Eurogroup meeting: Ministers agree to start Greek technical talks - as it happened
Rolling business and financial news, as eurozone finance ministers gather in Brussels
- Closing summary: talks start on Wednesday
- Varoufakis holds press conference
- Dijsselbloem: Time wasting is over. Talks must start
- 1st press conference highlights start here
- Greece insists eurogroup was a success
8.58pm GMT
And that, I think, is that for this evening. A quick recap.
We agreed today that there is no further time to lose.
Discussions between the Greek government and the institutions will start on Wednesday in Brussels... in parallel, technical teams from the institutions will be welcomed in Athens.
At presser @J_Dijsselbloem confirms "technical teams" from bailout monitoring institutions to head to #Athens as of Wed. #Greece #Eurogroup
#Eurogroup @J_Dijsselbloem 'there can be no talk of disbursement' without agreement and implementation #Greece
"There has been no time wasted, not by the Greek government....We were very speedy."
"The idea of troika visits, comprising cabals of technocrats from the three institutions in lockstep walking into our ministries and trying to implement a programme which has failed ... that is a thing of the past"
Varoufakis, minister, academic, editor-in-chief of all media
Boom! "@graemewearden: If other eurozone ministers miss the Troika so much we can send it to them - @yanisvaroufakis http://t.co/BNpP8U9JLH"
8.48pm GMT
I'm afraid I didn't really catch the last question, but I think it was whether Varoufakis had held discussions with his Portuguese counterpart.
Varoufakis insisted he had not; the pair were on opposite side of the eurogroup table.
8.41pm GMT
Just to clarify... when asked about Greece's cash position (twice), Yanis Varoufakis replied that the liquidity position of Greece will be guaranteed by the Greek government in conjunction with its international lenders.
8.37pm GMT
Mario Draghi doesn't need any advice from me.... our job is to start the work to create the confidence that the ECB wants to see. Every party will do what's necessary to make this deal work, Varoufakis adds.
8.35pm GMT
We are all very excited that we will start technical discussions in Brussels on Wednesday, Varoufakis says.
8.32pm GMT
A second question on Greece's funding position:
A @Bloomberg reporter says @yanisvaroufakis' failure to answer my Q on #Greece's cash position creates uncertainty. YV still doesn't answer.
8.30pm GMT
#Varoufakis denies speculation of Deputy PM #Dragasakis taking over negotiations, says 2 in perfect cooperation #Greece
8.29pm GMT
Varoufakis also denies that Greece's deputy prime minister will take the lead in negotiations with its creditors.
That's another example of poor reporting by the media, he says.
"Particularly poor journalistic standards" have been mentioned several times during Varoufakis presser. #Eurogroup
8.25pm GMT
Whichever editor wrote the headline in Corriere della Sera should consider apologising, declares Varoufakis, returning to that referendum story.
It's always the editor's fault...
Again: reporters are cool, it's always the editor's fault.
#Varoufakis: I said if every single one of our proposals is rejected (which has NOT happened) then we go to a referendum. #eurogroup
8.19pm GMT
Varoufakis "There was clearly some misunderstanding between the press and Mr. Dijsselbloem and me" (would hate to be Yanis' Flack after this
8.18pm GMT
The webfeed just crashed briefly during a question about Greece's reform plans...but fortunately Kathimerini is on the case:
#Varoufakis: unilateral actions not in the cards, but #Greece can't possibly ask permission for every single move
#Varoufakis: our list of reforms was meant to be incomplete #Greece
8.17pm GMT
Varoufakis: Talk of referendum was in response to 'hypothetical question' #Greece #Eurogroup pic.twitter.com/otdZITKiQH
8.16pm GMT
Varoufakis declines to answer a question about whether Greece is running short of cash.
Got a Q in to @yanisvaroufakis asking him for an update on govt's cash position & whether cash in agency accts accessed. He didn't answer.
8.13pm GMT
Yanis Varoufakis is now laying into the media, for reporting that he had claimed Greece could hold a referendum if its creditors rejected its reform measures.
This is a reference to Sunday's interview with Italy's Corriere della Sera.
Varoufakis: "No misunderstanding. ..Purely poor journalistic standards"
"@777mingus: #Varoufakis says Corriere della Sera #Grexit report "descended to pure journalistic depravity""
8.05pm GMT
Some instant reaction:
#Varoufakis: will welcome members of "institutions" to GR, but idea of the 3 arriving together, imposing, like old troika is thing of past
Now the Troika can actually continue to be called Troika, they only need to travel independently...
