Greek crisis: EU leaders to hold crisis summit after talks fail - live updates
Finance ministers have given a "strong signal" to Greece to engage seriously, as crisis escalates again
- Emergency Summit called
- Still no deal in sight to end Greece crisis
- Watch the press conference here
- Finance ministers meeting ends with no deal
- Varoufakis presents new plan, pushes for debt help
- Greek bank deposits falling
7.32pm BST
Varoufakis is now outlining his proposals, in some detail:
Varoufakis presenting details of #Greece govt's reform proposals.
7.32pm BST
7.31pm BST
Varoufakis is speaking in Greek first, and then English (eventually).
He says that Greece brought a "complete proposal" to today's meeting that would have ended this drama.
#Eurogroup President decided to focus only on #Greece responsibilities but not on institutions', Greek FinMin says #ec #ecb #imf.
Dismissed as not serious & not an adult by the eurozone & IMF, Varoufakis puts his side of the story pic.twitter.com/HdwlNNrRh1
7.27pm BST
Yanis Varoufakis is now giving his own press conference:
7.26pm BST
Relations between Greece and its creditors were already bad, and they've got even worse.
Another meeting with no progress means it's very hard to see how a deal will be reached before June 30, to avoid the default that's been looming over the eurozone for months.
7.20pm BST
Back with the Maltese finance minister:
#Malta FinMin: 'I don't think #Greece wants to get out of #euro, however actions and situations leading to that
7.19pm BST
Money appears to be leaving Greek banks faster than emergency liquidity from the ECB is arriving. How worried are you about that, asks my colleague Ian Traynor.
Dijsselbloem says he can't confirm the figures (there's a rumour that a2bn was withdrawn between Monday and Wednesday)
But... It's worrying. The key word is trust. Trust needs to return to the Greek economy.
People are taking money of the bank because they are worried about what the future will bring.
Eurogroup chief Dijsselbloem says deposit outflow in #Greece is a sign of Greeks' "great concern about future" but can be quickly fixed
7.11pm BST
Are you now planning for a Grexit?
It is our dearest wish to keep Greece in the eurozone, Dijsselbloem replies.
7.09pm BST
What is your message to the people of Greece?
Dijsselbloem replies:
They deserve a credible and a fair deal. Which means Greece has to become financially independence, and have its future in its own hand
Any deal that doesn't deliver a fair and sustainable financial future for Greece would eb a bad deal for Greece too.
7.06pm BST
Outside the press conference, the Maltese finance minister has told Reuters that Yanis Varoufakis came up with "a sort of" last minute plan.
7.03pm BST
OUCH. For a Greek deal to happen, there have to be "adults in the room", says Christine Lagarde.
Just how bad was today's Eurogroup meeting?
Lagarde: Deal with Greece needs dialogue with "adults in the room" #Greece pic.twitter.com/ecmj4gRwoZ
Only chance is to resume with adults in the room, says Lagarde. Ouch, that's a jibe at Varoufakis
7.01pm BST
We are "prepared for eventualities" if no agreement can be reached, Dijsselbloem says.
That isn't our "preferred scenario", though.
7.00pm BST
Dijsselbloem confirms that Donald Tusk, president of the European Council, has called a Eurozone leaders meeting on Monday.
European leaders to hold Greece summit on Monday, commission president Tusk announces, after no deal reached at Eurogroup meeting today.
At presser, @J_Dijsselbloem suggests another #Eurogroup may need to be held before emergency #eurozone summit Monday. God help us. #Greece
6.58pm BST
6.58pm BST
Onto questions.
Is a bailout extension being discussed?
6.57pm BST
Lagarde concludes:
We are waiting, and we hope that the next few days will be used by the Greek authorities to come back with credible, tangible measures....
No more smoke and mirrors, Greece needs to be credible says Lagarde pic.twitter.com/W4QKqbPkJd
6.56pm BST
Lagarde explains that a successful programme has four elements:
@Lagarde is speaking to the Europeans while looking at the Greeks. IMF wants debt relief, Eurozone does not.
