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Greek debt crisis: Alex Tsipras seeks last chance deal - live Greek debt crisis: Alexis Tsipras seeks last chance deal - live
(35 minutes later)
8.19am BST08:19
And today’s “Ball is in the Greek’s court Award” goes to European Commission president Jean-Claude Juncker.
Speaking in Strasbourg, he said:
LIVE: @JunckerEU addresses @Europarl_EN: the ball is on #Greece's court; it 'll have to explain how we reach an agreement
The Greek gov must explain in Bxl today how it sees us extricating ourselves from this situation. #Greece #Eurosummit
EC Juncker: "I am against #Grexit. Some in EU are openly or covered in favor of Grexit. EC will do anything against it" #Greece
#Juncker: 'Very saddened that Greek gov't left the negotiating table'
*JUNCKER: EU READY TO DO WHATEVER NECESSARY TO REACH GREEK PACT
But he must be glad to see the back of Yanis Varoufakis, the former Greek finance minister who described the country’s creditors as “terrorists”
Juncker: Is is unacceptable for the #greece govt to call us "terrorists"
#Juncker: the Commission and its President have tried hard to find deal, if only everyone had tried as hard
8.07am BST08:07
Interesting snippet in the report on Monday’s events by Greek newspaper Kathimerini:
According to sources in Brussels, 16 of the other 18 countries in the eurozone are in favor of letting Greece leave the eurozone and they will have to weigh up the cost of any agreement to keep Athens in the single currency.
7.58am BST07:58
Breaking news:
S&P Believes That Greece Could Default On Debt Payment As Soon As This Week -Situation In Greece Is Leading To Return Of Econ. Depression
7.57am BST07:57
Timetable for key meetings
Here are the expected timings for two Brussels meetings later.
First the Eurogroup of finance ministers:
12:00 (Brussels time, 11.00 BST) Arrivals
13:00 Roundtable chaired by Eurogroup President Jeroen Dijsselbloem
The agenda is as follows:
The Eurogroup will discuss the situation following the referendum in Greece that was held on 5 July 2015. Ministers expect new proposals from the Greek authorities.
And here’s the details of the leaders’ summit:
From 17.00
Arrival of the heads of state or government of the Euro area
18.00
Working dinner
at the end of the meeting
Press conference by the President of the European Council and the President of the European Commission
7.47am BST07:47
And European markets are forecast to open higher ahead of the day’s key meetings:
Our European opening calls: $FTSE 6557 up 21 $DAX 10931 up 40 $CAC 4726 up 15 $IBEX 10590 up 50 $MIB 21707 up 106
7.46am BST07:46
Markets came under pressure on Monday following the No victory in the Greek referendum, but things were nothing like as bad as some had feared. Economist Ian Williams at Peel Hunt said:
Given the apocalyptic predictions of the consequences of a Greek ‘no’ vote made before the weekend, losses of around 2% for the Eurozone indices should have been greeted with a sigh of relief. Similarly, the moves in Eurozone bond markets were modest, in the context of recently heightened levels of volatility. That sanguine response may not be so much based on optimism that a compromise deal can still be reached (given the removal of Mr Varoufakis) as reflecting a judgement that, even if Grexit is now more likely than before, the broader economic consequences for the region can be contained.
The Eurozone’s peripheral markets were understandably less sanguine than the core, with Italy’s MIB index losing 4% and the IBEX in Spain 2.2%.
Asian markets were mixed, with the Nikkei up 1.3% but the Hang Seng down 0.6%.
And China continued its recent slump:
Related: China stocks tumble again after premier Li Keqiang fails to mention crisis
Updated at 7.57am BST
7.38am BST07:387.38am BST07:38
Introduction: Leaders await new Greece proposalsIntroduction: Leaders await new Greece proposals
Good morning and welcome to our coverage of the continuing eurozone crisis and the latest attempts to broker a deal between Greece and its creditors.Good morning and welcome to our coverage of the continuing eurozone crisis and the latest attempts to broker a deal between Greece and its creditors.
With time running out - to quote German Chancellor Angela Merkel - Greek prime minister Alexis Tsipras is set to present new proposals following his resounding victory in Sunday’s referendum.With time running out - to quote German Chancellor Angela Merkel - Greek prime minister Alexis Tsipras is set to present new proposals following his resounding victory in Sunday’s referendum.
