Greek debt crisis

Euro finance ministers put forward new deal for Greece including possible time-out option

Eoin Burke-Kennedy Sun, Jul 12
LIVE: Greek debt crisis

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  • 12:10
    Euro zone finance ministers have resumed efforts to find a solution to the ongoing Greek debt crisis.

    However, the optimism of last week is fading fast. Negotiations broke up last night without agreement and Greece's future in the euro looks ever more shaky.

    Finland is refusing to back a third bailout for Athens with its eurosceptic coalition members threatening to exit the government over the issue.

    Meanwhile, Germany has apparently drawn up a position paper suggesting Greece should temporarily leave the euro zone. Euro zone leaders are due to meet later today but a full 28-member EU summit has been cancelled amid the uncertainty.

    The stakes couldn't be any higher.

    I'm Eoin Burke-Kennedy and I'll be steering today's blog on the Greek crisis. As always, feel free to drop me a line @eoinbk.

  • 12:12
    International Monetary Fund boss Christine Lagarde talks to Greek finance minister Euclid Tsakalotos during a euro zone finance ministers meeting in Brussels<br /><br />
    International Monetary Fund boss Christine Lagarde talks to Greek finance minister Euclid Tsakalotos during a euro zone finance ministers meeting in Brussels

  • 12:17
  • 12:19
  • 12:42

    What should we read into the summit being cancelled?

    It's rare that a European Summit is called off at such short notice. It reflects the tense atmosphere now surrounding the talks.

    If the summit had gone ahead, EU leaders would have been discussing either the deal to keep Greece in the euro or the possible fallout of Greece exiting the euro.

    The cancellation of the summit might then be seen as a reflection of the zero progress being made. However, if that is the case, leaders might have been assembled to discuss what   emergency measures needed to be taken.

    Following this logic, the cancellation of the meeting could be viewed as a positive, meaning while there is no progress, the will to strike a deal is still there.

    European Council president Donald Tusk said the meeting of Euro zone leaders would "last until we conclude talks on Greece", which doesn't really tell us much.


  • 12:52
    Rumour has it that last night's Eurogroup meeting turned particularly sour at one point, with Germany's finance minster Wolfgang Schaeuble having a rather heated exchange with ECB chief Mario Draghi
  • 12:56

    Is Ireland a hawk or a dove in terms of Greece?

    According to our man in Brussels, Fiach Kelly, the Irish Government is neither a hawk or a dove. He writes

    "The Irish Government is not aligned with a camp of countries which are open to the option of a Greek exit from the Euro nor a cluster of states advocating for Greece, officials say.

    Irish sources said the Government had two "red lines": that Greece stays in the euro and that no debt write down is given to Greece. The Coalition says it is in favour of "radical" debt reprofiling, such as extending the maturities on loans.

    However, sources also said the Government is unlikely to veto any proposals put forward in an attempt to solve the Greek crisis.

    While France and Italy are the main countries advocating for Greece within the eurogroup, a cluster of countries - such as Finland, Slovakia, Slovenia and Spain - are open to a Grexit.

    These countries do not want to force Greece from the euro, it is claimed, but believe it would be better off outside the common currency."  

  • 13:10
    Here's where we are:

    Eurogroup finance ministers resumed their meeting today which was suspended after nine hours of heated debate last night. At issue is Greece's application for another three-year bailout.

    "The main obstacle to moving forward is a lack of trust," Italian economy minister Pier Carlo Padoan told reporters.

    A draft statement by the Eurogroup discussed late on Saturday and seen by Reuters listed a series of additional commitments Greece would have to make just to start loan talks.

    "The package needs to be significantly strengthened and broadened in order to provide for appropriate conditionality for a possible three-year ESM programme," the document said.

    Reuters reported that Greece's new finance minister, Euclid Tsakalotos, kept silent in public but the reaction   of Syriza MPs back in Athens, still smarting from having to swallow austerity measures they had opposed, was furious.

  • 13:31

    Heated talks smoke out hawks

    If this weekend's talks have done anything they've smoked out the hawks. Finland is reportedly taking the most hardline stance, with the government's coalition partner threatening to walk if Greece gets more assistance. Perhaps more surprising is Germany's opening position of seeking a temporary exit solution for Greece. Many thought this option had been jettisoned amid heightened prospects of a deal.

    Vice chancellor Sigmar Gabriel, the chairman of Dr Merkel's Social Democratic coalition partner, said finance minister Wolfgang Schaeuble's plan for a five-year "time out" for Greece outside the euro was "known to the SPD."

