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Greece debt crisis: 'No concrete plan' before summit Greece debt crisis: 'No new plan' as eurozone leaders meet
(about 1 hour later)
The eurozone group says that Greece has submitted "no concrete proposals" for a new bailout, at a key meeting of finance ministers in Brussels. The eurozone says Greece has submitted no new proposals to secure a deal with creditors ahead of a key meeting of the group's leaders which is now under way.
The eurozone had urged Greece to submit fresh plans after its people rejected a new draft bailout in a referendum. It had urged Greece to submit fresh plans after its people rejected a draft bailout in a referendum.
Eurogroup head Jeroen Dijsselbloem said Greece planned to make an immediate bid for cash from a eurozone bailout fund and then set out steps for a deal. Greece said it had proposed a few changes and hoped to secure "a mutually beneficial agreement on the basis of the mandate of the referendum".
This would not come before Tuesday evening's eurozone leaders' summit. But Germany said there was "still no basis" for talks on a new bailout.
Separately, Greek PM Alexis Tsipras is set to address the European Parliament on Wednesday, a Greek government source said.
Greece debt crisis: Latest updatesGreece debt crisis: Latest updates
The Greek side gave a presentation at the finance ministers' meeting on Tuesday. However, there was no new written plan. The Greek side gave a presentation on Tuesday at a eurozone finance ministers' meeting in Brussels, which preceded the leaders' summit. However, there was no new written plan.
Mr Dijsselbloem said the new Greek Finance Minister Euclid Tsakalotos would "first of all now send us, quite quickly, a new letter requesting for European Stability Mechanism (ESM) support and following that he will present proposals from the Greek side on what the substance would look like on which we could reach an agreement". The Greek government said: "Today's Eurogroup was not supposed to take decisions but rather prepare for the summit."
The ESM fund was set up in 2012 to help eurozone members in financial difficulties. It said proposals it had made last week were still on the table with a "few changes" and they would be discussed later on Tuesday and on Wednesday.
However, Mr Dijsselbloem said any new ESM aid programme would only come after the eurozone had made its decisions on the state of the financial situation in Greece. Mr Dijsselbloem said Greece would be sending a new letter requesting support from the European Stability Mechanism (ESM), the fund set up in 2012 to fund eurozone members in financial difficulties.
The lack of a new written plan was criticised by some in the eurozone. He said the Eurogroup would discuss this on Wednesday but that creditors would have to look at Greece's finances and debt sustainability to see "if we can formally start the negotiations".
Spanish Economy Minister Luis de Guindos told a Spanish reporter: "There was no proposal. We only talked about general things. And we don't have time to waste." Greek PM Alexis Tsipras met German Chancellor Angela Merkel and French President Francois Hollande separately before the leaders' summit.
Malta's PM Joseph Muscat tweeted that this "doesn't help this evening's eurozone leaders' meeting". The result of the referendum had sparked fears of a Greek exit from the eurozone and the lack of a new written plan was criticised by some in the group.
Reflecting the level of difficulty at the meeting, another eurozone official said: "If they really plan to present something formal tomorrow, they may not find anyone to read it." Mrs Merkel said as she arrived for the leaders' summit: "We still do not have the basis for negotiations... it is not a question of weeks anymore, but a question of a few days."
Malta's PM Joseph Muscat said the leaders' summit was looking like a "waste of time".
Dutch Prime Minister Mark Rutte said: "It is really up to the Greek government to come up with far-reaching proposals. If they don't do that, then I think it will be over quickly."
Mr Hollande and Italian PM Matteo Renzi have been more hopeful of a deal.
Mr Renzi said: "A technical solution for Greece can be found. What is more important is to find a political solution for Europe."
Mr Tsipras will address the European Parliament on Wednesday, a Greek government source said.
View from Germany: Jenny Hill, BBC News, BerlinView from Germany: Jenny Hill, BBC News, Berlin
A picture of Angela Merkel wearing an old Prussian military helmet dominates the front cover of Bild. "Today," the headline reads "we need the Iron Chancellor!" referring to Otto von Bismarck, who first held the post.A picture of Angela Merkel wearing an old Prussian military helmet dominates the front cover of Bild. "Today," the headline reads "we need the Iron Chancellor!" referring to Otto von Bismarck, who first held the post.