6.53pm BST
6.53pm BST
Now Christine Lagarde has the microphone.
On Greece, she wants to make a few basic points:
We are waiting.
The institutions have put together some very sensible proposals that are a clear easing and we are waiting"
It cannot be about smoke and mirrors.... It must be credible.
6.49pm BST
Moscovici reiterates that the eurozone are ready to work "day and night" for a deal.
6.47pm BST
Commissioner Pierre Moscovici speaks next (mainly in French), and warns that Greece risks a "catastrophic scenario" unless it engages seriously with negotiations.
It is in everyone's interest that Greece remains in the Euro zone, we are making progress, he says.
Moscovici: We're approaching end of game. I call on Greek gov't to seriously return to negotiating table and avoid catastrophic scenario.
6.44pm BST
6.42pm BST
Dijsselbloem couldn't have been clearer: Too little progress, no agreement in sight, up to Greeks to put forward credible proposals. #Greece
6.41pm BST
Reuters is reporting that there will be a eurozone leaders summit on Monday to discuss Greece....
6.40pm BST
Apparently Germany's finance minister has left the eurogroup without speaking to the media:
Schaeuble leaves #Eurogroup without speaking to the press. Somebody's angry...
6.38pm BST
An agreement needs to be credible, Dijsselbloem adds.
If one is put forward in the next few days, we will consider it.
6.35pm BST
Dijsselbloem: We agreed to be flexible in February, when Greece's bailout was extended.
We agreed to adjust the fiscal targets for Greece, and to replace existing measures with other measures put forward by the Greeks, once we had assessed them.
The talks over the last weeks have not progressed....
6.34pm BST
6.33pm BST
Dijsselbloem starts by saying that the eurogroup took stock of the situation with Greece.
It is regrettable that too little progress has been made in the talks, and "no agreement is in sight".
6.32pm BST
OK, the first press conference is starting now, with Jeroen Dijsselbloem, president of the Eurogroup, plus Christine Lagarde, Pierre Moscovici and Klaus Regling.
6.30pm BST
The lack of a deal tonight isn't really a surprise -- expectations were really rather low this morning.
Bloomberg economist Maxime Sbaihi suggests we could be weeks away from a resolution:
No Greek deal at #Eurogroup. What does it mean, what's next? Read my reaction on the terminal http://t.co/IYqHl7jhb5 pic.twitter.com/WWuEwvjxtb
6.26pm BST
Finland's finance minister tweets that it was an 'interesting' meeting....
End of my first #Eurogroup. Interesting indeed.
6.20pm BST
You can watch tonight's press conferences from Luxembourg here:
6.16pm BST
No deal at Eurogroup. The situation is really difficult now. #Greece
6.15pm BST
The Eurogroup meeting has concluded, without a deal on Greece.
And that's according to Valdis Dombrovskis, European Commission Vice-President for the Euro and Social Dialogue.
No deal at #Eurogroup. Strong signal for #Greece to engage seriously in negotiations. EG stands ready to reconvene at any moment.
#grexit #eurogroup greek discussion seems to have lasted around an hour #cantbegood
6.12pm BST
Eurogroup meeting in Luxembourg: Varoufakis presents for 30 minutes "some ideas", among them again a debt write-down for #Greece.
6.02pm BST
Another important development: Yanis Varoufakis has been presenting new proposals to his fellow eurozone finance ministers.
According to one report, he's presented five pages of ideas.
#grexit varoufakis spokesman says greeks tabling 'new proposals', still asking for esm-ecb debt swap
"Varoufakis is presenting new ideas right now...The proposals are based on fiscal consolidation that needs to go with debt sustainability."
"There is no clash. We are negotiating. We are open to proposals."
There was no room big enough for the press conference of @yanisvaroufakis so its been set up on a hallway! #eurogroup pic.twitter.com/c14KHJomyD
5.51pm BST
Diplomatics in Luxembourg are downplaying Die Zeit's claim that Greece is being offered a short-term deal by the eurozone.
