Greek PM addresses parliament about bailout talks - live updates
Alexis Tsipras has told parliament that he refuses to accept the demands of Greece's lenders, and warns time is running out....
- Speech: rolling coverage starts here
- Five Key Points
- Helena Smith's Instant Verdict
- What the experts say
- Watch it live here
Earlier:
8.21pm BST
The Greek PM has also just denied that a deal must be reached within 10 days, as one opposition leader suggested tonight:
#Tsipras questions Potami's Theodorakis for saying June 14 is deadline for talks due to Bundestag recess, says even Merkel has not mentioned
8.16pm BST
Our multimedia team have just launched a video clip of Alexis Tsipras's speech to the Athens parliament this evening, complete with subtitles:
8.01pm BST
Alexis Tsipras is now speaking in parliament again, responding to the various opposition leaders' speeches over the last hour.
Tsipras: This parliament is not going to vote for a new memorandum. @change4all_eu #parliament_now #tsipras
7.57pm BST
Bloomberg has a good take on Alexis Tsipras's speech; focusing on his call for creditors to take back their 'absurd' demands:
"The Greek government cannot consent to unreasonable proposals that call for devastating measures for pensioners and Greek families. I want to believe that it was a bad negotiating trick."
7.44pm BST
There's a troubling inconsistency at the heart of Alexis Tsipras's speech tonight. On the one hand, he emphatically rejects the proposals from Greece's creditors (he rejects pension cuts, VAT rises on electricity, penurious budget targets)
Minutes later, he's pledging that a deal is closer than ever before.
Our head/sub say it all: Greek PM Calls Proposal by Creditors Irrational. However, Tsipras said he believed final deal is closer than ever
Typical #Tsipras speech: blames everyone, offers happy end but doesn't explain how it'll happen. still clueless about what he's going to do
7.39pm BST
Pasok leader Venizelos reminds MPs that Greece will need a third bailout once its current programme expires in June:
#Greece Venizelos: "The country, unfortunately, needs a 3rd Memorandum, a new loan." #vouli
7.38pm BST
Four years ago this month, Evangelos Venizelos was Greece's new finance minister, as part of the left-wing Pasok administration which asked for Greece's first bailout.
Tonight, he's giving perhaps his final major speech as Pasok's leader, having seen their support slump at the last election.
(As PASOK prepares to pick new leader) Venizelos: Government u-turns are "dizzying" #Greece pic.twitter.com/FwysLLyxfb
Once again, dat awkward moment when Venizelos (w all that his name entails & signifies) gives the best political speech in the parliament.
7.30pm BST
While the debate rumbles on, new opinion polling shows that Alexis Tsipras's party Syriza remains the most popular party in Greece, well ahead of New Democracy.
#Greece poll [MetronAnalysis/@parapolitika]: Syriza 45, ND 21.4, Potami 7.4, GD 5.3, KKE 5.2, IndGrks 3.8, PASOK 3.5 pic.twitter.com/nh6o0RSold
7.27pm BST
Party leaders continue to address the parliament.
Panagiotis Kammenos, the leader of the right-wing 'Independent Greeks' party (junior partner in the coalition government) played down the importance of delaying today's payment to the IMF.
#Greece Kammenos says that "the government is in no danger" even though it didn't pay the IMF tranche today. I am very reassured.
Kammenos says proposals to lenders by Greek gov't signal the end of MoUs and restoration of country's sovereignty #Greece
7.19pm BST
What happens next?
Well, for all Tsipras's defiance tonight, there's no suggestion that the two sides will stop talking. Instead, negotiations could (and should) intensify.
Eurozone officials said talks could resume as early as Tuesday, when Jean-Claude Juncker, the European Commission president, returns to Brussels from the Group of Seven meeting in Germany and Mr Tsipras is due to join his EU counterparts for a summit with Latin American leaders.
7.08pm BST
The head of the extreme right-wing Golden Dawn party had an alarming message for Greece tonight:
Fresh from being released from his "cell of honour," Nicholaos Michaloliakos told MPs (those who hadn't walked out in disgust) that his party firmly opposes the old bailout deal.
"Perhaps the love affair with Europe is over?" he mused. "For five years we have lived the memorandum and look what it has achieved. Our party is firmly against the memorandum."