For weeks the tabloid has been leading the charge against Greece. Like many here, it has had enough. "No more billions for Greece," it urged on Tuesday.For weeks the tabloid has been leading the charge against Greece. Like many here, it has had enough. "No more billions for Greece," it urged on Tuesday.
The chancellor is under huge domestic pressure not to cave in to Greek demands for debt relief. Her deputy, Sigmar Gabriel, has said that to do so would destroy the eurozone.The chancellor is under huge domestic pressure not to cave in to Greek demands for debt relief. Her deputy, Sigmar Gabriel, has said that to do so would destroy the eurozone.
And on Tuesday the CSU (her party's Bavarian ally) went further: general secretary Andreas Scheuer wants Berlin to reject further negotiations, let alone a third bailout package. The Bavarian finance minister, Markus Soeder, has said he simply wants Greece out of the eurozone.And on Tuesday the CSU (her party's Bavarian ally) went further: general secretary Andreas Scheuer wants Berlin to reject further negotiations, let alone a third bailout package. The Bavarian finance minister, Markus Soeder, has said he simply wants Greece out of the eurozone.
And these are the MPs who will have to vote before negotiations over any proposed new deal can even start. Mrs Merkel says she wants to keep the eurozone together; she's got a battle on her hands at home first.And these are the MPs who will have to vote before negotiations over any proposed new deal can even start. Mrs Merkel says she wants to keep the eurozone together; she's got a battle on her hands at home first.
Where do eurozone countries stand?Where do eurozone countries stand?
Banks closed
Mr Tsipras has been reported to want Greece's vast €323bn ($356bn; £228bn) debt to be cut by up to 30%, with a 20-year grace period.Mr Tsipras has been reported to want Greece's vast €323bn ($356bn; £228bn) debt to be cut by up to 30%, with a 20-year grace period.
He will meet German Chancellor Angela Merkel and French President Francois Hollande before eurozone leaders meet at a summit in Brussels on Tuesday evening, a Greek government official said. Germany has warned against any unconditional write-off of Greece's debt, amid fears it would destroy the single currency.
French PM Manuel Valls said earlier that France would do all it could to keep Greece in the eurozone and that "the basis for a deal exists". Greece's teetering banks have been shut since the last international bailout programme expired last Tuesday and are to remain closed until at least Wednesday.
However, Germany has warned against any unconditional write-off of Greece's debt, amid fears it would destroy the single currency.
Greece's teetering banks, which have been shut for over a week, are to remain closed until at least Wednesday.
The European Central Bank (ECB) is maintaining its pressure on the banks, refusing to increase emergency lending and ordering them to provide more security for existing emergency loans.The European Central Bank (ECB) is maintaining its pressure on the banks, refusing to increase emergency lending and ordering them to provide more security for existing emergency loans.
Capital controls have been imposed, with people unable to withdraw more than €60 a day from cash machines.Capital controls have been imposed, with people unable to withdraw more than €60 a day from cash machines.
The European Commission - one of the "troika" of creditors along with the IMF and the ECB - wants Athens to raise taxes and slash 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 slash welfare spending to meet its debt obligations.
Greece's Syriza-led left-wing government, which was elected in January on an anti-austerity platform, said creditors had tried to use fear to put pressure on Greeks.Greece's Syriza-led left-wing government, which was elected in January on an anti-austerity platform, said creditors had tried to use fear to put pressure on Greeks.
What are the scenarios for Greece?What are the scenarios for Greece?
What happens next?What happens next?
Eurozone decision down to politicsEurozone decision down to politics
Mr Tsipras met Greek political party leaders on Monday to agree demands to reach a "socially fair and economically viable deal". According to Greek media, the demands include:Mr Tsipras met Greek political party leaders on Monday to agree demands to reach a "socially fair and economically viable deal". According to Greek media, the demands include: