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Business live: Greece must approve reforms tonight to open bailout talks Business live: Greece must approve reforms tonight to open bailout talks
(35 minutes later)
9.41am BST09:41
Greek crisis helped keep UK interest rates at record low
The Greek crisis helped to persuade the Bank of England to leave interest rates unchanged at just 0.5% this month.
Today’s minutes of the meeting show that some MPC members are more worried about medium-term inflation risks, meaning they were considering voting to raise rates.
However, they weren’t prepared to risk a rate hike while Greece’s bailout was in the balance.
The minutes say:
For these members, the uncertainty caused by recent developments in Greece was a very material factor in their decisions: absent that uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced.
In other words.... some MPC members may vote to raise UK interest rates once Greece’s third aid programme is agreed.
Some could make the move as early as next month.....
We get the picture. very good chance that we could see 6-3 (yes 6, 3) at the August meeting ahead of the BoE inflation report #forex
On the basis of those minutes, I am going for 3 MPC members to vote for a 25bps hike in August (Weale, McCafferty and Forbes)
You can see the minutes here.
Updated at 9.43am BST
9.32am BST09:32
Minutes of the MPC Meeting ending 8 July reveal unanimous vote on #BankRate and Asset Purchases
9.31am BST09:31
Bank of England minutes released
Here come the minutes of the Bank of England’s latest monetary policy committee meeting, two weeks ago.....
And they show that the MPC voted 9-0 to leave interest rates unchanged at 0.5%. It was a “clear cut” decision, apparently.
More to follow....
9.18am BST09:189.18am BST09:18
Here’s how the next few weeks could play out:Here’s how the next few weeks could play out:
CHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSMCHART: #Greece's new bailout finalized by mid-August IF all goes well. Process could still derail or suffer delays. pic.twitter.com/4FRxHdNfSM
9.18am BST09:189.18am BST09:18
Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.Two underground stations in the centre of Athens will close early tonight, before tonight’s anti-austerity rally gets underway.
That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.That includes one near the parliament building, where riot police fired teargas a week ago after molotov cocktails were thrown.
Syntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #GreeceSyntagma and Panepistimio metro stations in Athens to close at 6 pm on police orders. Anti-bailout rally scheduled for 7.30 pm #Greece
8.53am BST08:538.53am BST08:53
Greek finance minister: Let's get this wrapped upGreek finance minister: Let's get this wrapped up
Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.Today’s debate in Athens began with finance minister Euclid Tsakalotos urging MPs to support the government.
Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.Tsakalotos told parliament it is vital to sign off the measures demanded by creditors, so that talks over a third Greek bailout can begin later this week.
Tsakalotos said:Tsakalotos said:
“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”“It’s extremely important to wrap up this prior actions procedure so that we can start negotiations on Friday.”
Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4Ξεκίνησε η συζήτηση«Δεν υπάρχει η λέξη αγρότες στα προαπαιτούμενα Ασφυκτικά τα χρονοδιαγράμματα.» #vouli #tsakalotos pic.twitter.com/ACLaKWNvG4
8.42am BST08:428.42am BST08:42
Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.Tonight’s vote will show how much authority Alexis Tsipras still holds in the Athens parliament, says Connor Campbell of SpreadEx.
Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.Each week appears to bring with it another post-threatening obstacle for the Greek PM, and with talks circulating that Tsipras might call a snap-election in the next few months, this vote is another chance for the global public to see how stable his position actually is.
Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.Opposition parties have suggested that Tsipras should focus on implementing his deal rather than calling a fresh election.
Opposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #GreeceOpposition urges Tsipras to drop talk of snap polls http://t.co/NtMjYRlAyj #Greece
Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.Syriza still holds a solid lead in the opinion polls, suggesting Tsipras would win a snap election.
8.34am BST08:348.34am BST08:34
French business confidence hits four-year highFrench business confidence hits four-year high
France’s economy has shrugged off the impact of the Greek crisis.France’s economy has shrugged off the impact of the Greek crisis.
Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:Confidence across the private sector has just hit its highest point since the eurozone crisis exploded in 2011, according to new data from the INSEE stats body:
Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.Manufacturers, wholesale traders, and service companies all reported that their business climate had improved this month.
It suggests the French economy is hitting a stronger patch this summer.It suggests the French economy is hitting a stronger patch this summer.
As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:As Credit Agricole analyst Fred Ducrozet points out, there’s more to life than Greece:
French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.French Insee business confidence highest in 4 years. Greece? Meh. Truth is *most* businesses and households don't give a damn.
8.26am BST08:268.26am BST08:26
No reforms, no money.No reforms, no money.
That’s the message to Athens from a senior German MP this morning.That’s the message to Athens from a senior German MP this morning.
Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:Gunther Krichbaum, chairman of the German parliament’s Europe committee, told the Bild tabloid newspaper that:
“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”“We are keeping a close eye on whether Athens not only adopts the reforms, but also implements them....Greece must fulfil the conditions, otherwise the money cannot flow.”
8.24am BST08:248.24am BST08:24
Shares hit by US tech resultsShares hit by US tech results
European stock markets are falling in early trading, but we can’t blame Greece this time.European stock markets are falling in early trading, but we can’t blame Greece this time.