    "In a difficult situation such as this, every conceivable proposal must be examined without prejudice," Mr Gabriel wrote early Sunday on his official Facebook page.

    Merkel's chancellery declined to comment on the plan, though Deutsche Presse Agentur on Saturday reported that everything Schaeuble negotiates with the euro-area finance ministers is signed off by Merkel.

  • 13:32
    Euro zone official says Grexit not on the agenda tonight
  • 13:34
    An official adjusts an EU flag in the lobby of the European Council building in Brussel ahead of a summit of euro zone heads of state.
    An official adjusts an EU flag in the lobby of the European Council building in Brussel ahead of a summit of euro zone heads of state.
  • 13:49
    Humiliating a European partner unthinkable, Renzi tells Germany

    Italy's prime minister Matteo Renzi appears to be most vociferous in campaigning to keep Greece in, insisting German government had to compromise and not humiliate Athens.

    "Now that Tsipras has made proposals in line with the European demands, we must absolutely sign a deal. Humiliating a European partner after Greece has given up on just about everything is unthinkable,” Renzi is quoted in an Italian newspaper as saying.
  • 13:50
    Is a deal finally in the offing?
  • 14:15

    What happens next?

    So, we've got 60 minutes to kill before the next missive, telling us how near or far we are from Grexit. I'm betting irresolution will be kicked on to another series of meetings and quasi-summits, keeping us live bloggers gainfully employed for another week.

    The lack of progress is almost definitely going to send a shower of acid rain on the markets, however, and then there's the big question of the ECB and its liquidity lifeline to Greek banks. With the banks on their last legs, something has to give. One way or another, we were told in no uncertain terms that today was the deadline of all deadlines.

    If there is no resolution, we'll find ourselves in almost the exact same scenario as last Sunday, after the Greeks voted down their bailout referendum, albeit for opposite reasons.   This time, it's the northern hardliners who can't stomach the terms of the bailout.

    After campaigning vehemently for a No vote in the referendum, the Greek government now finds itself in the position of having voluntarily signed up to an identical set of proposals and is seemingly at the mercy of powers who question their bona fides.

    Such are the strange twists and turns of this drama.

  • 14:23

    Leaders are now arriving for today's euro zone leaders' summit, which is due to kick off at can watch their arrivals here.   Greek PM Alexis Tsipras has already gone in. He looked calm, not at all embattled as you'd expect. Mr Tsipras said: "We can reach an agreement tonight if all parties want it."


  • 14:27
    Tough talks ahead? Greece's prime minister Alexis Tsipras talks to the media as he arrives at a euro zone leaders summit in Brussels
    Tough talks ahead? Greece's prime minister Alexis Tsipras talks to the media as he arrives at a euro zone leaders summit in Brussels
  • 14:28
  • 14:33
  • 14:37

    Merkel: the most important currency, trust, has been lost

    Angela Merkel tells reporters on the way in, the most important currency, trust, has been lost, and warns "an agreement won't come at any price..."

    She also indicates finance ministers at earlier eurogroup meetings are unlikely to give unanimous recommendation. Read into that what you will.

  • 14:43
    It was crazy, a kindergarten

    According to Reuters, this was how a source described yesterday's nine-hour meeting of euro finance meetings,   "It was crazy, a kindergarten," he said of the discussions. "Bad emotions have completely taken over."

  • 14:51

    Hollande rules out temporary Grexit plan

    Perhaps the most strident comments have come from French premier Francois Hollande. Apart from reiterating his country's position that it will do everything to forge an agreement, he appeared to rule out Germany's temporary exit proposal. "There's no temporary Grexit. There's Grexit or not Grexit," he said.

    Was he angry that Germany's suggestion appears to be regaining traction?

  • 14:58
  • 15:02
    French president Francois Hollande arrives for the meeting and promptly rules out German idea of temporary Grexit
    French president Francois Hollande arrives for the meeting and promptly rules out German idea of temporary Grexit
  • 15:04
    German chancellor Angela Merkel: the most important currency, trust, has been lost
    German chancellor Angela Merkel: the most important currency, trust, has been lost
  • 15:07
    Meanwhile, beach space appears to be at a premium in Alimos, south of Athens.
    Meanwhile, beach space appears to be at a premium in Alimos, south of Athens.
  • 15:10

    Amid all this confusion, a wisp of white smoke?