Diplomat calls Die Zeit report of Greece side deal "daydreaming" (corrects spelling) #Eurogroup
5.49pm BST
The euro soared, then slumped, as traders digested Die Zeit's claim that Greece is getting a 'final offer':
5.40pm BST
German newspaper Die Zeit is reporting tonight that the eurozone is proposing extending Greece's current bailout until the end of the year.
According to Die Ziet's story, Greece would receive a10bn of cash which is currently set aside to recapitalise the Greek banking sector.
Creditors to offer Greece ext until Dec. a10bn from bank recap fund to repay IMF, ECB. ECB would lift bill cap by 2bn http://t.co/uB0h1jIUAP
DIE ZEIT und ZEIT ONLINE exklusiv: Eurozone wollen Griechenland neues Angebot vorlegen - ohne den IWF (nd) http://t.co/vMzw4hknZd
5.30pm BST
I was going to put together a summary, but AFP have just published a really decent round-up of events. So, over to them... (with links to the main points in today's liveblog)
"Option number 1 is extension .... Option B could be default."
5.02pm BST
European stock markets shook off their Greek fears by the close of trading.
Most indices finished higher, matching rises on Wall Street where shares rallied after the Federal Reserve dampened fears of an early rate rise.
Obviously any further word on what happens next in Greece will be closely followed, but until we see this, it seems as if equity markets are happy to tread water.
Given that German Chancellor Angela Merkel reiterated the creditor's position in a speech to the Bundestag earlier today that no money would be released unless Greece implemented reforms, the prospect of any sort of deal seems more remote than ever.
4.37pm BST
The Eurogroup agenda has been slightly reshuffled, the FT's Peter Spiegel reports, so that ministers will cover all the other business before Greece.
I'm told #Greece discussion moved from top of #Eurogroup agenda to last item. Don't think that means anything other than I'll miss deadline!
4.28pm BST
After that early wobble, the Athens stock market ended the day up 0.37%.
The news that Yanis Varoufakis is going to present some ideas at today's meeting may have generated some optimism, after the index hit a three-year low this morning.
4.15pm BST
Here's our economics editor, Larry Elliott, explaining why the Greek crisis gives Angela Merkel such a headache (including references to Bob Dylan and British left-winger Ken Livingstone)
4.03pm BST
3.55pm BST
Students of body language will have a field day with these photos from the eurogroup meeting, showing most of the main characters in this crisis:
3.48pm BST
Greece's battered economy is sinking even deeper into the mire, according to two pieces of information today.
First, Reuters is reporting that two billion euros were withdrawn from Greek banks between Monday morning and Wednesday night.
"There appears to be a complete freeze on domestic payments apart from wages and pensions as the government rounds up cash to pay international creditors,"
"This is starting to have a knock-on effect on revenue collection."
3.29pm BST
Just feel that tension....
Don't forget Yanis, i want my money back! #IMF #Lagarde talking to #Greece fin min @yanisvaroufakis at #Eurogroup pic.twitter.com/62v7k6mTLR
3.23pm BST
The eurogroup meeting is now underway. It's a packed agenda -- ministers are talking about the Cyprus bailout, Portugal, the state of the eurozone, and implications of the current record low interest rates.
And Greece, of course -- with Yanis Varoufakis presenting his new ideas.
3.15pm BST
If Greece does fail to repay the IMF on 30 June, the consequences could be very nasty.
Klaus Regling, who runs the Europe's bailout fund (the ESM) told reporters in Luxembourg that an IMF default could trigger clauses in ESM lending, allowing it to demand early repayment on its own loans.
"Our lending is linked to IMF; if there's a non-payment to IMF, it's an event of default & we have choice to accelerate our loan."- Regling
What is Regling showing to Varoufakis here? The exit? pic.twitter.com/xgv2Ot7WW8
2.57pm BST
Stubb: a-zone now in position where it cld weather #Grexit. Wld be much worse for #Greece.
2.45pm BST
Patience is a virtue, but some countries are running out of patience. says Finland's finance minister Alex Stubb.