Varoufakis must be programmed from his university lecturing days to speak in hour-long spurts.
8.02pm GMT
Another reporter reminds Varoufakis that eurogroup chief Jeroen Dijsselbloem was adamant that the last two weeks have been a complete waste of time.
The fact that Dijsselbloem and I can disagree about this is part of Europe's magic, he replies.
8.00pm GMT
8.00pm GMT
What about the return of Troika officials to Athens, as Jeroen Dijsselbloem announced today?
Varoufakis is adamant that the Troika is dead. The days of officials from the three institutions (IMF, EU, ECB) "marching in lockstep", imposing measures on Greece, are over.
7.58pm GMT
Varoufakis says there has been a 'serious misunderstanding' by some members of the press.
The list of seven reforms he sent to Brussels last week was never means to be a comprehensive list, as some reporters claimed. It was just a starting point.
7.56pm GMT
Varoufakis denies that the Greek government has frittered time away. No time has been wasted, he says.
7.53pm GMT
Onto questions, and Yanis Varoufakis is asked whether he minds that several eurozone finance ministers insist on referring to 'the Troika' (rather than 'the institutions').
Smiling, Varoufakis says he is fairly relaxed that some ministers, perhaps through inertia, insist on using that old term.
7.50pm GMT
The press conference is being streamed here, by the way.
7.49pm GMT
I am pleased that we can announce that, starting on Wednesday, our team will start work with officials from the institutions in Brussels, Varoufakis adds.
7.49pm GMT
Here comes Yanis Varoufakis.... He looks fairly cheerful.
Today's meeting was an important step forwards in implementing the agreement of 20 February, he says.
7.42pm GMT
Heads up: Greek finance minister Yanis Varoufakis is about to give a press conference about the eurogroup meeting.
Much smaller group waiting for @yanisvaroufakis presser than last few #eurogroup meetings pic.twitter.com/zfntCzxWIb
7.14pm GMT
Back in Brussels, France's finance minister Michel Sapin is telling a press conference that it's important to stop mentioning 'the troika'.
"It's imporant to make that effort" of not speoking abt the troika anymore, says Sapin.
7.05pm GMT
You have to admire the Greek government's timing.
Just as eurogroup president Jeroen Dijsselboem was lamenting the "waste of time" Greece's international creditors have witnessed in recent weeks, the Athens government was releasing a statement called:
"ERT (the state TV channel) is returning. Sacked employees will return to work."
6.54pm GMT
6.52pm GMT
Eurozone finance ministers are now flooding out of the eurogroup meeting:
Belgian Finance Minister on result of the #Eurogroup meeting: #Greece has a lot of homework to do
6.49pm GMT
The last question goes to Peter Spiegel of the Financial Times, who hits the bullseye by asking a technical question about a500m that was returned to the European Financial Stability Fund (EFSF) last month (as part of a larger transfer of funds).
Regling just made a sweet a555ml gift the Greek gov't.
Klaus Regling says 500m in HFSF from fees paid in by Greek banks predated 2010 "before we started lending to Greece, we've no claim on that"
6.36pm GMT
Dijssebloem acknowledges some MS thought Commission too soft on France. Moscovici defensive, says Commission unanimous.
Moscovici stresses that decision to grant #France another deficit target delay was taken unanimously by college of commissioners.
6.34pm GMT
Next question goes to Jeroen Dijsselbloem: Did you discuss your plan to run for a second term as eurogroup president with other ministers, such as Spain's Luis De Guindos (rumoured to be planning his own bid)?
Dijsselbloem replies that his term runs until the summer, so it's too early for a candidacy.
As @J_Dijsselbloem asked about his candidacy for 2nd term as #Eurogroup chair, @pierremoscovici grins like a cheshire cat!
6.30pm GMT
6.28pm GMT
Mario Draghi was very clear about the important of Europe's growth and stability pact at today's meeting, Dijsselbloem says.
6.26pm GMT
Should Greece be allowed to issue more short-term debt to get around its funding squeeze?
That's up to the ECB, not me, Dijsselbloem ducks with aplomb.
6.26pm GMT
Dijsselbloem reiterates that constructive talks must start now:
Dijsselbloem: Real talks haven't really started yet. Only thing I know is that they will start on Wednesday. #Greece
6.23pm GMT
Dijsselbloem: I'm open to an early disbursement but only with an agreement on whole program and progress on implementation.