6.50pm BST
Here's Reuters' first take on Alexis Tsipras's eagerly-awaited speech, for anyone just tuning in:
"The proposals submitted by lenders are unrealistic," Tsipras said. "The Greek government cannot consent to absurd proposals."
6.42pm BST
The leader of the Potami party, Stavros Theodorakis, gave a typically moderate speech in response to Alexis Tsipras's defiant address.
Theodorakis says Tsipras should rein in members of his Syriza party from calling for a 'rupture' from lenders, or Greece's exit from the euro.
6.31pm BST
More reaction to Tsipras's speech:
Peter Spiegel, Brussels bureau chief of the Financial Times, suggests it may have alarmed the European Central Bank, which decides next week whether to keep supporting Greece's banks...and on what terms.
To be a fly on wall at next wk's @ecb #Greece collateral haircut debate after that @atsipras speech completely rejecting creditors' offer...
Don't get over-excited by the melodrama in Tsipras's speech. Essentially it mainly confirms that the negotiations have another few wks to go
6.28pm BST
Alexis Tsipras's defiant speech may make it harder to reach a deal, warns financial expert Nick Spiro, of Spiro Sovereign Strategy:
Greece and its creditors were at daggers drawn before Tsipras's defiant speech. Now difficult to see a basis for further negotiation.
Tsipras as world champ of words that fight reality? Says Greece is close to a deal with creditors, but his plan is so different from theirs
Ridiculous to ask the opposition to write a blank cheque.
One of Samaras's better parliamentary performances but is anyone beyond his loyal MPs interested in what he has to say anymore? #Greece
6.27pm BST
6.20pm BST
Nikos Michaloliakos, the leader of the neo-Nazi Golden Dawn party, now has the floor.
Yes, a man who is being tried over charges of running a criminal organisation, alongside his fellow MPs.
Neo-fascist Golden Dawn leader talking about democracy and human rights. Insanity at its finest #Greece #vouli
Lots of MPs have left the Parliament room after NeoNazi Golden Dawn leader Michaloliakos started his speech. #vouli #Greece
6.12pm BST
The main opposition leader Antonis Samaras is now criticising Alexis Tsipras fiercely in his response to tonight's speech.
The former PM says:
"You have totally destroyed the country and isolated us,"
#Samaras says to change things 4 the better: Stop lying to people, stop hiring civil servants, continue privatisations
#Samaras says measures govt will have to take leave to room for elections. Urges #Tsipras not to become a 'fatal man' for #Greece
6.05pm BST
The Greek prime minister Alexis Tsipras gave one of his finer speeches tonight: eloquent in its sparseness, biting in a low-key punchy way.
6.02pm BST
What did we learn from Alexis Tsipras's speech to the Athens parliament (highlights start here)?
1) He is not caving into the IMF, ECB and EC, even as time continues to run short to reach agreement before Greece's bailout ends on June 30.
"The proposals submitted by lenders are unrealistic,"
"The Greek government cannot consent to absurd proposals."
#Greece Tsipras is hitting hard on Juncker at the moment, saying NO Greek MP would ever vote the *unrealistic* proposals of institutions.
#Tsipras says this 'is the hour of responsibility for all, mainly the govt, but the opposition as well'. parties should avoid scaremongering
5.54pm BST
New Democracy's leader, Antonis Samaras, is now responding. He says Tsipras has "some nerve" to challenge opposition parties to back him.
#Samaras says #Tsipras asking opposition parties to chose sides shows impudence. His party had rejected some tough measures
5.48pm BST
That felt like a classic Tsipras speech -- defiant, critical of Greece's creditors, but still with the promise of a brighter future soon.
It also included a possible trap for the opposition: will they support him, and bolster his hand, or oppose him, and risk losing public support at this crucial time?
5.46pm BST
And Tsipras starts to wrap up, saying his first priority is to get low budget surplus targets.
#Greece Tsipras repeats the important red lines of the GR govt: low primary surpluses, debt restruct, protect of pensions & real salary (1)
"We want a deal that is economically viable and socially just."
"This is time of responsibility for all" .
Greek people should be proud because the government is not going to give into absurd proposals.
5.44pm BST
#Greece "Time is not only running out for us, it is running out for everyone," PM #AlexisTsipras says
5.43pm BST
Some instant reaction:
This is not what the institutions were hoping to hear today. https://t.co/MXcVUyjQfk
Betting against Tspiras's political skills has been a losing bet so far. Showing why today - smart politics to pin down opposition.
