a deal made by creditors over the weekend, if a few changes were agreed. |
| The FT says a letter sent by Mr Tsipras to creditors asked for only two changes: that a VAT discount to Greek islands is maintained, and that the process of raising the retirement age to 67 begins in October and not immediately. | The FT says a letter sent by Mr Tsipras to creditors asked for only two changes: that a VAT discount to Greek islands is maintained, and that the process of raising the retirement age to 67 begins in October and not immediately. |
| Greece's national broadcaster ERT says Mr Tspiras would accept a deal with only minor requests for changes. | Greece's national broadcaster ERT says Mr Tspiras would accept a deal with only minor requests for changes. |
| European markets surged on the news Greece might be willing to accept a deal. | European markets surged on the news Greece might be willing to accept a deal. |
| The BBC's economics editor Robert Peston said Mr Tsipras "seems to have caved in". | The BBC's economics editor Robert Peston said Mr Tsipras "seems to have caved in". |
| But the German finance minister, Wolfgang Schaeuble, said no new bailout talks would be possible before Greece holds a referendum on Sunday, that will ask Greeks if they want to accept their creditors' proposals. | |
| Follow latest developments as they happen. | |
| Lenders' proposals - key sticking points | |
| Source: European Commission document, 26 Jun 15 (pdf) | |
| Greek debt jargon explained | |
| Two key meetings are to take place to discuss aid for Greece, hours after Athens missed the deadline for a €1.5bn (£1.1bn, $1.7bn) payment to the IMF. | Two key meetings are to take place to discuss aid for Greece, hours after Athens missed the deadline for a €1.5bn (£1.1bn, $1.7bn) payment to the IMF. |
| In one, officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece. | In one, officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece. |
| In the second, eurozone finance ministers will discuss Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn. | In the second, eurozone finance ministers will discuss Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn. |
| Ministers will discuss the proposal in a conference call at 15:30 GMT. | Ministers will discuss the proposal in a conference call at 15:30 GMT. |
| With the eurozone bailout expired, Greece no longer has access to billions of euros in funds. | With the eurozone bailout expired, Greece no longer has access to billions of euros in funds. |
| Only three other countries are still in arrears to the IMF - Sudan, Somalia and Zimbabwe. Between them, they owe €1.6bn, only marginally more than Greece. | Only three other countries are still in arrears to the IMF - Sudan, Somalia and Zimbabwe. Between them, they owe €1.6bn, only marginally more than Greece. |
| The ECB has also frozen its liquidity lifeline to Greek banks, that did not open this week. | The ECB has also frozen its liquidity lifeline to Greek banks, that did not open this week. |
| Withdrawals from cash machines are capped at just €60 a day and long queues have been forming outside banks. | Withdrawals from cash machines are capped at just €60 a day and long queues have been forming outside banks. |
| However, up to 1,000 branches re-opened on Wednesday to allow pensioners - many of whom do not use bank cards - a one-off weekly withdrawal of up to €120. | However, up to 1,000 branches re-opened on Wednesday to allow pensioners - many of whom do not use bank cards - a one-off weekly withdrawal of up to €120. |
| Greece's cash trap -Dimitris Katsikas, Hellenic Foundation for European and Foreign Policy | |
| The economy is frozen and we're in a liquidity trap, where everyone wants to hold euros. | |
| Investment is non-existent and consumption has collapsed. | |
| People have stopped submitting tax income statements and with the banks closed the government cannot receive anything. Supermarkets don't know what to do with the cash they receive. | |
| We are not in the eurozone bailout programme so the European Central Bank cannot increase funding to the banking system. | |
| Credit agencies have reduced the ratings on Greek banks so they're almost junk and even if they have collateral to give they may not be able to get new funding. Plus, we are essentially in default of the IMF. | |
| Even if there is a deal, capital controls will be here for some time because there would be a rush on the banks if they re-opened. | |
| An interim solution would only calm the symptoms of the crisis. Under a more permanent deal difficulties would remain for some weeks. | |
| The Associated Press news agency said many pensioners had waited outside banks from before dawn, only to be told to return on Thursday or Friday. | The Associated Press news agency said many pensioners had waited outside banks from before dawn, only to be told to return on Thursday or Friday. |
| Some pensioners were told their pensions had not yet been deposited, AP said. | Some pensioners were told their pensions had not yet been deposited, AP said. |
| "It's very bad,'' said Popi Stavrakaki, 68. "I'm afraid it will be worse soon. I have no idea why this is happening." | "It's very bad,'' said Popi Stavrakaki, 68. "I'm afraid it will be worse soon. I have no idea why this is happening." |
| Greek newspaper headlines on Wednesday | Greek newspaper headlines on Wednesday |
| I Efimerida (left-of-centre): "'NO' ahead" - "But blackmail of bank closure is catalyst for people's decision" | I Efimerida (left-of-centre): "'NO' ahead" - "But blackmail of bank closure is catalyst for people's decision" |
| Ethnos (centrist): "Zero hour" - "The country under siege since midnight" | Ethnos (centrist): "Zero hour" - "The country under siege since midnight" |
| I Avyi (pro-government): "'NO" a catalyst for a new deal" | |
| Eleftheros Typos (right-of-centre): "Greece defaults and Tsipras plays" - "In confusion, the prime minister asks for a restructure of the bailout and a strict agreement" | Eleftheros Typos (right-of-centre): "Greece defaults and Tsipras plays" - "In confusion, the prime minister asks for a restructure of the bailout and a strict agreement" |
| The European Commission - one of the "troika" of creditors along with the IMF and the ECB - wants Athens to raise taxes and cut welfare spending to meet its debt obligations. | The European Commission - one of the "troika" of creditors along with the IMF and the ECB - wants Athens to raise taxes and cut welfare spending to meet its debt obligations. |
| Greece's left-wing Syriza government, elected on an anti-austerity platform, has been in deadlock with its creditors for months over the terms of a third bailout. | Greece's left-wing Syriza government, elected on an anti-austerity platform, has been in deadlock with its creditors for months over the terms of a third bailout. |
| The Greek government took the unilateral decision to hold a vote last weekend, angering eurozone ministers. | The Greek government took the unilateral decision to hold a vote last weekend, angering eurozone ministers. |
| EU leaders have warned that a 'No' vote would see Greece leave the eurozone - though Mr Tsipras says he does not want this to happen. | |
| A poll by the Greek newspaper Efimerida ton Syntakton published on Wednesday suggested that 54% of Greeks would vote against the creditors' terms for a bailout - fewer than in their last poll. | |
| What happens next? | What happens next? |
| 1 July - Eurogroup - the finance ministers of the eurozone - holds a telephone conference to discuss new proposal from Greek Prime Minister Alexis Tsipras | 1 July - Eurogroup - the finance ministers of the eurozone - holds a telephone conference to discuss new proposal from Greek Prime Minister Alexis Tsipras |
| 5 July - Referendum on creditors' proposals takes place, which many say is effectively a vote on Greek membership of the eurozone | 5 July - Referendum on creditors' proposals takes place, which many say is effectively a vote on Greek membership of the eurozone |
| 20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans | 20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans |
| Are you in Greece? What are your concerns? Do you have friends and family in the country who may be affected? Email haveyoursay@bbc.co.uk with your experiences. | Are you in Greece? What are your concerns? Do you have friends and family in the country who may be affected? Email haveyoursay@bbc.co.uk with your experiences. |
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