6.22pm GMT
Onto questions.... What discussions took place with Greece over its reforms?
Jeroem Dijsselbloem confirms that the Greece government outlined some reforms in its letter last week, but that they weren't the full proposals.
There can be no talk about early disbursement if there is no agreement and no implementation.
No early disbursements if there is no agreement on the whole package or no implementation - says @J_Dijsselbloem #Eurogroup #Greece
We have spent the last two weeks discussing who will meet who, where, and in what configuration. It's been a complete waste of time...
6.15pm GMT
Moscovici, the former French finance minister, embarks on a lengthy explanation about the importance of sticking to Europe's deficit rules....
#Eurogroup @pierremoscovici protests a bit too much about france and stability pact credibility. sounds like he means his own credibility
6.11pm GMT
At presser, @pierremoscovici talks about #Greece in French and about #France in English. Hmmm.
6.10pm GMT
Commissioner Pierre Moscovici now has the microphone, and says that Cyprus must implement a foreclosure law to help banks act on bad debts.
It would be a great pity of Cyprus's impressive progress over the last two years were slowed, Moscovici said.
6.07pm GMT
Dijsselbloem adds that Greece has committed not to take unilateral actions, and not to roll back on reforms that have already been adopted.
6.06pm GMT
"Today we had a short discussion on Greece," says Jeroen Dijsselbloem, on the process that should have started after our meeting two weeks ago.
We agreed there is no further time to lose. Technical talks will start on Wednesday, he confirms.
#Eurogroup @J_Dijsselbloem troika types could go to athens on wednesday
At presser @J_Dijsselbloem confirms "technical teams" from bailout monitoring institutions to head to #Athens as of Wed. #Greece #Eurogroup
6.03pm GMT
Austria and France need to make more progress to meet the Europe's growth and stability pact, Dijsselbloem says. Particularly France, which has already been given a two-month extension to get in line.
Other countries have made encouraging progress, though.
6.01pm GMT
Dijsselbloem starts by pointing out that fewer journalists have turned up than usual. Maybe they're at another press conference, he jokes. (Is Yanis Varoufakis talking somewhere?!.....)
Today's meeting tied up some loose ends from earlier meetings, looked at the Greek financial programme, and also considered the eurozone services industry, he says.
5.59pm GMT
The press conference is starting now.
Eurogroup president Jeroen Dijsselbloem, European Commissioner Pierre Moscovici, and Klaus Regling, CEO of the European Financial Stability Facility, are here to entertain us.
5.55pm GMT
Waiting for the #Eurogroup press briefing to start #Greece pic.twitter.com/7A99Wj30Bo
5.51pm GMT
OK, the eurogroup press conference is about to start. It's being streamed live here.
5.46pm GMT
Greek officials are not hiding their frustration at the reappearance of the dreaded word "Troika" in statements made by several euro zone finance ministers today, reports Helena Smith.
The German finance minister Wolfgang Schauble, no less, used it four or five times - in what some are calling a deliberate act of spite.
"Why couldn't he just say institutions? We agreed on February 20th that there was no more Troika."
Possibility of sending "troika" officials to Athens Wednesday raised in #eurogroup meeting. Unclear if @yanisvaroufakis consented. #Greece
5.42pm GMT
The Eurogroup meeting is over! Is that a record? It's certainly the quickest meeting in recent weeks.
#Eurogroup just finished
Eurogroup press conference at 1855 CET. Whoop whoop!
5.21pm GMT
The Greek government has just released a statement describing today's euro group as a "success", because four key points were agreed.
"The Greek government will continue enriching the list of reforms with additional proposals that it will elaborate on.
"The reforms will be part of a National Plan for Reconstruction and Growth."
5.13pm GMT
Greek insiders are also confirming that technical talks will start on Wednesday, in Brussels...
Technical discussions on #Greece will start on Wednesday in Brussels according to Greek sources
5.06pm GMT
The Greek government is roundly denying that anyone other than finance minister Yanis Varoufakis will lead negotiations with its creditors (as was rumoured earlier), Athens correspondent Helena Smith writes.
And Panos Kammenos, who heads the left-led coalition's junior partner, the Independent Greeks party, has tried to put on a brave face on the eurogroup meeting..
"We have good news from Brussels...The finance minister communicated with the prime minister and told him that the agreement of February 20th is being upheld."