Pinning down the opposition: hardly a credible governing strategy #Greece
5.42pm BST
Why is a deal close? Because we have international public support for our "realistic plans" and because no-one wants a "rupture", Tsipras says.
tsipras: first because it is now clear in european and intl public opionion tyhat the greek govt has proposed a realistic framework for
tsipras: and after yesterday's decision to defer IMF payment to the end of the month, it's clear to everyone...no one desires rupture
5.40pm BST
Hand on heart, Tsipras says, I believe we are on the verge of a deal....
tsipras: are we near a viable agreement? hand on heart, despite the setback, i believe we are closer than ever
5.39pm BST
MPs applaud Alexis Tsipras has he pledges that Greece will not be humiliated by its lenders
#Greece "the economic asphyxiation of a country constitutes a moral issue" #Tsipras says, adding "they won't humilate us" to applause
5.39pm BST
He's getting more emotive now, talking about financial 'strangulation'
tsipras says the economic strangulation of a country is a moral issue that raises questions about europe's very future
5.38pm BST
Tsipras is calling on the opposition MPs to step up and say clearly whether they also reject the proposals which creditors want Greece to swallow.
#Tsipras trying to force opposition parties to say publicly they reject lenders' proposals. This is what it is mostly about #Greece
Seems like point of Tsipras' whole speech/gambit might be as simple as forcing ND, TP etc to visibly vote against the creditors' demands.
5.36pm BST
The Greek prime minister is getting into the meat of his speech.
"Let's not kid ourselves," he tells parliament tonight.
"The crucial point of these negotiations is not just the reforms being asked of us but stopping the self-perpetuating vicious cycle of [recession]."
5.35pm BST
Our proposal remains the only realistic basis for discussion to achieve an agreement. #vouli #Greece
5.34pm BST
5.33pm BST
Now the Greek PM is criticising the proposals made by Jean-Claude Juncker on Monday night (the five-page document is online here)
Tsipras says he was "negatively surprised" by what Juncker put on the table, and never believed that creditors could think that Greece's parliament could scrap pensioners benefits, or impose higher taxes on electricity.
5.31pm BST
Another key point -- Tsipras is telling parliament that Greece needs an end to austerity, complete with debt relief.
5.30pm BST
As predicted, Tsipras is saying that Greece's proposals is the "only realistic plan" on the table.
#Our proposal was a clear sign of our respect for [troika] & is the only realistic plan," #AlexisTsipras tells 300-seat House
5.29pm BST
Tsipras's key theme so far is that "Greece needs a solution, not just an agreement, otherwise it will never exit the long crisis".
And that agreement must put an end to speculation that we might leave the euro.
5.28pm BST
Tsipras is now arguing that Greece has already compromised, taking on board the progress made in Brussels in recent weeks.
#Tsipras said that gov't has agreed to adopt tough measures in return for a complete solution, putting end to cycle of crisis #Greece
5.28pm BST
Oh sorry, BBC World have gone to the Weather!
5.26pm BST
Here's your live feed in English:
Tsipras' speech with English translation on BBC World here: http://t.co/8Vf1vZwIkA #Greece
5.25pm BST
Tsipras: our proposal constitutes a sincere attitude for compromise...the result of various negotations of the Brussels Group (ie ex troika)
5.25pm BST
It's a pretty serious start from Tsipras.
He says his government has proved its "commitment to the European ideal" by presenting comprehensive proposals to lenders
5.23pm BST
Tsipras is telling MPs that he is determined to reach a solution to deliver "a new epoch for the European Union".
5.23pm BST
#Greece Tsipras: "It's an overall solution that we need in GR, but also in EU, for the crisis that has hit the GR econ for the past 7yrs."
5.22pm BST
BBC World are carrying Tsipras's speech with an English translation, if you can get it in your area... You're welcome, World.
5.21pm BST
Tsipras insists that he has nothing to hide from the people., We are seeking a European solution, for all of Europe as well as Greece.
5.19pm BST
Alexis Tsipras takes the stand (tieless, so we know that a deal hasn't suddenly been reached behind closed doors).
He tells MPs that he called tonight's session because the people, and all political parties, need to know the situation - and importantly 'where we want to go'.