    Our man in Brussels has it that the bones of agreement might just be in place. Fiach Kelly reports:

    An emerging agreement from a meeting of Euro zone finance ministers requires the Greek parliament to legislate for austerity measures in the coming days.

    As Euro zone leaders also gather in Brussels for a summit, an Irish source said drafting of a proposed agreement is "going well".   "Meeting has just taken a break while statement is being redrafted," the source said. "Drafting going well.   "Possibility of agreed statement to go to leaders meeting. Requires some prior actions, legislation in Greeks parliament etc to allow for detailed MOU discussions to take place."

    The atmosphere of the latest finance ministers meeting is described as "much more positive".

  • 15:21

    Greeks told to restore trust by enacting reforms

    So, we're moving towards a situation whereby Athens will have to enact key reforms to unlock its third bailout. This means we'll probably break Sunday's all or nothing deadline and be in a position of waiting on the Greek parliament, where opposition to the deal is festering, to underwrite the reforms.   Another period of waiting and anticipating beckons.

  • 15:24
    Dijsselbloem has been ferried from one meeting to the other...he sounded upbeat
  • 15:27
  • 15:29
    Door-stepping ends for meeting starts
  • 15:37
    I missed Enda Kenny's entrée earlier but here's a medley of his quotes:
  • 15:45
    Concept of deadline murdered by Greek crisis

    According to Reuters, the Eurogroup document insists Greece must pass laws to change its VAT and pension systems, reform bankruptcy rules and strengthen the independence of its statistics office before bailout talks can even begin.

    If this is correct, and I've no reason to doubt it, a deal can't be forged tonight, meaning we saunter through another deadline, which Juncker, Tusk et al staked their political reputations on.

    No matter, deadlines seem to have a porous quality in Europe, and nobody seems to get into trouble for breaking them. They're kinda just forgotten about until the next one comes up.
  • 15:54
    Here's an update from Fiach Kelly in Brussels:

    European leaders look set to open negotiations on a third bailout for Greece, as Taoiseach Enda Kenny called on the Greek government to hold parliamentary votes on austerity measures and structural changes as soon as tomorrow. An agreed statement from Euro zone finance ministers has been sent to leaders to consider at a summit this evening.

    The statement is understood to require the Greek parliament to legislate for austerity measures in the coming days before detailed negotiations on a third bailout can begin. Sources said the statement “requires some prior actions, legislation in Greeks parliament etc to allow for detailed” discussions on a memorandum of understanding on a third bailout to take place. Arriving to the summit of leaders of Euro zone countries, Mr Kenny said the Greek government must immediately demonstrate it is serious about reform.

    “From Ireland’s point of view, we are quite willing to work to bring this to a conclusion that a solution can be reached where negotiations can start on the details of a third programme that will keep Greece in the eurozone,” Mr Kenny said.

  • 15:58
  • 16:04
    A triangle of frustration
    A triangle of frustration
  • 16:07
    Taoiseach arrives for crunch Eurogroup leaders' meeting
    Taoiseach arrives for crunch Eurogroup leaders' meeting
  • 16:09
    French president Francois Hollande, European Commission president Jean-Claude Juncker and Greek prime minister Alexis Tsipras chat before meeting
    French president Francois Hollande, European Commission president Jean-Claude Juncker and Greek prime minister Alexis Tsipras chat before meeting
  • 16:13
    European Parliament president Martin Schulz now holding press conference:

  • 16:17
  • 16:36

    I'm quite taken by the conspiracy theory that Tsipras never thought he'd win the referendum and was readying his troops to exit the political stage in favour of the opposition benches. The compromise that he's signed up may be too much for Syriza's grass roots and may permanently wound the party's leader.

    Former finance minister Yanis Varoufakis already looks to be championing the disaffected camp. Who'd be a politician? It will be interesting to see just how much opposition the government will face if it's forced to enshrine these reforms.

  • 16:38
  • 16:42
  • 16:47

    €50 billion in Greek assets to be used as collateral

    I'm scouring web for more details on this proposal to have €50 billion of Greek assets sequestered in a fund and held as collateral against the bailout money. According to sources, the assets would be gradually privatised with the proceeds used to pay down the Greek debt. This will be a particularly difficult pill for Syriza, and indeed many in Greece, to swallow.


