Greek debt crisis: Eurozone finance ministers fail to reach agreement - live updates

Graeme Wearden (now) and Nick Fletcher (until 4pm)

from on 2015-07-11 22:46 (#E00M)

Finance ministers will resume talks on Sunday morning after failing to reach agreement tonight on Greece's request for a third bailout

11.46pm BST

The Greek fin min @tsakalotos leaving the #EU building Lex after a hard day. Photo credits @ArisoikoPhoto pic.twitter.com/IzfXmEPwQ4

11.34pm BST

11.32pm BST

Here comes Euclid Tsakalotos.....and there goes Euclid Tsakalotos!

Greece's finance minister exited the building at a marching pace, mobile phone glued to his ear, deep in conversation. Not a word for the press, alas.

11.30pm BST

Here's a video clip of Pierre Moscovici's comments tonight:

#Eurogroup Doorstep European Commissioner @pierremoscovici I always keep my hope #Greece http://t.co/CPqacZODFZ pic.twitter.com/3dvNujme73

11.28pm BST

Some ministers are walking past the media and refusing to speak, including Ireland's Michael Noonan. I guess they've got nothing encouraging to say.

Mario Draghi just got into a car without comment.

11.25pm BST

11.24pm BST

Here comes Pierre Moscovici....and actually he (for once) doesn't look too upbeat.

He tells reporters (in French) that there is always hope.

#Moscovici: "I always keep hope". Doesn't sound so optimistic. #Eurogroup

#Eurogpoup there's always tommorow, there's always hope, says Pier Moscovici, leaving Eurozone Finance Ministers' 9-hour meeting

11.20pm BST

Michel Sapin's optimism is unquenchable!

French finance minister asked if he is still optimistic as he leaves. "Always!" #Greece

11.20pm BST

Finland's Alex Stubb told reporters that tonight's meeting made 'good progress'

RTRS - EUROGROUP "MAKING GOOD PROGRESS" ON GREECE -FINLAND'S STUBB

11.18pm BST

Jerosn Dijsselbloem, head of the eurogroup, is speaking now at the exit.

He confirms that the meeting is adjourned until 11am tomorrow morning.

We have had an in-depth discussion of the Greek proposals. The issue of credibility and trust was discussed, and also of course the financial issues involved.

It is still very difficult, but work is still in progress.

11.13pm BST

#eurogroup now very badly split. getting nasty. could be rowdy summit sunday. renzi to round on merkel, enough humiliation. and hollande?

11.12pm BST

It does NOT look good, I'm afraid.

"Is it a yes or a no," the Slovakian finmin @KazimirPeter is asked as he leaves. "No is the better answer," he replies #Greece

11.12pm BST

Eurozone ministers are being collared as they leave the meeting - here's a live feed.

11.08pm BST

Ian adds that there won't be a press conference tonight. No statement either. We're basically in limbo until the morning.

Eurogroup breaks up with no joint statement. To continue at noon Greek time on Sunday #Greece #Eurogroup

11.07pm BST

Ian confirms that the eurogroup is breaking up, to resume in the morning

#eurogroup over at midnight. till 11 tomorrow. no statement agreed for summit. yet

11.05pm BST

Eurogroup ministers are going to resume talks in 11 hours time:

#Eurogroup tomorrow at 11 in the morning.

11.05pm BST

The prime minister of Malta has tweeted that the eurogroup meeting failed to reach an agreement (as had become clear in recent hours)

Briefed about inconclusive #Eurogroup meeting. It will be a long day -JM

11.01pm BST

The Eurogroup meeting is over! Until the morning......

End of #Eurogroup session. To be continued tomorrow.

10.55pm BST

The 9th hour of Eurogroup meeting starting soon. Works on final statement not finished untill 2-3 am... pic.twitter.com/QJSjMBLDnX

10.34pm BST

The Finns really have put a spanner in the works, by the sound of it:

EG drafting session with two options. One with the finns, one without. Last word to the leaders, tomorrow (source with a tie) @la_stampa

10.27pm BST

Hopes of an early finish are being trampled into the carpet. The Brussels press pack are heading that the eurogroup may run for another three hours.