Traders are reacting to a triple-dose of financial results from major US tech firms last night.Traders are reacting to a triple-dose of financial results from major US tech firms last night.
Mike van Dulken of Accendo Markets sums it up:Mike van Dulken of Accendo Markets sums it up:
Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.Apple Q3 revenues, gross margin and profits beat estimates, but 47.5m iPhones sold missed 49m consensus and the outlook was nothing to text home about.
While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.While Microsoft results also beat at the top and bottom line, a Nokia restructuring charge and low core product demand weighed.
Yahoo! sales beat but profits missed estimates and guidance was below consensus.Yahoo! sales beat but profits missed estimates and guidance was below consensus.
And here’s the damage:And here’s the damage:
8.08am BST08:088.08am BST08:08
Bank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBPBank of England minutes in an hour and a half Starting to look like there were some votes for rate hikes #GBP
8.05am BST08:058.05am BST08:05
And they’re off.....And they’re off.....
Debate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7zDebate begins for second round of measures demanded for new bailout #Greece pic.twitter.com/dd0IeuZU7z
8.03am BST08:038.03am BST08:03
The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:The Greek civil servants’ union, ADEDY, have organised anti-austerity protests for tonight:
Enikos has the details:Enikos has the details:
The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).The rally will take place in front of the Athens University administration building at 7:30 p.m. (5.30pm BST).
ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.ADEDY demands that the new, “barbaric” bailout not pass, an end to all austerity measures “and the fulfilment of popular needs” as well as the cancellation of Greece’s debt.
Greek civil servants protest bailout - http://t.co/1n2WwATnVXGreek civil servants protest bailout - http://t.co/1n2WwATnVX
Updated at 8.03am BSTUpdated at 8.03am BST
7.59am BST07:597.59am BST07:59
Here's what Greek MPs will vote on tonightHere's what Greek MPs will vote on tonight
The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.The reform package on the table today doesn’t contain as much austerity as the programme of tax hikes and spending cuts that was approved a week ago.
But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:But as my colleague Jennifer Rankin explains, it does include two far-reaching measures:
The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.The first is the adoption of a new code of civil procedure, with the aim of speeding up court processes and reducing costs. Greece’s current code of civil procedure has been little amended since it was introduced in 1967 and the country’s international creditors have been pressing for change.
Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.Some civil and commercial disputes can take two or three years to come to court and litigants have few options for out-of-court settlements. The new code, which reduces the number of special procedures and replaces paperwork with electronic alternatives, was originally meant to be adopted in May 2014.
The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.The next task mandated by the eurozone is to put the bank recovery and resolution directive, one of the EU’s post-crisis banking rules, into Greek national law. The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures. Greece already has a legal obligation to adopt the plan.
Here’s Jennifer’s story on tonight’s vote:Here’s Jennifer’s story on tonight’s vote:
Related: Chances of Greek bailout rest on MPs' voteRelated: Chances of Greek bailout rest on MPs' vote
7.52am BST07:527.52am BST07:52
Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.Tonight’s vote is a key test for Alexis Tsipras, following his split with left-wing rebels in his Syriza party last week.
The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.The 32 MPs who defied Tsipras in the original bailout vote last week are likely to do the same. But government insiders hope that some of the six MPs who abstained last time might return to the fold.
Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.Tsipras tried to rally the troops yesterday, telling them that the deal he struck was a “compromise” that allowed them to keep fighting.
7.46am BST07:467.46am BST07:46
Introduction: Another Greek vote loomsIntroduction: Another Greek vote looms
Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.Good morning, and welcome to our rolling coverage of the Greek debt crisis, and other events across the financial markets, the global economy and business.
Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.Greece’s parliament must vote today on a second dose of economic reforms, in return for talks on its third bailout.
It includes:It includes:
MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).MPs in Athens will debate the laws in a committee session this morning, but the final debate is this evening. Local media reckon the vote will be at “midnight” (a flexible target, as regular crisis-watchers will know).
#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis#Greece | Parliamentary debate on 'prior actions II' bill to start soon at Committees level. Plenary debate in the evening. #GreeceCrisis
It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.It could be another bruising session for Alexis Tsipras, the Greek prime minister, who has already ousted many of the rebels who defied him a week ago.
The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.The measures are likely to pass, as opposition MPs are likely to back Tsipras. Unions, though, will be protesting outside the Athens parliament; anger over the deal struck in Brussels 10 days ago hasn’t gone away.
Also coming up today......Also coming up today......
Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.Europe’s stock markets are expected to dip, after technology firm Apple stunned Wall Street last night by missing forecasts for revenue and iPhone sales. Its shares fell over 6% in after-hours trading.
Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724Half an hour to go and FTSE100 looks set to start around 45 points lower, at 6724
The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.The minutes of the Bank of England’s latest monetary policy meeting are released at 9.30am BST.
Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.Last week, governor Mark Carney dropped a loud hint that interest rates could rise around the turn of the year; the minutes will show how many MPC member agree with him.
I’ll be tracking all the action through the day...I’ll be tracking all the action through the day...
Updated at 8.04am BSTUpdated at 8.04am BST