#Greece "we are in final stretch of negotiations & at most crucial point" #AlexisTsipras says, opening speech in parliament
5.17pm BST
The Athens parliament is pretty full. We can see Yanis Varoufakis on the ministerial benches, and New Democracy leader Antosis Samaras in front of his block of MPs.
5.15pm BST
Debate starting Live link https://t.co/Nt3F17PqYZ #Greece pic.twitter.com/007v8oLnGQ
5.14pm BST
And we're off! Parliament is in session, with speaker Zoe Konstantopoulou outlining tonight's debate, starting with the speech by Alexis Tsipras...
5.10pm BST
The delay is giving analysts and commentators time to speculate on what Alexis Tsipras might tell MPs:
I expect: typical fiery-populist Tsipras; "tried our best" rhetoric; blame-shifting towards institutions; extend problem for later in June.
Hey, @DarthPutinKGB any chance that Tsipras will announce that Russia has offered #Greece a funding facility? #FridayTrick
4.54pm BST
Some new polling data just hit the Reuters terminal, showing a majority of Greeks support the government's strategy. But more than a third think they should defy creditors:
4.50pm BST
There's quite a Germanic theme to the music being played on the Greek parliament channel.....
Greek parliament channel building mood nicely with progression from serene Mozart to sprightly Bach. http://t.co/n6QVtRx66i
4.49pm BST
Across the eurozone, Ireland just had its credit rating raised from A to A+ by Standard & Poor's.
S&P credited Ireland's improved fiscal performance, state asset sales and robust economic performance since its bailout programme began in 2011.
4.45pm BST
More resolute words from another government minister:
Syriza's Lafazanis _ Greece doesn't take orders from other countries #Greece pic.twitter.com/r0gFn3lv3G
4.40pm BST
Seems that we have a delay on the Tsipras talk on the #parliament. Keep close cause it'll start anytime soon. Rumours talk bout juicy speech
4.39pm BST
We just got a good hint of what Tsipras will say tonight. His office just released an extremely punchy statement, laying into the creditors' "extreme positions", and blasting them for their failure to compromise.
He then pledges that an acceptable agreement would not include any new cuts to wages or pensions, and would include debt relief.
Greek PM office says Brussels proposals were "extreme"; "cannot be accepted" Warning: exclamation marks in statement pic.twitter.com/VKh1uZzevG
4.35pm BST
Events seem to be running a little late in Athens; currently, a "high-spirited" committee meeting is taking place, complete with some full and frank exchanges of views..... Quite entertaining.
@loukia_g Still Adonis Georgiadis hammering Lafazanis, while shouting over Zoe Konstantopoulou's screams. Don't tune yet. @SpiegelPeter
4.29pm BST
Tonight's session could take a while - as Greece's opposition leaders get to respond to Tsipras, and vice versa...
#Greek PM Alexis .@atsipras due to being addressing Parliament in next 5 mins. He's allowed to speak 3 times; other party leaders twice.
4.26pm BST
Fighting talk from Greece's finance minister -- he's told Newsnight's team in Athens that the offer made by the creditors is "atrocious", and suggests they don't want an agreement at all.
.@yanisvaroufakis told me the deal proposed by the creditors is the kind of deal you propose if you don't want a deal.
.@yanisvaroufakis tells @DuncanWeldon Greece's creditors offered "kind of deal you propose if you don't want a deal" pic.twitter.com/3oYQadd9Ws
4.14pm BST
Nearly time for the big event of the evening - Alexis Tsipras's speech to the Athens parliament.
The Greek PM is due to start speaking at 6.30pm local time, or 4.30pm BST. It's his first public appearance since his government dramatically raised the stakes against its creditors by withholding today's a300m repayment to the IMF.
Tsipras addressing #Greece's parliament in 20 min: fasten the seat belts. It is gonna be bumpy
4.09pm BST
As we wait for Alexis Tsipras and the other party leaders to begin speaking in the Greek parliament, there is another potentially important player in the drama. Channel 4's Paul Mason explains:
Zoe Konstantopoulou, the speaker of parliament, is technically there to chair proceedings.
But while Tsipras, Yanis Varoufakis and their negotiators have been trying to get the country's debt reduced via the IMF and ECB, Ms Konstantopoulou has been working to get it declared invalid.
4.05pm BST
Not surprisingly, with the uncertainty over Greece's future in the eurozone growing following its plan to delay paying the IMF, the country's banks are taking a hit.