How are things going at Eurogroup? "No way near the end", apparently.

Final Eurogroup statement not expected until 2-3am - source.

10.24pm BST

Here's something to chew on. A eurozone bailout, as Jennifer flagged up earlier, only needs 85% support if the situation is an emergency.

But some country's have rather more muscle than others, reflecting their financial contribution to bailout funds. Many of the smaller countries only have a tiny share of the vote.

Thanks to an obscure legal clause, ESM can agree a bailout with 85% of votes, not unanimity. These are voting rights: pic.twitter.com/Yfqp8T60Jn

10.09pm BST

It's 23.00 in Brussels. Eurogroup meeting started 8 hours ago. As far as I know, very little improvement. Very little optimism.

9.55pm BST

So much for finishing at 10pm Brussels time.....

#eurogroup still working on the common statement.

9.54pm BST

9.39pm BST

Tomorrow, Italy is reportedly going to demand that Germany hammers out an agreement with Greece, our datablog editor, Alberto Nardelli, hears tonight.

Italian prime minister Matteo Renzi has had enough, Alberto understands. It's time to stop humiliating Greece, and end this crisis.

Hearing Italy to tell Germany: "enough is enough" - we need to stop humiliating Greece, and find a deal and common ground for good of EU

9.32pm BST

Back in Greece, economy minister George Stathakis has warned that the country could face some capital controls all though the summer.

Reuters has the details:

Stathakis told Greece's Mega TV that the banks could reopen as soon as next week, if an agreement with creditors is reached this weekend, but other restrictions on withdrawals and currency exports would remain in place for most.

"That will stay in play for two months or some months," he said.

9.29pm BST

This appears to be the German finance ministry's paper, which suggests Greece could be offered a 'temporary' exit from the eurozone.

Here's the Schiuble Grexit plan everybody is talking about - via @sven_giegold pic.twitter.com/zYwTeyx4Q5

9.19pm BST

Finnish TV is reporting that the Helsinki government will not support a new Greek aid package.

It is confirmed: Finnish gov't won't accept a new bailout package to #Greece. #Eurogroup

True Finns can't stop #greece bailout, ESM emergency voting procedure allows decisions to pass with 85% majority. pic.twitter.com/ctkznCeoKw

9.10pm BST

Sounds like a statement is being drawn up tonight....but it's not a decisive Yes or No to a Greek deal. It sounds more like an Ummmmm....:

Sources: #eurogroup working on a statement: #Greece to implement next week some measures and than #Eurogroup will reconvene for final deal

sources: #greece agreed to the statement, but some ministers have problems to accept it (Finalnd) and so they will pass it to the leaders

9.07pm BST

The Eurogroup meeting is buzzing with talk that the Finnish government might collapse, if it backs a third Greek bailout.

My colleagues Ian and Jennifer have the latest:

#greece #eurogroup said here that finland's alex stubb's hands tied, soini will bring down govt if finland agrees to any more gk funding

Talk of the #Eurogroup is that True Finns threatening to pull out of coalition if gov supports 3rd bailout for #Greece

8.49pm BST

Eurozone ministers have been discussing Greece's bailout request for hours, with no signs of an major breakthrough.

The meeting may end soon, though, after around six hours which began with smiles, and frowns.

#Eurogroup meeting could be done within the next half an hour or so according to those within the meetings. #Greece

I mean, it's almost as if it was a deliberate entry into the "worst plan ever" competition.

"Our currency union is irrevocable - except during a crisis when countries might devalue. We'll just assume the markets will ignore that"

The (ex-True) Finns knew very well that 3rd bailout was on the cards when they joined coalition. Suspect there's more to this story.

8.38pm BST

Life has been carrying on in Athens tonight, as the eurogroup meeting rolls on:

8.31pm BST

Finland says NO to #Greece. Fin could be the #Eurogroup country that blocks an agreement source to #yle

8.27pm BST

The Greek crisis is putting serious strain on Finland's new government.

Maria Stenroos, EU correspondent for state broadcaster Yle, reports that the Finnish delegation is taking an even tougher line than Germany.