  • 17:01
    Breaking: Draft Eurogroup doc says Greece needs up €86 billion

    Reporters in Brussels have got their hands on a draft document coming out of today's Eurogroup meeting. It says Greece needs up to €86 billion in refinancing, rules out a straight-forward debt write-down and moots the idea of €50 billion in Greek assets being used as collateral.

  • 17:09
    More draft proposals from Eurogroup's meeting
  • 17:16
    After five years of crashing living standards and financial mayhem, this is what Greece is now facing if it wants to stay on board the euro ship
  • 17:18
  • 17:26

    New document represents big advance in negotiations

    If you've just joined us, the price of keeping Greece in the euro has just gone up to between €82 billion and €86 billion. A draft document from today's Eurogroup meeting notes that "swift progress" is needed in reaching new Memorandum of Understanding.Even by EU standards, this is something of an under-statement.

    Banks have been bled dry. In Athens, the central bank is considering reducing ATM daily withdrawal limits from €60 to €20. The Eurogroup document suggests the Greek financial system needs €7 billion by July 20th and a further €5 billion by mid August. How did it get this bad? That said, this new document is probably the biggest advance in negotiations we've had.

  • 17:33
    And there you have it, as predicted, a new deadline seamlessly comes into being. Greece has 72 hours to enshrine new reforms into law to get bailout.
  • 17:39
    I should just clarify the proposals contained in the Eurogroup document are just that - proposals. They'll have to agreed on by the euro zone leaders who are meeting in a different Brussels venue. They've been on a break to consult with their advisors.
  • 17:43
    Things happening fast now. Tsipras is meeting Merkel, Hollande and Tusk in a separate meeting while the main one is in recess. Euclid Tsakalotos also attending.
  • 17:45
  • 17:57
  • 18:06

    Germany gets time-out proposal on menu despite French opposition:

    Germany has managed to get its time-out proposal on the menu despite French president Francois Hollande earlier rubbishing the notion.

    Today's document - from the Eurogroup meeting - states: "In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring."

    Sources suggest Athens would be offered a five-year time out under the plan, which is credited to German finance minister Wolfgang Schaeuble.

    This is how near we are to Grexit.

  • 18:07
  • 18:16

    Here's what Reuters is reporting:

    The Eurogroup of finance ministers offered their leaders a choice of wording on Sunday if a deal cannot be struck on a bailout for Greece - giving Athens a "time-out" from the euro zone and possible debt writeoffs. A four-page document from the ministers, being reviewed at a summit of euro zone leaders and seen by Reuters, concludes a long list of conditions for Greece to get a programme - most of them apparently agreed to by Athens - by offering two possible conclusions, both contained within drafters' square brackets.

    The first is that a bailout from the euro zone is approved. The second reads: "In case an agreement could not be reached,
    Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring." That wording closely echoes a position paper presented to the Eurogroup on Saturday by German Finance Minister Wolfgang Schaeuble.


  • 18:25

    More on the time-out proposal:

    Is Germany's five-year time-out proposal a gun to show Greece and its Syriza government that they've run out of road and that it's time to sign on the dotted line or is it a option that's under serious consideration. The fact that it is accompanied with the allure of badly needed debt restructuring makes me think the latter.

  • 18:26
  • 18:29
  • 18:32
    European Parliament president Martin Schultz speaks during a media conference
    European Parliament president Martin Schultz speaks during a media conference
  • 18:36
    A summit within a summit
  • 18:44
  • 18:45
  • 18:47
  • 18:56

    Temporary Grexit could fundamentally alter how euro operates

    Cliff Taylor writes: One thing to watch in the final statements is whether mention is made of the possibility of a temporary Greek exit from the euro zone in the event that final agreement cannot be reached in the days ahead. While a Grexit would be complicated, the idea of it happening on a temporary basis looks even more extraordinary.

    Nonetheless the idea was floated by Germany and appears in draft texts of the final statement. It is a concept which economists believe could fundamentally alter the way the euro operates by opening the idea, however unlikely, that a country in trouble could be temporarily "relegated."

  • 19:02
    Lew closely monitoring negotiations in Brussels

    Reuters is reporting comments from US Treasury Secretary Jack Lew. Mr Lew says he is closely monitoring discussions in Brussels about Greece. He also says rebuilding trust in Greece requires demonstrating that a programme will be implemented and debt be made sustainable.

    Lew's comments came after a phone call with Greek prime minister Alexis Tsipras, the Department of the Treasury said in the statement.
  • 19:09

    72 hours to save Greece

    Financial Times journalist Robin Wigglesworth has just tweeted this assessment from global bank Citi. Be warned it's bleak.