#Greece govt sources say Eurogroup's outcome is "positive", Gr proposals were accepted (politicaly) by the Eurogroup (@capitalgr )
4.42pm GMT
Another photo from inside the eurogroup; it's Yanis Varoufakis speaking with Greek delegation members before the meeting began.
4.35pm GMT
Another newsflash from Brussels -- technical talks between Greece and its creditors will begin on Wednesday:
* EU officials say Greece to open technical reform talks with EU, ECB, IMF experts in brussels on Wednesday - RTRS
4.14pm GMT
Short debate on #Greece at today's Eurogroup to allow Varoufakis to fly back pronto & gain time for his pressing homework #VaroufakisLetters
4.09pm GMT
Here's Reuters' story, confirming that eurozone ministers have already finished discussing Greece at today's meeting (which only started around 90 minutes ago).
Euro zone finance ministers concluded their discussions on Greece on Monday and have said progress must be made now, an EU official said, adding that the ministers would not publish a joint statement on the issue.
"It's over," the official said of the Eurogroup discussions on Greece. Ministers said "we must move forward now," the official said.
4.01pm GMT
If they were trying to set a record... #Greece MT @TradeDesk_Steve pic.twitter.com/m94cIlKK0q
4.00pm GMT
That was quick! The Greek section of today's eurogroup meeting is over, according to Reuters:
3.58pm GMT
Some pictures from the eurogroup meeting have just arrived, showing ministers chatting - and in some cases even hugging - before getting down to work.
3.35pm GMT
Greece may have got the message. A government official in Brussels has said that Athens is ready to submit more reform proposals for technical discussion.
There are also reports that three new measures are ready, designed to improve tax collection and fight evasion:
3.14pm GMT
Slovakia's finance minister (or at least his media team) has tweeted that Greece face the "naked truth" over its bailout programme, and start technical talks with its creditors.
#Greece needs to face naked truth. The longer they speculate the worse for them and for us #eurozone. Tech talks need to start ASAP
3.05pm GMT
OK, all the eurozone ministers have arrived for this afternoon's eurogroup.
The running theme as they arrived was that Greece needs to hurry up and deliver firm reforms, so this could be a testy meeting...
Eurogroup doorsteps wrap-up: Except for Moscovici, there seems to be widespread frustration at time being wasted. #Greece
3.03pm GMT
Back in Athens... government insiders are denying that the deputy prime minister will take the lead in negotiations with Greece's creditors, as Ireland's finance minister said a few minute ago.
Athens (govt sources) rejects that Dragasakis and not Varoufakis will lead negotiations with the "institutions" #Greece via @capitalgr
2.48pm GMT
Greece's Yanis Varoufakis has arrived at the meeting, but I haven't seen any quotes from him:
2.47pm GMT
Spanish finance chief Luis de Guindos has echoed Wolfgang Schauble's use of the T-Word.
He told reporters outside the eurogroup meeting that ministers must listen to Yanis Varoufakos, then to the Troika, than start working.
A bit surprised at how many #eurozone finance mins using word "troika" on way into #eurogroup. Sign of their mounting frustration? #Greece
2.37pm GMT
Slovakia's finance minister has also urged Greece to produce firm proposals:
Slovakia's KaA3/4imir: Too early to judge Greek proposals "We are waiting for the real numbers" #Greece #Eurogroup pic.twitter.com/d1O4qzek9Z
2.33pm GMT
Eurogroup chief Jeroen Dijsselbloem warned several times that Greece must stop wasting time and start delivering , as he arrived at today's Eurogroup meeting.
Dijsselbloem: We have said that we will support Greece further if they continue on the reform path. And I think that the talks about the programme and the reforms that are needed should restart very very quickly. We're losing too much time.
Dijsselbloem: That is up to the Greeks to secure... we stand ready to support them on the basis of further progress in the programme.
We seem to be losing time now - since the last eurogroup little has been done in terms of future talks, in terms of implementation. The key issue now is not to waste any more time.
Dijsselbloem: It was a welcome contribution to the process....I have sent it onto the institutions. It can be part of the talks between the institutions and the Greek government which have to start very, very soon.
We have lost over two weeks in which very little progress has been made. The real talks haven't started yet, there has been no implementation. So we have to stop wasting time and really start the talks now, seriously.
Dijsselbloem: I won't go into the whole list and the reform programme. My key message is the talks have to start, rather today than tomorrow, and we shouldn't waste so much time.