Source for Yle: Stubb's mandate from Finnish parliament is very narrow. In practise means #Grexit. #eurogroup

Finnish government near to collapse this morning. True Finns saying NO for #Greece or leaving government.

Okay, already 3 big Finnish news outlets (MTV3, HS, YLE) reporting same thing: Finland wants #Greece out of eurozone.

I wld still advise ppl to b cautious abt news FIN wanting #Greece out. Hard to believe they would play harder than DE, will follow Schiuble

8.16pm BST

The BBC's Chris Morris has more details on the measures that Greece is being pushed for tonight (as Ian reported earlier)

EU official says #Greece needs to do more on product and labour market reform. And needs to pass more laws this wk to show they're serious.

8.00pm BST

Could ministers come back in the morning for another crack at the problem?

More EuGroup Tomorrow? "Well, its nine o' clock. We could take a break and start again in the morning". (sad source) @la_stampa #greece

7.56pm BST

Apparently, tonight's dinner isn't going too well:

Sources: ministers' dinner just started, but around the table everyone is very silent. #Eurogroup #Greece

7.55pm BST

Rumour watch: the eurogroup meeting might finish in just over an hour's time:

#Eurogroup sources say meeting should be over by 10pm Brussels time (famous last words) Two more meetings expected next week.

7.33pm BST

So much for kicking out the Troika....

#greece #eurogroup if gks hated troika before,it can only get worse.germans demanding guaranteed outside vetting of tsipras reforms - source

7.32pm BST

Greece's creditors are drafting a response to Athen's bailout proposal - outlining what extra measures are needed, reports our Europe editor:

#greece #eurogroup while session in pause azone/troika drafting written response to greek proposals, what more greeks need to offer-sources

#greece #eurogroup session in pause. nowhere near agreement. unlikely tonight. could be passed to sunday summit - sources

7.27pm BST

Channel 4's Paul Mason has a handy summary of the state of play this evening:

Upsum Eurogroup so far: Greece asked for more austerity; German Grexit plan non-starter; @tsakalotos can't sign without words on debt (1/2)

(2/3) in other words the exact same situation as for 6 months. But Germans now openly pushing for Grexit, IMF for debt relief, EU paralysed

(3/3) Unless Syriza gives *legitimacy* to its own overthrow, pro-Merkel parties in Greece cannot rule it. This last always forgotten by MSM

7.23pm BST

Now here's a tasty rumour:

F.A.S. reports Merkel was not aware of French help to Greeks in drafting proposals; "angry call" from chancellery to Elysi(C)e when news broke

7.14pm BST

More head-shaking in Brussels:

#greece #eurogroup with their 5year timeout paper, germans seem to be losing it #silly

7.01pm BST

7.00pm BST

Wolfango Piccoli, analyst at Teneo Intelligence, reckons that Alexis Tsipras has four options following the mini-rebellion at last night's vote over his reform plan:

6.52pm BST

Over in Athens, economy minister Giorgos Stathakis has said he's confident the government will be able to get parliamentary approval for its reform plans.

And he also warned that any Syriza MP who disagrees should resign their seat.

"If a lawmaker of a leftist party disagrees with the policies of the government...they should follow the rules and if they strongly disagree resign their seat.

EconomyMin Stathakis on MegaTV: Reshuffle soon, dissenters should resign, GR needs 73bn euros in financing #Greece pic.twitter.com/amjqyFDrqr

6.28pm BST

Greece's former finance minister, Yanis Varoufakis, may feel vindicated by the news of a German government paper proposing a temporary Grexit.

He's written an opinion piece in today's Guardian, claiming Schiuble wanted to drive Greece out to "put the fear of God" into the French.

Worthwhile reading this http://t.co/deEzjKX8K7 in conjunction with my Guardian piece http://t.co/bxulEXIGYW

6.15pm BST

Eurozone finance ministers are pausing to refuel after three hours of talks, Cyprus government spokesman Nikos Christodoulides flags up.

#Eurogroup...brake for dinner, #Greece

6.12pm BST

Although there is growing optimism in Athens, there is also fear for the future after weeks of unsettling drama, as Helena Smith reports:

I just chatted with Vicky Pryce, the prominent economist. She says she has been taken aback not only by the yearning for normality she has encountered since arriving in Athens but the sheer level of anxiety she has also seen.