  • 19:22

    Citi Bank's assessment is scary

    Citi bank's assessment is seriously negative. First, the bank questions if Syriza will be able to get reforms through parliament on the grounds that they're   tougher that those voted on in the referendum. According to the bank, this means there's a good chance the Government will fold. However, the economy can't wait for new elections and a suggestion that capital controls could remain in place for 2 months would prove a "death touch" for the economy at the height of the tourist season, the bank said.

  • 19:24
  • 19:27
    Guardian's Ian Traynor gets quote of the day
  • 19:41

    Tsipras subjected to 'mental waterboarding' by Merkel and co

    Here's Ian Traynor's report from the Guardian:

    Alexis Tsipras was given a very rough ride in his meeting with Tusk, Merkel and Hollande.

    Tsipras was told that Greece will either become an effective “ward” of the eurozone, by agreeing to immediately implement swift reforms this week.

    Or, it leaves the euro area and watches its banks collapse. One official dubbed it “extensive mental waterboarding”, in an attempt to make the Greek PM fall into line.

  • 19:48
  • 19:52
  • 19:56
    Athens has two choices, says Stubb

    If Tsipras misses that deadline, Greece may be suspended from the euro, Finnish finance minister Alexander Stubb said. "Greece is being given exactly two choices," Stubb said. "It's a rather black-and-white choice."
  • 20:05
    Market turbulence forecast

    It looks like it's going to be a volatile week for markets. Now how many times have we said that? Greece is likely to face a fresh deadline to pass legislation on austerity measures through parliament before negotiations can begin. This presents us with yet another vacuum. The euro was quoted at $1.10805 via EBS pricing as of 2.51pm New York time, compared with a closing price of $1.1162 July 10th, perhaps a sign of turbulence ahead.Foreign-exchange markets are scheduled to open officially at 5am in Sydney.

    "Even though Sunday turns out to be not quite the last deadline, the stakes are rising," said Steven Englander, global head of Group-of-10 currency strategy at New York-based Citigroup. He estimated the euro would drop between 1 per cent and 1.5 per cent versus the yen at the market open.

  • 20:17

    Europe gambles on Syriza U-turn

    European leaders may be taking a serious gamble by forcing Tsipras to push new austerity measures through parliament, provided, of course, you believe they don't want Greece to exit.

    While the vote Tsipras won on Saturday was unprecedented for a new bailout/austerity plan, with 251 out of 300 MPs in favour, his own party was divided on the matter.

    Syriza heavyweights including parliament speaker Zoi Konstantopoulou and energy minister Panagiotis Lafazanis were among 17 of his 149 MPs who either voted against it, abstained or were absent. Another 15 indicated they would rebel if specific measures were put before them.

    Rumours now abound that Tsipras may propose a cabinet reshuffle amid a deepening rift within his own party. Citi Bank is already suggesting the government could fold over the reform proposals, which represent a pretty abject u-turn for the government. God knows   where that would leave us.

  • 20:20
  • 20:31
  • 20:35

    Euro falls in early trade:

    The euro fell in early trade on Monday as investors awaited the outcome of a meeting of euro zone leaders who are demanding tough reforms from Greece in exchange for a new financial plan to rescue the heavily indebted country from bankruptcy.

     The single currency fell to $1.1097 according to Reuters data, from $1.1162 in late trade on Friday.

    Against the Swiss franc the euro eased to around 1.0425 francs, from around 1.0480 francs late last week. The dollar fell more than half a yen to around 122.05 yen as the uncertainty over Greece's future in the euro zone boosted the "safe haven" Japanese currency.

  • 20:39
  • 20:43
  • 20:56

    Tense atmosphere as Eurogroup leaders' meeting continues

    Something of a hiatus in the news flow at the moment as we await the outcome of the main Eurogroup leaders' meeting. Though finance ministers agreed - almost unanimously - on new proposals to push the talks forward, the atmosphere remains tense, bordering on negative.

    The inclusion of Germany's temporary Grexit plan among the proposals has spooked some, while reaction in Greece to the plan, which has yet to be agreed, has been decidedly negative.

    Things remain in the balance.