Finnish FM Stubb: There was more sympathy, but the past 6 months have eroded that. #Greece
Stubb: Either we reach a deal, or plan B - which means Greek default. I don't think there will be contagion on a-zone periphery. #Greece
2.40pm BST
Christine Lagarde defended the IMF's handling of the Greek debt crisis as she arrived at today's meeting.
When we make a loan, the money comes from Senegal, Sri Lanka, Switzerland.... so we need to be credible because it's their money we're lending.
If there are credible proposals on the table then of course we'll examine them.
2.37pm BST
Germany's finance minister, Wolfgang Schiuble, told reporters that he is "optimistic" that ministers will now get proposals from Greece.
"One mustn't speak in public about everything."
2.30pm BST
Pierre Moscovici says that a solution is badly needed, both for Greece and the wider eurozone project.
Let's start by examining proposals..... we are in a state of mind to find a deal, which is indispensible.
EU's Moscovici says lenders have been waiting for "more than a week" for new proposals from #Greece #Eurogroup pic.twitter.com/LiQ9eIXPmj
Moscovici: I really wish we can avoid another Waterloo. #Greece
2.24pm BST
Excellent diss by Ireland's Noonan: 'I've heard Yanis's proposals before and they tend to be more macroeconomic than micro'
2.22pm BST
Irish finance minister Michael Noonan told reporters that we shouldn't have "any great expectations" for a positive outcome from today's meeting.
Discussions will be preliminary, before Greece is discussed by heads of government next week.
BREAKING Ireland's finance min Michael Noonan says Irish govt is "taking advice" on a Grexit from the NTMA, Irish central bank and the ECB
2.11pm BST
Ireland's finance minister says the eurozone cannot make further concessions to Greece.
Irish fin min Michael Noonan says eurozone lenders have gone "as far as they can go". Options beyond that? "Prepare the B plan.." #Greece
2.08pm BST
Peter Kazimir, Slovakia's finance minister, has arrived.
We have wasted a lot of time. but I do believe in miracles - I'm Catholic, so I have to believe in miracles.
Slovakia FinMin Kazimir: "#Greece has to face reality ... We have wasted a lot of time. I do believe in miracles" pic.twitter.com/jRKs3I4UG5
1.57pm BST
Here's a video clip of Yanis Varoufakis saying he will present ideas to "replace costly discord with effective consensus" (but not revealing if they are old ideas or new ones)
#Eurogroup meeting - Doorstep #GR @yanisvaroufakis on the Greek proposal http://t.co/xvSCldtBz3 pic.twitter.com/zJUxYcBjjc
1.52pm BST
More arrivals! France's Michel Sapin says talks must resume, and it's wrong to think there are "monstrous differences" between two sides.
French FinMin Sapin: "We have reached a crucial moment in talks with Greece" #Greece #Eurogroup pic.twitter.com/kIt8cRVd8o
1.49pm BST
Varoufakis says he'll be presenting Greek gov't "ideas". Not clear whether they're new ones or old ones. #Greece
1.46pm BST
Yanis Varoufakis has just arrived.
The purpose is to replace costly discord with effective consensus.
#grexit @yanisvaroufakis says he'll be presenting greek govt 'ideas'. not the case yesterday
Greece's Varoufakis says wants to 'replace costly discord with effective consensus.' Also uses the phrase 'spot on'.
1.37pm BST
Pierre Gramegna, Luxembourg's finance minister, has warned that "time is coming to an end", as he arrives at the Eurogroup.
He hopes to make progress at today's meetings, and doesn't accept that Greece is heading out of the eurozone:
We are still on the same lines, Greece and the rest of Europe.... We need a deal so Greece can start to grow again, and attract investors.
Gramegna: We need to see facts and figures to measure in which way both sides are getting closer to each other to bridge gaps. #Greece
1.33pm BST
That really wasn't a very confident-looking eurogroup president who swept into today's meeting.