"People are really very, very, fearful, a lot have been telling me they have been having panic attacks because of the anxiety that this situation has produced. No one wants to even go to the beach [in the southern suburbs]. When I asked why, I was told they are all at home guarding their money!"

"If Greece gets this bailout it will not only bring liquidity into the system but open the possibility of the country entering the quantitative easing scheme [set up] by the European Central Bank which would then allow rates to come down in the capital markets.

That would be terribly, terribly important in helping to turn things around."

6.08pm BST

German finmin internal paper raised idea of five-year 'temporary Grexit' , but wasn't raised at Eurogroup, source tells AFP

6.05pm BST

Schiubles idea of a "Temporary Grexit" not yet discussed at Eurogroup meeting. But paper exists and circulates. #Greece

Maybe Wolfgang's just waiting for the right moment to drop it into the conversation....

6.04pm BST

More leaks, as ministers take a break after three hour of talks.

Reuters says that Euro zone finance ministers told Euclid Tsakalotos that Athens must offer deeper reforms to persuade them to open talks on a third bailout.

Two sources said there was consensus among the other 18 ministers around the table that the leftist government in Athens must take further steps to convince them it would honour any new debts.

6.02pm BST

The Telegraph's Mehreen Khan points out another reason that temporary Grexit is somewhat bonkers:

"Time out" from euro is ridiculous even for Schaeuble. Would nail monetary union as currency peg - ERM 2.0

5.50pm BST

Sky News's economics editor, Ed Conway, agrees that 'temporary' Grexit is a non-starter:

Of course, there's no such thing as "temporary" Grexit, just as UK's "temporary" ERM exit in 1992 became very permanent indeed

Amid the #Greece tweetstorm, don't forget the politics. Schaeuble saying stuff like this goes down brilliantly back home in his constituency

5.42pm BST

Greek officials have denied that Germany has suggested they clear off for five years, reports Euronews's Efi Koutsokosta.

Greek gov officials reject FAZ report on #Schauble proposal about limited #Grexit as not true. #Eurogroup #Greece

5.40pm BST

Germany's Frankfurter Allgemeine Sonntagszeitung newspaper is reporting that the German finance ministry has proposed two options for Greece - including a temporary 'timeout' from the eurozone!

Under the first course, Greece would improve its existing proposals, and also transfer some a50bn of property assets to sell off to pay debts (not clear which assets they have in mind. Islands? The Parthenon perhaps?)

German finance ministry declines to comment on FAS report

5.14pm BST

Over in Athens our correspondent Helena Smith reports that despite the obstacles Greece and its creditors have to overcome, there is optimism that a deal can be reached. And it is beginning to show.

The age-old adage that psychology is everything in economics was evident for all to see on the streets of Athens today. A deal may be as far away as ever, but prime minister Alexis Tsipras' abrupt decision to embrace reforms he once vehemently opposed has raised optimism.

"Everyone just looks a lot happier and I am not talking about tourists. Let's hope Germany doesn't make it too difficult."

"I see a reshuffle very soon and many of those who refused to endorse the proposed reforms in the parliament will probably resign."

4.37pm BST

Across the room, Italy's Pier Carlo Padoan (left) and France's Michel Sapin (right) discussed matters with commissioner Pierre Moscovici....

4.24pm BST

This is Euclid Tsakalotos's second eurogroup meeting as Greece's finance minister, and he got a friendly welcome from, among others, France's Michel Sapin:

3.48pm BST

My colleague Jennifer Rankin in Brussels has rounded up events so far today:

3.32pm BST

Here's the video of Germany's Wolfgang Schiuble's caustic remarks on Greece as he arrived at the Eurogroup meeting (in German):

3.13pm BST

Away from Brussels and back to some of the people most affected by the current crisis. From Thessaloniki:

Vassilis, 48, is exactly the kind of Greek who will be most affected by whatever is or isn't agreed in Brussels tonight. Today he sells Thessaloniki's version of the Big Issue on one of the city's main streets - the result of losing his job as a truck driver three years ago, and ending up homeless.