The extension is only for four months, and the time is ticking away...
2.16pm GMT
Malta's finance minister, Edward Scicluna, told reporters that the Greek reform programme "needs a lot of work" as he arrives at the eurogroup meeting.
2.11pm GMT
Ireland's finance minister, Michael Noonan, has told reporters that Greece's deputy prime minister Yannis Dragasakis will lead negotiations with its creditors, rather than finance minister Yanis Varoufakis.
#Eurogroup irish finmin says real negs with troika to be run by greek deputy pm, not @yanisvaroufakis
#Ireland FinMin Noonan w an xclusive: The Greek gov't has decided that negotations will be centered at Deputy PM's office. | Not Varoufakis?
2.03pm GMT
Did the eurogroup not get the message that Greece is no longer under the control of the Troika?
#Eurogroup schaeuble greece is now a matter for the troika. very explicit. he's said troika 3/4 times already
Schaeuble: Making repeated references to "Troika" #Greece #Eurogroup pic.twitter.com/TJ7sfssm4T
2.00pm GMT
Here comes Wolfgang Schauble....
Wolfgang Schauble just arrived at #Eurogroup pic.twitter.com/meDMjXJEvJ
2.00pm GMT
More quotes from Jeroen Dijsselbloem, urging Greece to up its game.
we have to stop wasting time, that's my message today, #Dijsselbloem says. #greece #eurogroup
#Dijsselbloem: little has been done since the last #eurogroup, we have lost over two weeks, real talks have not begun yet
1.57pm GMT
Eurogroup chief Jeroen Dijsselbloem warned that Greece must stop wasting time and develop its reform package, as he arrives at the eurogroup meeting in Brussels.
Our Europe editor Ian Traynor is there, and reports:
#Eurogroup @J_Dijsselbloem 'little has been done on (greek) reform, further talks, implementation'
#Eurogroup @J_Dijsselbloem main msg today, stop wasting time, get real. clearly last week's tourists and taxdodgers was daft
#Eurogroup @J_Dijsselbloem choosing to signal there will be (troika) technical talks in athens
Dijsselbloem mentions 'Troika institutions' and Athens in the same sentence. Ouch.
1.51pm GMT
Reporters in Brussels are poised for the arrival of Germany's finance minister, who's likely to take his usual tough stance with Greece:
Waiting for Schiuble. #Eurogroup pic.twitter.com/gRSlJPNYq0
1.31pm GMT
And here's a videoclip of Pierre Moscovici telling reporters that Greece must give more details of its reform plans today.
#Eurogroup meeting - EU Commissioner @pierremoscovici on #Greek reforms http://t.co/rY1hdCTs6i pic.twitter.com/AhbdySdx2B
1.23pm GMT
Dutch Deputy FinMin: "Greeks should move as fast as they can, they should speed up". Declines to comment on potential referendum. #Greece
1.22pm GMT
Eric Wiebes, the Dutch state secretary for finance, has just declared that Greece's list of reforms isn't sufficient.
Arriving at the eurogroup meeting in Brussels, Wiebes told reporters that a full package must be agreed and signed off by creditors by the end of enc
#Eurogroup greeks need to get a move on. need a proper reform package by end of april rubberstamped by troika - wiebes, dutch official
1.17pm GMT
European commissioner Pierre Moscovici has declared that Greece must provide more specifics about its reform plans at today's meeting, as the trickle of quotes from Brussels begins.
Moscovici: First reform list was accepted by institutions, we need to go more into detail. But that won't necessarily be today. #Greece
Moscovici: It is 'essential' that the Greek gov't works with the 'Institutions' on the technical level. #Greece #Eurogroup
12.46pm GMT
A quick recap.
Eurozone finance ministers are due in Brussels shortly for a eurogroup meeting, with Greece's bailout programme top of the agenda.
German Bunds rally as #ECB said to begin buying German Government bonds under QE plan. 10yr yields drop to 0.36%. pic.twitter.com/lxUlqSe7J1
12.04pm GMT
Eurogroup chief Jeroen Dijsselbloem warned yesterday that Greece's latest reform plan is "far from complete". So what is it?
The programme which Greece sent to Brussels last week [online here] consists of seven key points.
These are classic examples of projected "waste and inefficiency" savings, which tend to be taken only at a substantial discount in any program negotiations - it's not that it isn't possible to sweat the paperclips budget, or to improve competitive tendering, it's just that delivery on this sort of program is never taken for granted.