With the Athens general composite index now down 4.96%, most of the big fallers are financial shares. Pireaus Bank is down nearly 14%, National Bank of Greece is off nearly 11% and Alpha Bank is down 9.6%.
3.40pm BST
Greece's creditors are trying to make the country sign up to a programme which has already proved to be a failure, argues economist Joseph Stiglitz in a Project Syndicate piece for the Guardian:
EU leaders continue to play a game of brinkmanship with the Greek government. Athens has met its creditors' demands more than halfway. Yet Germany and Greece's other creditors continue to demand that the country sign on to a programme proven to be a failure, and that few economists ever thought could, would, or should be implemented.
The swing in Greece's fiscal position from a large primary deficit to a surplus was almost unprecedented, but the demand that the country achieve a primary surplus of 4.5% of GDP was unconscionable. Unfortunately, at the time that the "troika" - the European commission, the European Central Bank and the International Monetary Fund - first included this irresponsible demand in the international financial programme for Greece, the country's authorities had no choice but to accede to it.
Europe's leaders viewed themselves as visionaries when they created the euro. They thought they were looking beyond the short-term demands that usually preoccupy political leaders.
Unfortunately, their understanding of economics fell short of their ambition; and the politics of the moment did not permit the creation of the institutional framework that might have enabled the euro to work as intended. Although the single currency was supposed to bring unprecedented prosperity, it is difficult to detect a significant positive effect for the eurozone as a whole in the period before the crisis. In the period since, the adverse effects have been enormous.
Related: Greece's creditors need a dose of reality - this is no time for European disunion
3.21pm BST
A quick update on the markets.
Wall Street is lower in early trading following the better than expected non-farm payroll numbers - which hint at a possible rise in US interest rates later this year - but it is off its worst levels.
2.28pm BST
Ratings agencies were not expected to designate the delay in Greece making its IMF payment which was due today as a default, and so Fitch has just confirmed.
But the agency says the move to postpone the a300m payment highlights "the extreme pressure on government funding." It does not, however, have direct implications for Greece's CCC sovereign rating. Fitch said:
Fitch's ratings reflect the risk of default to private rather than official sector creditors, so delaying repayment to the IMF is not in and of itself a ratings default. Nevertheless, bundling this month's repayments illustrates the pressure that a lack of market or official funding and tight liquidity conditions for Greek banks are putting on Greece's sovereign liquidity. Our CCC sovereign rating, affirmed last month, indicates that default on privately held bonds is a real possibility.
The risk that Greece misses its larger IMF payment at end-June cannot be discounted. The prospect of fiscal disbursements from Greece's official creditors is highly uncertain. The Greek government has not accepted the proposals presented by the institutions (the European Commission, European Central Bank, and IMF) this week. If the two sides do agree a deal, it will meet political opposition from elements of Syriza most hostile to the institutions' proposals for pensions and public sector wages.
2.09pm BST
Back to Greece, and a report from Russia's Itar Tass news agency on the earlier phone conversation between Greek prime minister Alexis Tsipras and Russian president Vladimir Putin:
[The two leaders] have discussed bilateral energy cooperation and Greece's possible participation in the BRICS [development] bank by telephone on Friday.
"Greek Prime Minister Alexis Tsipras and Russian President Vladimir Putin have discussed energy cooperation between the two countries and the Greek prime minister's participation in the forthcoming Economic Forum in St. Petersburg on June 18-20 as well as Greece's cooperation with the BRICS bank. The telephone conversation passed in a friendly atmosphere," the Greekgovernment said.
1.58pm BST
The US Federal Reserve could raise rates in July or September, reckons Rob Carnell of ING Bank in the wake of the better than expected non-farm payroll numbers. He said:
Just when all the Fed speakers were sounding more and more cautious, in comes a strong labour market report and puts thoughts of tighter policy back on the agenda.
The headline non-farm payrolls gain was 280,000, higher than the 226,000 consensus (ING forecast 240,000), and comes with some nice upward revisions to previous month's data (up 32,000) that make this an even better looking number.
We are not too bothered by the tick up in the unemployment rate to 5.5%. This owes more to a 397,000 rise in the labour force, which lifted the numbers of unemployed by 125,000. But this distorts what is clearly a positive picture, and we think it will be swiftly reversed in coming months. The broad measure of unemployment (U6) remained unchanged at 10.8%.