Dijsselbloem says he hopes the Greeks come with a proposal; says he's not so optimistic; "not sure we'll make progress" #Greece
#grexit @J_Dijsselbloem 'i don't have a lot of hope'
1.32pm BST
Dijsselbloem gives little indication that there will be a breakthrough today.
Too little progress has been made, and there are still gaps between Greece and the institutions, he adds. Time is very, very short.
1.31pm BST
Jeroen Dijsselbloem, head of the eurogroup, has just arrived at this afternoon's meeting, and is being grilled by the EU press pack.
I am not sure if we will make any progress, but we will try.
Not much new from @J_Dijsselbloem as he heads into #Eurogroup. "I'm not sure we'll make any progress." #Greece
1.22pm BST
Has Finland's finance minister, Alex Stubb, just uttered the D word?....
#Finland fin min @alexstubb talks about "some form of default" as option for #Greece. #Eurogroup #Grexit pic.twitter.com/W8BxIrQS3I
1.20pm BST
We've put together a chart to guide you through the next few crucial days for Greece, and the eurozone:
Related: Greek debt crisis: what happens next?
1.12pm BST
Eurozone finance ministers have already held one session today -- the annual meeting of the European Stability Mechanism Board (that's the main Eurozone bailout fund).
Here's some photos:
12.54pm BST
Greece has arguably been given one delay by the IMF already, which is perhaps why Christine Lagarde says it can't have another one.
This 30 June payment consists of four smaller bills due this month, which are being wrapped together. That's within the Fund's rules, but is also the first time in decades that any country (hello Zambia!) has done it.
@OmairaGill @GreekAnalyst The period up to June 30th *was* the grace period.
12.36pm BST
Public support for Alexis Tsipras's party is still holding up, according to a new poll this morning.
Pro Rata poll for Kokkino FM SYRIZA 33.5% New Democracy 13.5 G Dawn 6 Potami 6 KKE 4 Ind Grks 3 PASOK 3 Others 9 Undecided 22 #Greece
12.33pm BST
There could be shockwaves through Greece and the wider eurozone if Athens doesn't repay the IMF on 30 June, says Diego Iscaro, senior economist at IHS Global Insight.
Even though it's not a technical default, Iscaro reckons a non-payment would trigger volatility:
Deposit outflows in Greek banks are likely to accelerate, increasing the pressure on the government to introduce capital controls.
Meanwhile, increasing uncertainty regarding the outcome of the negotiations will result in higher volatility in Eurozone financial markets (most likely through pressurizing bond yields in the southern periphery countries), as well as weighing down on confidence levels.
Just to be clear, here the *normal* IMF procedure in case of a missed payment. But Greece is unique, right? pic.twitter.com/gHLhUqPlAt
12.16pm BST
Got it in one....
When you might be sequencing policy wrong, Lagarde edition: Greece needs long-term pension reform, & oh btw it might default on us June 30
12.13pm BST
Christine Lagarde's demand for an "intelligent approach" to Greek pensions is the latest shot in an intense war of words between the two sides.
Alexis Tsipras has argued this morning that Greece cannot accept pension cuts.
The social security system is the institutionalized mechanism of intergenerational solidarity, and its sustainability is a main concern for society as a whole. Traditionally, this solidarity has meant that young people, through their contributions, fund the pensions of their parents. But during the Greek crisis, we've witnessed this solidarity being reversed as the parents' pensions fund the survival of their children. The pensions of the elderly are often the last refuge for entire families that have only one or no member working in a country with 25% unemployment in the general population, and 50% among young people.
Faced with such a situation we cannot adopt the logic of blind and horizontal cuts, as some have asked us to do, which would result in dramatic social consequences.
On myths & crisis, my article in @tagesspiegel: German taxpayers not paying for Greek pensions http://t.co/jhnxFZTIc1 pic.twitter.com/dLa3rIyACB
12.04pm BST
Christine Lagarde has just crushed the idea that Greece could delay its a1.6bn repayment due to the International Monetary Fund on 30 June.
There is no chance of a 'grace period' or a delay, the IMF chief says:
12.00pm BST
We're facing a "very difficult situation", says Finland's finance minister, Alex Stubb, as he arrives at the Eurogroup meeting.