Finance ministers will meet later to consider what Greece has put on the table, with European leaders discussing the situation in an emergency summit this evening. Here’s Ian Traynor’s story looking at the prospects for a deal:Finance ministers will meet later to consider what Greece has put on the table, with European leaders discussing the situation in an emergency summit this evening. Here’s Ian Traynor’s story looking at the prospects for a deal:
Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.
As concerns mount that Greek banks will run out of cash and about the damage being inflicted on the country’s economy, hopes for a breakthrough faded. EU leaders voiced despair and descended into recrimination over how to respond to Sunday’s overwhelming rejection of eurozone austerity terms as the price for keeping Greecein the currency. As concerns mount that Greek banks will run out of cash and about the damage being inflicted on the country’s economy, hopes for a breakthrough faded. EU leaders voiced despair and descended into recrimination over how to respond to Sunday’s overwhelming rejection of eurozone austerity terms as the price for keeping Greece in the currency.
Tsipras, meanwhile, moved to insure himself against purported eurozone plots to topple him and force regime change by engineering a national consensus of the country’s five mainstream parties behind his negotiating strategy, focused on securing debt relief.Tsipras, meanwhile, moved to insure himself against purported eurozone plots to topple him and force regime change by engineering a national consensus of the country’s five mainstream parties behind his negotiating strategy, focused on securing debt relief.
Full story here:Full story here:
Related: Eurozone struggles to find joint response to Greek referendumRelated: Eurozone struggles to find joint response to Greek referendum
One key participant will be new Greek finance minister Euclid Tsakalotos, appointed after the resignation of his colourful predecessor Yanis Varoufakis on Monday. Here is our profile of Tskalotos.One key participant will be new Greek finance minister Euclid Tsakalotos, appointed after the resignation of his colourful predecessor Yanis Varoufakis on Monday. Here is our profile of Tskalotos.
Meanwhile Greek banks will not reopen today after capital controls were extended until at least tomorrow. The European Central Bank put more pressure on the Greek system by tightening the rules for giving emergency funding. Michael Hewson at CMC Markets said:Meanwhile Greek banks will not reopen today after capital controls were extended until at least tomorrow. The European Central Bank put more pressure on the Greek system by tightening the rules for giving emergency funding. Michael Hewson at CMC Markets said:
[The ECB move} is likely to increase criticism that the central bank is getting involved in exerting political pressure and acting beyond its mandate of price stability, and as lender of last resort, which any credible central bank should do as a matter of course.[The ECB move} is likely to increase criticism that the central bank is getting involved in exerting political pressure and acting beyond its mandate of price stability, and as lender of last resort, which any credible central bank should do as a matter of course.
All the ECB has done is make it more likely that Greek banks will run out of money in a matter of days. Furthermore it remains highly unlikely that the Greek government will be able to make it to the next key payment deadline of 20th July when a €3.5bn bond to the ECB becomes repayable.All the ECB has done is make it more likely that Greek banks will run out of money in a matter of days. Furthermore it remains highly unlikely that the Greek government will be able to make it to the next key payment deadline of 20th July when a €3.5bn bond to the ECB becomes repayable.
While the departure of the polarising Greek finance minister Yanis Varoufakis is likely to mean that relations between the creditors and the Greek government are likely to improve, in reality the move changes nothing, particularly since attitudes in some parts of Europe appear to have hardened.While the departure of the polarising Greek finance minister Yanis Varoufakis is likely to mean that relations between the creditors and the Greek government are likely to improve, in reality the move changes nothing, particularly since attitudes in some parts of Europe appear to have hardened.
The players may have changed but the problems remain the same and while European finance ministers have agreed to meet today to consider some new Greek proposals, the likelihood is that they are unlikely to be any more acceptable now than they would have been last week, particularly given that debt relief is likely to be one of the key demands from the Greece side.The players may have changed but the problems remain the same and while European finance ministers have agreed to meet today to consider some new Greek proposals, the likelihood is that they are unlikely to be any more acceptable now than they would have been last week, particularly given that debt relief is likely to be one of the key demands from the Greece side.
This would suggest that any new agreement remains unlikely which means that Greece may well be forced to issue its own currency in a matter of days.This would suggest that any new agreement remains unlikely which means that Greece may well be forced to issue its own currency in a matter of days.
Updated at 7.52am BST