Taking all of this together, it remains difficult to see the Fed changing rates in June - they have almost already ruled it out in the May FOMC minutes and elsewhere, and we think we need to see the labour market data supported with other non-labour activity improvements first.
1.46pm BST
The stronger than expected non-farm numbers is also hitting the bond markets:
Bond rout returns with vengeance after bullish US jobs data. 10yr UST yields jump 9bps, 10yr Bund yields by 5bps. pic.twitter.com/znIeJZvnZB
1.40pm BST
Average hourly earnings increased 0.3% and 2.3%, thus matching their cyclical high.
1.35pm BST
The higher non-farm numbers of course mean that people are immediately speculating that this gives the US Federal Reserve more fuel to raise interest rates this year (despite what the IMF advised on Thursday).
So the dollar has climbed, with sterling falling a cent to $1.522.
U.S. 10-year yield up to 2.41pct after nonfarm payrolls beat estimates. Stock index futures still lower.
Fed rate lift-off now seen by the market as taking place in October compared to expectations of December heading into the release #NFP
1.32pm BST
Away from Greece, and there are better than expected US non-farm payroll numbers.
Analysts had been looking for a rise of 225,000 in May, but the figure has come in at 280,000.
1.17pm BST
Odds on countries leaving EU from @WillHillBet Greece 1/3 UK 5/1 Hungary 10/1 Cyprus 12/1 Italy 16/1 Spain 16/1 Latvia 20/1
1.08pm BST
Some sobering lunchtime viewing: an insight into the impact of Greece's financial crisis on its people, from Sky News's Ed Conway and Emily Purser.
"This is rock bottom", says the Athens hospital boss. Our film on the reality of a country on the verge of default https://t.co/Xp3IEbbTkv
12.52pm BST
The FT's also has a good story about Greece's debt restructuring hopes, which I shamefully failed to plug early this mornig.
This is a crucial part of Athens' plan for a comprehensive debt deal, but there's no mention of it in the latest demands from creditors.
The restructuring plan is ambitious, offering ways to reduce the amount of debt held by all four of its public-sector creditors: the European Central Bank, which holds a27bn in Greek bonds purchased starting in 2010; the International Monetary Fund, which is owed about a20bn from bailout loans; individual eurozone member states, which banded together to make a53bn bilateral loans to Athens as part of its first bailout; and the eurozone's bailout fund, the European Financial Stability Facility, which picks up the EU's a144bn in the current programme.
If all the elements of the new plan are adopted, the Greek government reckons its debt will be back under 60 per cent of GDP - the eurozone's ceiling agreed under the 1992 Maastricht Treaty - by 2030, as this chart from the document shows:
Your morning leak: #Greece's new debt restructuring plan for IMF, ECB, EFSF & GLF loans, posted @ftbrussels blog: http://t.co/bjfViGHcRL
Greece's debt restructuring plan via @SpiegelPeter is same Varoufakis plan floated last year, again in London in Feb. Rejected by Schauble
11.59am BST
Although Greece has bought itself some time, it now faces a mountain of financial demands from 30th June to mid-July:
Here's my updated #Greece payment schedule for @OpenEurope. End of June & start of July now a huge hump to overcome pic.twitter.com/9QdMvsSfEv
11.51am BST
A group of eminent economists from across the world have written a joint letter in the Financial Times today, pleading with Greece's creditors to provide "hope not despair".
The list includes Nobel prize winner Joseph Stiglitz, star French economist Thomas Piketty, former Italian PM Massimo D'Alema, and America's Jamie Galbraith. (generally a pro-Keynesian crowd)
"How #Greece is treated will send a message to all its eurozone partners". Various reasonable folk calling for sanity http://t.co/G63d11b5MG
11.43am BST
So, how many countries have actually failed to repay the International Monetary Fund on time?
My colleague Alberto Nardelli has the answer - 32 countries have fallen at least six months into arrears with their IMF bills, from Cuba in 1959 to Zimbabwe in 2001.
What is evident browsing through this list, from Cuba and Cambodia to Sudan and Yugoslavia, is that many of the countries that are on it were characterised primarily by domestic or regional violence, if not by outright war, during the years in question.
Related: A brief history of countries with overdue IMF repayments
11.25am BST
Solidarity in Brussels. The European Commission has just defended Greece's decision to defer today's IMF repayment until the end of June.