And you'll never guess where the ball is.....
Very difficult situation, have to stick to conditionality.Ball is on the #Greek court says Finish Fin Min @alexstubb pic.twitter.com/8RgLRS3GOm
11.40am BST
Alexis Tsipas has just been sighted in Russia, which might cause a few alarm bells to ring in Brussels and Washington.
Greek PM Tsipras arrives in St Petersburg as the Eurogroup prepares to meet in Brussels http://t.co/NNxNiRjQSe pic.twitter.com/xbwkTf2dum
#Greece as full member of #EU has right 2 have multi-dimensional f/policy" Costas Isychos, travelling w Grk PM to Russia, tells me
"Why should Germany have the monopoly of commercial relats w Russia?" says Costas Isychos, part of #Greek delegation, in St Petersburg
11.15am BST
There are reports swirling that the European Commission and the European Central Bank are drafting some kind of statement on the issue of Greek debt relief.
Not clear exactly what, at this stage, so we'll keep you posted.
EU Commission & ECB drafting statement on debt relief for #Greece, Brussels source tells @Elbarbie. But may be repeat of pledge Samaras got
When debt repayments reach a certain level, they undermine social solidarity because governments struggle to afford investment in schools, health and public services. And they undermine economic growth, because the state has to divert resources that could be spent on infrastructure, training and export support towards its foreign creditors.
Great piece by @heatherstewart3 on the burden of Greece's debt http://t.co/DQMrkWNUWw
10.58am BST
Bank of Greece governor Yannis Stournaras continues to be criticised by government MPs today, after warning yesterday of an "uncontrollable crisis" unless a deal is reached:
#BOG gov #YannisStournaras focus of lawsuit by Syriza MP who accuses him of panic-mongering w his warnings of econ collapse
10.52am BST
Over in Athens there has been some fighting talk from senior members of the governing far left Syriza party this morning, reports our correspondent Helena Smith.
"If we are forced to say the big no the difficulties will last for a few months ". but the consequences will be much worse for Europe."
"Who said currencies are a religion? Nothing of the sort is written in our constitution."
"The idea that we can't live with our own currency is absurd."
10.48am BST
European commissioner Pierre Moscovici has predicted that today's eurogroup meeting will be 'difficult', Reuters reports (possibly winning a prize for understatement).
Moscovici told reporters that a solution can still be found, even at this late hour, if there are cool heads and political will.
"Today's meeting might not be conclusive, we all know that, but it must be useful. It must be a meeting that opens the way for a solution, if we cannot find it today. We'll try, we must try.".
. @pierremoscovici 30th of June program expires markets r watching us.Solution not only possible but necessary pic.twitter.com/UtRxGYb5n1
10.43am BST
Belgium's finance minister, Johan Van Overtveldt, has told reporters in Luxembourg that today's meeting "all depends" on what Greece proposes.
He told reporters:
"We'll see what they bring to the table. I don't know whatMr Varoufakis is coming up with. If there are reasonable proposals we will discuss them.
10.39am BST
Some European finance ministers are already arriving in Luxembourg for the eurogroup meeting, but most of them are staying silent.
And @yanisvaroufakis just walked in. Not a single word.
Spanish Finance Minister De Guindos. No comment. Not a very talkative crowd this morning pic.twitter.com/M8CX1B8XZx
* Belgian finmin, asked if worried about Greece, replies "who isn't" - RTRS
10.32am BST
Eek. The Athens stock market is now down 3.5%, extending those early losses.
Alpha Bank shares has tumbled almost 9%, with Piraeus Bank down 6.8% and Eurobank down 5.3%
10.30am BST
Amid all the trouble and strife gripping Greece, it's emerged that Alexis Tsipras's domestic bliss is also on the line.
The Greek prime minister reportedly admitted to French president Francois Hollande that his partner, Peristera (Betty) Baziana, would leave him if he caves in to Greece's creditors.