I don't think the Eurogroup will treat these measures as fiscally neutral, which means that more funding from spending cuts or tax rises will need to come from somewhere else.
OK, my first-cut analysis of the Greek proposals is up on medium. https://t.co/QLZETOaBqt . I feel bad about being so negative, but WCYD?
11.56am GMT
The European Commission has just announced that Greece's prime minister, Alexis Tsipras, will meet with Jean-Claude Juncker on Friday.
President @JunckerEU will meet PM @atsipras in Brussels on Friday 13.3 at 9.00am.
11.03am GMT
German chancellor Angela Merkel has warned that Europe faces a "very difficult path" over Greece.
"I have said time and time again, and I can say it again here, our political goal is to keep Greece in the euro zone. We have been working on this for many years.
"But it's also true that there are two sides to this coin -- on the one hand solidarity from European partners, and on the other the readiness to implement reforms and other commitments at home.
10.43am GMT
The FT's Peter Spiegel has published a letter sent by eurogroup chief Jeroen Dijsselbloem to the Greek government on Friday.
In it, Dijsselbloem thanks Yanis Varoufakis for the seven reforms he outlined in his own letter last week, before cautioning that more work is needed.
Dear Yanis,
I thank you for your letter, dated 5 March 2015, and for the attached document outlining in some detail seven of the reforms planned by the Greek government.
.@J_Dijsselbloem letter to @yanisvaroufakis: "troika" (sorry, "institutions") returning to Athens? Leaked letter here http://t.co/8lwBzZxajE
10.33am GMT
10.27am GMT
Greek government bonds are weakening this morning, showing that traders see the debt as riskier.
The yield (or interest rate) on Greek 10-year sovereign debt has risen to 9.96%, from 9.5% on Friday night.
* Greek 3-year government bond yields rise 112 bps to 15.436 percent - RTRS
10.11am GMT
The European Central Bank has confirmed that its new QE programme kicked off this morning:
ECB and Eurosystem national central banks have, as previously announced, started purchases under the Public Sector Purchase Programme.
Leisurely start RT @FerroTV BUNDESBANK SAYS IT WAS ACTIVE IN MARKET FROM 9:25 AM CET
9.59am GMT
Heads up. Eurozone ministers will arrive for today's meeting in Brussels around 2.45pm local time, or 1.45pm GMT.
Doorstep #Eurogroup at around 14.45.
9.56am GMT
Many of the City's biggest names are worried that markets underestimate the risk that Greece might leave the eurozone.
That's according to a new poll from the Financial Times. Here's a flavour:
"Neither the eurozone, nor perhaps even the EU itself could survive a stampede out the door," said Xavier Rolet, chief executive of the London Stock Exchange.
Tidjane Thiam, chief executive of insurer Prudential, said: "Financial markets seem remarkably relaxed about a potential Grexit; they believe that either it will not happen, or it will not matter. That belief deserves to be challenged."
9.37am GMT
One of the German MPs who voted against Greece's bailout extension has argued that the country would be better off quitting the eurozone.
"By leaving the euro zone, as finance minister Schiuble has suggested, the country could make itself competitive again from a currency perspective with a new drachma.
"This would provide Greece with a great opportunity to renew itself economically and administratively, making itself fit again to return to the eurozone from a position of strength."
9.20am GMT
A new opinion poll shows that over two-thirds of Greeks want their leaders to reach a "fair compromise" with its creditors.
The number who favour a tough fight that risks Greece leaving the eurozone has fallen a little:
#Greece poll [Marc]: 69,6% for 'fair compromise' w Eurozone (+1.9% vs prev), 27,4% for 'confrontation even if it wd lead to Grexit' (-2.2%)
Among Syriza voters, 57,8% for 'fair compromise', 38,9% for 'confrontation'. #Greece
9.14am GMT
Meanwhile, alternate economy minister Dimitris Mardas has insisted this morning that Greece's state revenues were not in such a parlous position as many imagined.
Over to Helena Smith again:
Insisting that a solution would be found "despite the low expectations," Mardas took commentators aback this morning saying: "the picture that we have of revenues is better than expected."
Greece's tax collecting apparatus has come to a grinding halt since the year began with revenues dropping by a precipitous 22 %, according to officials.
"Scenarios", he said referring to the idea of a referendum floated by Varoufakis over the weekend, "won't happen."