Top EC spokesman Margaritis Schinas told reporters that the move was in line with the Fund's rules, and has happened before (just once though!).
Greece IMF arrangement has been used before, says @EU_Commission - Zambia 30 years ago
No one should make 'value judgements' about Greek IMF decision, said @EU_Commisison
The Greek gov is exercising a facility poss under IMF statute so we didn't ask for any explanation - @EU_Commission
11.11am BST
Why might Alexis Tsipras want to discuss energy issues with Vladimir Putin, at this crucial time?
On the issue of energy, the country's energy minister Panagiots Lafazanis (who also happens to be the third most important man in the cabinet and head of Syriza's hardline faction, the Left Platform) has been making some very testy remarks recently.
Last night he announced that Athens would "not take orders from anyone" after Washington made clear its displeasure at the government's declared aim to allow the construction of a pipeline carrying Russian natural gas in northern Greece. This morning he racheted up the pressure further saying: "Greece will not be blackmailed over its energy choices."
Talking to Mr Putin would also likely reassure the hard leftists in Mr Tsipras's Syriza party who are balking at the notion of a new agreement involving pension cuts and higher VAT.
Better call Vlad. http://t.co/wfo76GG7Ji #Greece
10.58am BST
The German finance ministry has just revealed that Greek finance minister Yanis Varoufakis has asked to meet with his counterpart in Berlin, Wolfgang Schiuble, on Tuesday.
Spokesman Martin Jaeger just told reporters that:
"We're looking into it...There's been a request (from Greece) for a meeting but we haven't been able to find a time yet. We'll let you know on Monday."
German FinMinistry Spokesman Jaeger: After Greek Request Meeting For A Meeting, Schaeuble Could Meet Varoufakis In Berlin On Tuesday
10.48am BST
A Greek government official has confirmed that Tsipras will speak with Putin, in around 15 minutes, according to this Reuters newsflash:
10.39am BST
Greek worries are keeping Europe's stock markets in the red, but it's not a major selloff:
"With uncertainty about Greece repaying or not repaying the IMF today out of the way ... markets may focus on the political fall-out from this decision."
RBS increases #Grexit probability to 20% from 10-15% as #Greece to bundle #IMF payments. RBS sees early elections now as very likely.
10.28am BST
Greece's Mega TV is reporting that Alexis Tsipras is planning to speak with Russian president Vladimir Putin today:
Acc to Mega TV, #Greece PM Tsipras requested a phone conversation with Putin. Putin said "yes", they will talk today
Greek PM Tsipras today requested a telephone call w/ #Russia's Putin, #Greece's Mega TV reports, without citing anyone. (BBG)
10.22am BST
Brussels insiders have backed up economy minister George Stathakis's claim that the International Monetary Fund suggested bundling Greece's June repayments into a single bill.
They've told the Guardian that the IMF proposed the option but didn't receive a reply - before learning last night that this bargaining chip had been played.
9.57am BST
A senior EU official has just insisted that the Greece crisis will not be on the agenda at the G7 summit on June 7th and 8th in Schloss Elmau, Germany.
*EU'S JUNCKER SAYS GREECE TO PREOCCUPY HIM THIS WEEKEND
9.25am BST
Over in Athens, there is mounting anticipation over the Greek prime minister Alexis Tsipras' speech before parliament tonight, reports Helena Smith.
"And all of us are going to be glued to our screens,"
"What he wants to show is that the entire Greek parliament is opposed to the proposal, that's the message he wants to send lenders."
9.12am BST
The Athens stock market has fallen by over 3% in early trading.
Financial shares are among the big fallers, with Piraeus Bank, National Bank of Greece and Eurobank all shedding at least 5%.
8.52am BST
Greek government bonds are tumbling in value this morning.
Investors are rushing to sell, following the decision to delay today's a300m IMF repayment.
#Greece's 2y yields jump as Tsipras raises stakes in Greek showdown w/ deferral of IMF payment http://t.co/JOjHPwIyUW pic.twitter.com/ugV9HJxDxQ
8.46am BST
Here's another key quote from Greek economy minister George Stathakis on the Today Programme this morning:
"We are looking forward to getting a deal as soon as possible.
The Greek government cannot accept these new proposals put on the table."