"[Tsipras] informed me that if he gave in to too many of the troika's demands, he risked not only losing his party but also his partner, who is a fierce militant and is much farther left of him."
won't anyone think of Tsipras' marriage? https://t.co/LhMDjY2UIE
Tsipras: wife will leave if I surrender to #Europe http://t.co/nhBU1UEYXa pic.twitter.com/2dlfuimlaE
The two have kept their 30-year relationship largely out of the public eye. Unlike the first ladies that have come before her, Batziana has so far stayed away from the glamour that will come with the Maximos mansion, the official seat of the Greek prime minister.
The flat she shares with her partner and their two young sons is in the heart of working class district Kypseli, in Athens.
Related: Peristera Batziana: partner of 30 years to Alexis Tsipras, 'Betty' to the people
10.17am BST
Heads-up. The head of the Eurogroup will speak to the media around 1.15pm BST (3.15pm Athens time).
That's before today's meeting of finance ministers kicks off (so to speak).
Doorstep #eurogroup around 2:15pm in Luxembourg
They're below low. They're subterranean.
Good morning Mr @J_Dijsselbloem: shall we just call off today's Eurogroup meeting & use the time for something more constructive? #Greece
10.02am BST
With shares down across Europe, traders are bracing for a long, painful summer, says David Madden of IG:
The word 'default' is being bandied around the trading floor even more so, and there are only so many times dealers will stare at the sea of red screens before they jump ship. The left-wing Syriza is determined it will not be the first one to blink and the ECB continues to stand its ground, but playing chicken with people who have nothing to lose is a dangerous game.
The pressure is intense, even by Greek debt crisis standards, and one by one dealers are ducking of out the market.
9.52am BST
Greece's stock market has fallen almost 2% in early trading, hitting a new three-year low.
#Greece's Athex share index hits fresh 3yr low below 670. pic.twitter.com/o8AmLJfXAV
9.40am BST
Euclid Tsakalotos has also told France's Libi(C)ration that Greece's people could be asked to vote on its future, echoing his comments on the Today Programme.
Tsakalotos to @libe: If the choice is btw austerity inside the euro or leave the euro, it will be up to Greek people to say its opinion.
9.31am BST
#Greece "currencies aren't a religion" says ruling Syriza party's parliamentary spokesman Thanasis Petrakos
9.31am BST
The Athens government could call fresh elections or a referendum if it cannot get an acceptable deal, chief negotiator Euclid Tsakalotos suggests.
Asked for his contingency plan in case Greece leaves the euro, he replies:
Our position is that if we have an economically feasible plan that doesn't create recession and continue the debt trap we will sign.
If we don't, we have to go to the Greek people because we have no mandate to leave the euro, and that would be a very bad eventuality.
9.24am BST
While Merkel was addressing the German parliament, Greece's chief negotiator was warning the British people that Europe could be plunged into Depression-era economics if Greece were to leave the euro.
Speaking on the Today Programme, Euclid Tsakalotos argued that Grexit would radically change the nature of the single currency
"once one country has left, you change a monetary union into a fixed exchange rate system, where it's a cost-benefit analysis whether another country leaves".
My greatest fear is that the break-up of the euro will return (us) to the competitive devaluations, and the nationalisms, and the kind of politics we had in the 1930s."
When someone has borrowed too much, someone else has lent too much...
9.04am BST
Oppermann of the SPD went on to talk about the British referendum on EU membership, which could be held as early as next year. He is hoping for a yes vote, saying:
Britain is a great political, economic and cultural force in Europe.
We owe Britain a lot - it gave us the first parliamentary democracy.
Without Britain, the EU's foreign policy would have less weight.
But Europe can't function like a sweet dispenser where everyone picks the best bits.
8.54am BST
Following Merkel's speech, Gregor Gysi, of the Left Party, launched a blistering attack on the German government's eurozone policies. Now Thomas Oppermann, who heads up the Social Democrat group in the Bundestag, has warned that "time is running out" for Greece.