The deal as it currently stands would bring Vassilis more pain: a huge rise in VAT on food. But perhaps surprisingly, he is in favour of it passing. "I didn't vote in the referendum," he says. "But with difficulty and with pain, I would have voted yes."

As a no-voter, does he feel betrayed by Alexis Tsipras? The prime minister has agreed to more austerity, despite a mandate for the opposite from the electorate. "No way," says Voutas, arguing Tsipras tried his best against an intransigent Europe. "The Europeans aren't capable of surprising us with something good."

But austerity doesn't really make any sense, Voutas adds. "Would these European countries like their money back?" he asks. "In order to find the money to pay them we need investment and economic development - but when will we see all this?"

3.12pm BST

Here is the Associated Press take on the German finance minister's tough comments as he arrived for the Eurogroup meeting:

Wolfgang Schiuble, Germany's finance minister, warned that that Saturday's meeting of the eurozone's 19 finance ministers over Greece's bailout request was going to be tough.

Schaeuble, who has taken a hard line on Greece over recent months, says the Greek government will have to do a lot more than just say it wants to reform if it's going to get the three-year bailout it requested for earlier this week.

2.54pm BST

So the tone from finance ministers going into the meeting was that the Greeks have made some progress with their latest proposals, but can they be trusted to implement what they have promised?

Given that the Greek government called its referendum and advised voting against the proposals which were then on the table, only to put forward broadly similar plans a few days later, you can understand the scepticism.

2.41pm BST

And they're off.

#Eurogroup in session.

2.33pm BST

Spain's Luis de Guindos said he hoped Greece would not leave the eurozone:

Spanish FinMin Luis de Guindos: Everyone wants #Greece to stay in a, but we need to discuss institutions' assessment of Greek proposals.

Spain's de Guindos: Credibility is very low, so we will we see. And I hope Grexit will not take place.

Guindos: Greek proposal just a list of prior actions. New Memorandum will have to be prepared if negotiations go ahead. #Greece

2.31pm BST

And here is German finance minister Wolfgang Schiuble:

#greece @schaeuble 'extraordinarily difficult negotiations' lie ahead

Schiuble: We are not ready to accept calculations that are not believable

German FinMin Schiuble: Greek Financing Gaps Now Go Beyond Anything Talked About in Past. (DJ)

SCHAEUBLE: KNOW FROM TREATIES THAT DEBT RELIEF IS NOT POSSIBLE

2.23pm BST

Pierre Gramegna, finance minister of Luxembourg which currently holds the EU presidency, said he was "in a lighter heart than two days ago."

We have proposals on the table, which are comprehensive.

2.12pm BST

He said the Greek proposals were enough for a second bailout programme but not a third.

2.08pm BST

Slovakia's Peter Kazimir sees debt sustainability as "a huge problem'.

Slovak FinMin Kazimir: I see huge problem w/ debt sustainability analysis. We'll see what institutions will bring to table. #Greece

2.03pm BST

It's going to be a difficult meeting, says Eurogroup president Jeroen Dijsselbloem.

We are not there yet, there is still some criticisms of the proposals, on the fiscal front and the reforms.

1.53pm BST

And speaking of France.

French finance minister Michel Sapin said there were two positive signs, that the Greek government had shown courage and determination in presenting its proposals to parliament, and secondly that the institutions see them as a good basis for discussions.

#greece #eurogroup france's sapin sees plenty of positives, tsipras brave to put his plan to parlt

#greece #eurogroup france wants a 'global and durable' deal - sapin

Sapin: Eurogroup needs to show that, if trust is there, we're capable of offering support. #Greece

#greece #eurogroup no tabus on debt rescheduling, but haircuts are a red line for some - sapin

1.47pm BST

Meanwhile the conciliatory tone by France, which helped with the Greek proposals, continues. Reuters reports:

A bailout package for Greece needs to include a reduction in the country's debt burden, French Economy Minister Emmanuel Macron told German daily Die Welt in an interview published on Saturday.

The German government has resisted a restructuring of Greece's debts... but Macron insisted the burden must be eased.

1.46pm BST

Italian finance minister Pier Carlo Padoan said:

The purpose of the meeting is to kick off negotiations on [an] ESM [bailout].