8.41am BST
Economy Minister Stathakis: Greece will do everything it can to stay in the euro and change terms of debt agreement: pic.twitter.com/hJOVpiP2Rw
8.30am BST
Theodoros Fessas, the president of The Association of Greek Industries, is also speaking on Radio 4's Today Programme.
He says the demands being made by Greece's creditors are "quite high", and contain "harsh" measures.
All the past governments have not been efficient or effective at collecting taxes.
8.27am BST
Today Programme: What happens if Greece cannot get its way with creditors? Would you compromise, or leave the euro?
We do not have a mandate to leave the eurozone, economy minister George Stathakis replies. He explains that Syriza campaigned on a platform of getting a new deal with creditors, within the single currency.
We have a mandate from the Greek people to go on, to try to change the terms of the agreement.
Greece has to remain in the euro, otherwise we do not have any mandate to take action.
Greek economy minister tells BBC will stick to mandate given Syriza by voters; remains committed to stay in euro. #eurogroup @tsipras_eu
Greek Economy Minister on BBC Radio 4 right now - Syriza govt has no mandate to take Greece out of the Eurozone.
8.27am BST
GREEK ECONOMY MINISTER GEORGE STATHAKIS SAYS GREECE CANNOT ACCEPT NEW PROPOSALS PUT ON TABLE BY LENDERS
8.21am BST
George Stathakis says that the Greek government is not prepared to accept the proposals tabled by its creditors this week (when Alexis Tsipras met Jean-Claude Juncker in Brussels on Monday night).
He cites the primary surplus targets which lenders are pushing for (including a 1% primary surplus this year; Greece believes only 0.6% is achievable).
8.18am BST
Greece's economy minister, George Stathakis, is now on the Today Programme.
Why has Greece chosen to delay its IMF repayment?
There was an offer already on the table from the IMF, so I think the government chose to accept this offer and repay at the end of the month.
That is correct.
8.14am BST
The BBC's European Editor, Katya Adler, has also heard that Greece had the money to repay the IMF today, but chose not to (as our Helena Smith reported last night).
Adler is telling the Today Programme now that the delayed repayment is being seen as a political jesture:
It is being seen as Greece saying to the international creditors, don't push us, we'd rather snap than bend.
8.10am BST
As feared, Europe's stock markets are being hit by Greek worries.
The FTSE 100 has dropped by 35 points at the start of trading, to 6824, which I think is a one-month low. More to follow.....
8.08am BST
Greece's economy minister, George Stathakis, is about to discuss the situation on Radio 4's Today Programme. You can hear it live here.
8.04am BST
Despite the turmoil of recent years, most Greeks still want to remain in the eurozone:
#Greece Opinion poll for newsit.gr: Greeks want to remain in the eurozone at all costs http://t.co/YX7NT5fP2m pic.twitter.com/JaTVdNd3bv
7.54am BST
Greece's deputy social security minister, Dimitris Stratoulis, has warned that early elections could be called unless its lenders soften their demands.
Stratoulis said this morning:
"The lenders want to impose hard measures. If they do not back down from this package of blackmail the government ... will have to seek alternative solutions, elections".
Opinion poll from #Greece shows 37% of Greeks favour elections while 45% want compromise for a deal with lenders. (RTRS)
Alco poll for Newsit.gr SYRIZA 31.3% ND 20.4 Potami 5.2 G Dawn 4.8 KKE 4.5 PASOK 3.5 Ind Greeks 3.2 Undecided 13.4 #Greece
7.48am BST
Good morning.
The Greek crisis is coming towards the boil today, following Athens' unexpected decision not to pay the International Monetary Fund a a300m repayment due today.
Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of a300m (219m) due on Friday.
A crisis that has been going on for more than five years entered a new phase when Athens surprised the IMF by saying it intended to bundle up four payments in June totalling a1.6bn and make them all at the end of the month.
Related: Greece moves closer to eurozone exit after delaying a300m repayment to IMF
"We have enough for the payment but Tsipras wants to save up for salaries and pensions."
"She's annoyed that we reassured her earlier and was taken by surprise. "The Bank, however still expects a positive reply tomorrow."
Greece = 1970s Zambia thanks to request to IMF to defer payment
hit pause on the second-guessing over #greece's talks with its creditors until greek pm @atsipras briefs parliament at 6pm
While optimism had been growing that progress had been made in negotiations between Greece and its creditors, it's clear there is still a long way to go and some of that optimism might have been a little unfounded.
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