  • 20:59
    Greek officials describe Eurogroup plan as humiliating
  • 21:02
  • 21:07
  • 21:13
  • 21:22
    Focus shifts to Tsipras's domestic troubles:

    In the wake of Saturday's vote and the defection of some high-profile Syriza MPs. The Syriza party newspaper Avgi said that if Tsipras is not to become a "hostage", changes would have to be made. "That raises the issue clearly of reshaping the government, of the government's majority, which leads to elections very soon," it said in an editorial on Sunday.
  • 21:28
  • 21:31
    This is Bloomberg's take:

    European leaders gave Greek prime minister Alexis Tsipras a straightforward choice on Sunday: disown his principles or quit the euro. Euro-area leaders presented Tsipras with a laundry list of unfinished business from previous bailouts he'd pilloried in opposition and during six turbulent months in office.

    They gave him three days to enact their main demands into Greek law in exchange for the third bailout in five years. With Greece running out of money and its banks shut the past two weeks, the confrontation came at summit in Brussels that was billed as his last chance to stay in the euro.
  • 21:36
  • 21:40
  • 21:44

    Tsipras wants 'to avoid meltdown'

    Greek prime minister Alexis Tsipras wants to strike a deal with European creditors at today’s summit to avoid a meltdown of the country’s teetering banks, Reuters reports, citing a Greek government official.

    The official said European Central Bank president Mario Draghi has warned euro zone finance ministers that Greek banks are at risk and that the need for a deal is pressing. Without the prospect of a deal, the ECB will not be able to increase emergency liquidity assistance to Greek banks.

    It has frozen its help over the past couple of weeks as the banks have stayed closed. The official also says that some of the creditor proposals, such as a requirement for Greece to deposit €50 billion   worth of state-owned assets into a special fund for subsequent sell-off, appear intended to “humiliate” the Greek government.

  • 21:52

    Kenny now advising EU elites how best to inflict austerity on Greece, claims Adams

    Taoiseach Enda Kenny is a poacher turned gamekeeper in his pronouncements on the Greek debt crisis, Sinn Féin's Gerry Adams says.

    "Mr Kenny, representing another highly indebted state which is suffering drastic social consequences of austerity, is effectively acting as poacher turned gamekeeper."

    "He famously told us that he would not face his EU counterparts with 'defaulter stamped on my forehead'. He has now become an advisor to the EU elites on how best to inflict austerity on other indebted states."

  • 21:54
    Greek riot police stand on the steps leading up to the parliament building in Athens, as protesters hold an anti-EU demonstration in Athens calling for no any agreement with the creditors which would lead to further austerity measures
    Greek riot police stand on the steps leading up to the parliament building in Athens, as protesters hold an anti-EU demonstration in Athens calling for no any agreement with the creditors which would lead to further austerity measures
  • 21:56
  • 21:59
  • 22:07
    Euro drops 0.5% as optimism over deal fades

    The euro fell broadly on fading optimism that Greece can secure more funding to stay afloat as its European partners demanded tough reforms from the heavily indebted country which is teetering on the verge of bankruptcy.

    The single currency fell more than 0.5 per cent to $1.1090 according to Reuters data, as Greece's 18 euro zone partners demanded it push legislation through parliament before starting negotiations on a third bailout programme.
  • 22:13
    Greece anxious over legislation deadline:

    According to Politico’s Stephen Brown:

    There is 'basic disagreement' at the Euro summit on the question of debt reprofiling, a Greek official said, while prime minister Alexis Tsipras’ delegation is very worried about its ability to “write down laws in under 48 hours” to meet the euro zone’s requirement that the Greek parliament should approve the basic agreement by Wednesday before bailout negotiations can begin in earnest.
  • 22:20
  • 22:28
  • 22:42
    This was taken at the mini summit inside the main event. Tsakalotos's face tells a story
  • 22:46
  • 23:31

    Euro zone leaders work late to forge a deal:

    Euro zone leaders are now working late into the night in an attempt to broker a deal but the mood music is not good.

    As yet another deadline comes and goes, France and Germany appear at odds over whether the Greek government can be trusted.

    The Greek government itself faces a stiff task selling today's proposals back home amid accusations of a humiliating U-turn following last week's referendum.

    All the time the Greek economy is crumbling with 60 businesses said to be closing a day.

    Uncertainty, irresolution, hardship...nothing appears to have changed.

  • 23:35
  • 23:41
  • 23:42
  • 23:51
  • 00:00
  • 00:06
    I'm hanging up my boots for the night as talks in Brussels remain ongoing. The crisis is now certain to rumble on into next week with leaked documents suggesting the Greek government will have to pass reform legislation by Wednesday just to begin bailout talks.