9.01am GMT
Over in Athens, opposition to government policies - and members - is escalating ahead of today's eurogroup meeting of euro area finance ministers.
"With what Mr Varoufakis is doing, he is dangerous for the country and the best thing that the prime minister can do is replace him as soon as possible."
"With endless interviews you do not conduct proud negotiation."
"Greece is desperately isolated, it is alone. [Varoufakis'] proposals range between being unclear to ridiculous, provoking laughter when we talk about wiring up tourists to clamp down on tax evasion.
And all the while the country is being driven to recession and revenues are tragically behind."
"He doesn't know what he is talking about."
8.56am GMT
Greece's bank shares are falling sharply in early trading in Athens, as the threat of a referendum hits confidence.
The main Athens index has fallen by 3.5%, with bank shares among the big fallers. Piraeus Bank has shed 6.5%, and National Bank of Greece is down 6.3%.
#Greece gives the Eurozone party pooper: FTSE Greek banking index starts 5.5% lower to the week. pic.twitter.com/g1jZkPJ154
8.44am GMT
Bloomberg is reporting that the ECB has made its first purchase of eurozone government debt, under its new quantitative easing programme.
And they've started by snaffling up some German bunds, according to traders.
Jawohl! *ECB SAID TO BEGIN BUYING GERMAN GOVERNMENT BONDS IN QE PLAN
#Eurozone bonds rally on QE day: Germany's 10yr bund yields drop to 0.38, 10yr BTP's to 1.3%, Spain's 10yr to 1.28%. pic.twitter.com/4BT8YyGh8V
8.37am GMT
Europe's stock markets have all fallen in early trading:
Unless data deteriorate, the rate rises start in June.
8.28am GMT
One of Britain's best-performing fund managers has weighed in on the eurozone crisis, arguing that the single currency isn't viable.
Neil Woodford told the BBC that the eurozone was "fundamentally flawed", and "probably" not viable in the long term.
"In a very simple sense pretending that Greece was Germany is a fundamental error.
Having the same interest rate, the same monetary policy for two economies that are so different seemed to me to be a fundamentally flawed assumption right at the start of the project.
8.11am GMT
The agenda for this afternoon's eurogroup meeting, which starts at 2.30pm GMT, is online here.
The Eurogroup will discuss the next steps following the decision to extend the financial assistance to Greece by up to four months beyond its original expiry date of 28 February 2015. The political agreement on the extension was taken by the Eurogroup on 24 February and later approved by a number of national parliaments in the euro area and by the European Financial Stability Facility (EFSF), which provides the assistance. The formal decision on the extension was taken on 27 February.
The Eurogroup will be given an update on the ongoing 6th review of the macroeconomic adjustment programme in Cyprus. One of the requirements of the programme is the implementation of the an effective foreclosure framework, which would allow banks to manage their bad loans and improve lending to the real economy.
8.03am GMT
Speaking of Germany.... its economy may not be quite as vibrant as we thought.
New data shows that German exports fell by 2.1% month-on-month in January. That's the biggest fall since last August and worse than economist expected, suggesting the weak euro isn't helping as much as we thought.
Weaker-than-expected German exports, down 2.1% MoM. Well, at least the infamous German trade surplus narrowed, to EUR16bn.
8.01am GMT
The prospect of a Greek referendum might make the European Central Bank wary of offering more emergency support to its banking sector.
As Dan Davies of Frontline Analysts put it:
if Syriza are floating the idea of exit referendums, they kind of lose the right to complain about anyone else threatening bank liquidity
7.50am GMT
Yanis Varoufakis's suggestion that Greece could hold a referendum over its reform plans has been slapped down by Germany's deputy finance minister.
Steffen Kampeter warned this morning that any referendum would simply slow down Greece's reform drive. He also predicted little progress at today eurogroup meeting.
Germany's deputy finance minister said on Monday that he did not expect concrete dedcisions on Greece to be taken at a meeting of euro zone finance ministers later in the day because they are still waiting for more financial details on Greek reform plans.
"I don't expect any substantial decisions by the Eurogroup this evening," Steffen Kampeter told German radio in an interview.
#Germany DepFinMin does not expect concrete Eurogroup decision on #Greece; Referendum wd only lead to a delay in reform implementation ~RTRS
7.43am GMT
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
"We are not attached to our posts. If needed, if we encounter implacability, we will resort to the Greek people either through elections or a referendum."
A fine morning to start #QE? pic.twitter.com/3RrT1IC37O
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