1.36pm BST

Malta's finance minister Edward Scicluna said the Greek issue has to be solved today, but he summed up the mood:

There are some who are very sceptical, some less so.

1.26pm BST

This doesn't sound particularly helpful:

New agreement with #Greece "will be worse than the previous one", says Spain's PM Mariano Rajoy #Grecia

1.22pm BST

It's hard to call how things will go at the Eurogroup meeting, with much talk from the arriving officials of progress being made, but also many calls for the Greek government to actually implement whatever may be agreed.

It's becoming clear the main issue today are not the Greek proposals themselves but lack of trust in the Greek government. #Eurogroup

1.20pm BST

Alexander Stubb, the Finnish finance minister who has taken to tweeting developments, has not been so forthcoming today:

Stubb. No doorstep. Fishy.

No doorstep declaration from Finnish Finance Minister Stubb, who's usually quite talkative. #Greece

1.18pm BST

More from Noonan's comments, courtesy of Open Europe:

Irish FinMin Noonan: Number of issues I need more information about. Greek proposal silent on banks. #Greece

Noonan: Sustainability of programme depends a lot on whether programme is sufficient to cause Greek economy to grow. #Greece

Noonan: I think extra measures probably needed there. More supply-side initiatives needed which effectively means a lot of reforms. #Greece

Noonan explains any Irish liability under new ESM programme for #Greece "wouldn't have immediate budget effect".

Noonan: It would have been better if what's happening now had happened in February. A lot of damage done in the meantime. #Greece

1.15pm BST

Irish finance minister Michael Noonan said Greece must get on with implementing agreed proposals:

It is hard to deliver if your parliamentary majority diminishes.

1.10pm BST

EU commissioner Valdis Dombrovskis sounds more positive:

We are clearly making progress. The Greek government proposal is pretty much along the lines of what the institutions proposal was before the referendum.

1.01pm BST

Dutch finance minister Eric Wiebes is taking a fairly tough line:

The Greeks have clearly made a step forward.

1.00pm BST

More from Schelling:

Austrian FinMin Schelling answers "yes and no" if there is progress. "Details are missing".

Austrian FinMin Schelling: "Which guarantees can Greece give they are actually going to implement what they propose?"

Austrian FinMin Schelling says 72 billion program needed

Austrian FinMin Schelling says Greek parliament should legislate on prior actions within 14 days. #eurogroup

12.51pm BST

And again, the emphasis on implementation, this time from Austria's Schelling (almost as if the finance ministers do not trust the Greeks to do what they say.)

#Austria FinMin Schelling: It is certainly a positive surprise from #Greece. Missing are guarantees from the Greeks that they will implement

12.50pm BST

Wonderful graffiti in the background for Eurogroup arrivals pic.twitter.com/W3shZui6h5

(and in the foreground Austrian finance minister Hans Jirg Schelling).

12.45pm BST

French FinMin Sapin to meet #Greece's counterpart Tsakalotos before #Eurogroup, BBG reports citing Figaro.

12.44pm BST

Here's a video of EU economics commissioner Pierre Moscovici arriving for the Eurogroup meeting (in French):

12.22pm BST

EU Economics Commissioner Pierre Moscovici said the Greek government had made a significant gesture but it needed to implement reforms:

EU Economics Commissioner @pierremoscovici: Important day for Eurozone and Europe. Greek gov't has made important gestures. #Greece

Moscovici doorstep: Institutions believe new Greek proposal can be basis for negotiations, implementation will be key. #Greece

12.16pm BST

IMF managing director Christine Lagarde said, "We are here to make a lot more progress."