He accused the Syriza government, elected in January, of wasting its first few months in office by giving interviews - "I find this irresponsible." He added that he got the impression that the Greek government didn't really want to negotiate, and took issue with its branding of the IMF as "criminal". But, he said:
It's five to 12. I still hope we can get a fair solution.
#Gregor Gysi (Die Linke) delivers scathing attack of German #Eurozone politics in Bundestag - says its breaking down the idea of Europe.
8.48am BST
Europe's stock markets are in the red again, despite Merkel's pledge to keep working towards a Greek deal.
Most indices are at fresh four-month lows:
8.45am BST
Merkel this morning reiterates that Germany's goal is to keep #Greece in Euro.
8.44am BST
#Merkel didn't sound ready to compromise at all. She didn't talk about the hardships for the Greek, but about how #Greece failed to deliver.
8.41am BST
As usual, Merkel delivered a very measured speech. The only stab at passion was when she said the euro is far more than just a currency.
8.31am BST
#Merkel addressing the Bundestag: goal is to keep #Greece in euro, deal with creditors "is still possible". Really not a passionate speech.
8.29am BST
8.28am BST
Merkel ends speech. No room for concessions to #Greece visible in her speech.
8.26am BST
That concludes Merkel's statement - she has received a lot of applause from MPs in the German parliament.
8.26am BST
Merkel is now talking about Greece.
Greece was on a good path, but it has not been completed. It has dragged its heels on necessary structural reforms.
Merkel: #Euro far more than a currency
8.23am BST
Merkel says the EU summit next week won't discuss Britain's demands for EU reforms, but Donald Tusk, president of the European Council, will be asked to examine them. But, Merkel stresses, the principle of freedom of movement within the EU is not up for debate.
The German chancellor says it's not the first time that a member state has sought to clarify its role within the EU, but in the end, compromises were always found. She mentions Denmark in 1992 and Ireland in 2008.
I'm confident that we can achieve this this time. [i.e. keep Britain in the EU]
8.22am BST
Merkel: #Euro far more than a currency
8.18am BST
On to Brexit: Merkel says she wants Britain to continue to be an "active partner in a strong EU".
Britain needs to figure out itself what role it wants to play in Europe, she says.
8.15am BST
Merkel is now talking about the eurozone. France and Germany will be pushing for the coordination of economic policies within the current treaties - to boost competitiveness and jobs, she says. This means more structural reforms by member states.
8.08am BST
8.07am BST
The EU summit will address immigration policy, she says, particularly the "tragedies" in the Mediterranean. Thousands of migrants have died trying to cross the Mediterranean in recent months, and thousands of others have been rescued.
8.04am BST
After a brief mic malfunction, Merkel is speaking now.
8.01am BST
German chancellor Angela Merkel is due to give a statement on next week's EU summit in the German parliament shortly. You can watch it live here.
7.57am BST
French finance minister Michel Sapin has set the tone for today's meeting by warning it would be a "total catastrophe" for Greece if Athens left the eurozone.
"We will fight till the end to find an agreement with Greece."
7.50am BST
Europe's stock markets are expected to fall again today, extending recent losses, as investors watch the Greece crisis play out.
Here's the pre-market predictions:
Today's Eurogroup meeting in Luxembourg has been touted as the "last chance saloon" for Greece to agree a deal in time for the end of June.
Regrettably the meeting is likely to come and go without any deal given that Greek officials have refused to submit any fresh proposals, and Greek Prime Minister is jetting off to Russia to see President Putin, which means we may well get some talks over the weekend.
7.40am BST
Good morning.
Finance ministers from across the eurozone are heading to Luxembourg today to discuss Greece, which has less than a fortnight to reach a deal with creditors before its bailout expires.
Today's @guardian on #Greece: "can't pay, won't pay", and the striking numbers on unemployment, cuts pic.twitter.com/eDXt3SQ98S
"This is the 11th hour."
"The only sensible proposals on the table at the moment are those that we have tabled. The other side have not come to the party,"
#grexit merkel delivers govt statement to bundestag thur morn on next week's eu summit. she always does that on summit day, not a week early
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