12.10pm BST

And the finance ministers are starting to arrive. Here is Greece's Euclid Tsakalotos, keeping his own counsel:

12.03pm BST

If you haven't yet seen the piece on Alexis Tsipras and Syriza from our economics editor Larry Elliott, it's well worth a read (spoiler: he says untold damage has been caused to the Greek economy for no purpose whatsoever):

11.40am BST

The lack of support from some members of his partly for Alexis Tsipras' proposals in last night's vote could have repercussions, according to Niki Kitsantonis of Greek newspaper Kathimerini:

After crisis mtg at 5am following Syriza defections, @tsipras_eu expected to reshuffle cabinet nxt week. Rumblings of elex in fall

11.28am BST

And the chances of a deal seem to be getting worse by the minute:

50-50 chance of Greek bailout deal, sources say ahead of #Eurogroup. (dpa)

11.18am BST

In Thessaloniki, many Greeks appear resigned to further austerity even though theyi voted against that very thing in last Sunday's referendum. Patrick Kingsley reports:

Clara Sklavounou, a toy-shop owner in central Thessaloniki, might have reason to feel let down. Sklavounou voted no in last week's referendum - "no to austerity", she says - and yet a week later her parliament has agreed to a deal that many feel is just as austere as what she said no to.

"But I don't feel betrayed," says Sklavounou, reiterating her backing for Alexis Tsipras. "He tried to find a viable solution but he couldn't do anything else, and I hope he stays in government to try to do some of what he set out to do."

11.07am BST

Hold the optimism.

Reuters is reporting two sources saying they are not so sure a deal will be done.

The high figures for financing needs over the next three years may be too high and too sudden.

11.02am BST

Our Europe editor Ian Traynor says if a deal is to be done, there needs to be a lot of negotiation, and Alexis Tsipras may end up with tougher demands from the troika (the EU, IMF and ECB) than his predecessors:

#greece 3-page troika paper backs tsipras plan, with ifs and buts...http://t.co/flRjFRqGZR

#greece troika insists on right to co-author tsipras reform bills before they go to parliament #hmm http://t.co/flRjFRqGZR

#greece if this flies, @atsipras may end up with tougher troika than predecessors. the price of mistrust

#greece caveats in troika paper such that if eurogroup's gonna nail this, it will have to be a long night, a very big negotiation

10.56am BST

Sky's Ed Conway confirms that the proposals appear to be the basis for talks:

EU sources say Greek proposals approved in Parl last night are a basis for negotiating a new programme. But won't be easy...

EU source: Will be tough meeting. Much scepticism among member states. Mistrust & lack of confidence in Greeks after so many wasted months

10.53am BST

Yanis Varoufakis, the former Greek finance minister, continues to make waves. In a piece for the Guardian he has attacked eurozone policies towards Greece and said German finance minister Wolfgang Schiuble wanted the country out of the eurozone:

Schiuble is convinced that as things stand, he needs a Grexit to clear the air, one way or another...

Based on months of negotiation, my conviction is that the German finance minister wants Greece to be pushed out of the single currency to put the fear of God into the French and have them accept his model of a disciplinarian eurozone.

If Varoufakis thinks (rightly, imo) that Schauble wants Grexit, why did he think Greece could use the threat of Grexit to get concessions?

@keithfrankish I did not. In fact I steadfastly refused to bluff, threaten or strategise. http://t.co/CAHwnx4HoH

10.38am BST

Here's the Bild story (in German).

The key part suggests German chancellor Angela Merkel wants an agreement but finance minister Schiuble "believes Athen's plans are insufficient and is against further talks."

10.31am BST

The outcome of the day's Eurogroup meeting is completely open, according to a German finance ministry spokesman.

According to Reuters, Frank Paul Weber refused to comment on a story in Germany's Bild that finance minister Wolfgang Schiuble thought the Greek proposals were inadequate and he opposed further talks. Weber said:

The minister this afternoon will discuss with his eurozone colleagues the assessment of the institutions. The result of the discussion is completely open.

10.26am BST

There is growing talk that Greece will need more that the a53bn package it is asking for:|

#Eurogroup Working Group meeting underway ahead of Eurogroup due at 3pm (CET). #Greece 3rd aid package seen at a78-84 bln (via @amna_news)

Greece will need a74 billion ($82.55 billion) in fresh funding, the three institutions overseeing the eurozone bailout program said in their assessment of the country's request for a new aid package, according to three European officials.

The a74 billion could include a16 billion from the International Monetary Fund, should the Washington-based institution decide to participate in the new aid program, the officials said. A fourth official said some funding could come from Greece raising money on debt markets.

10.02am BST

Not everyone in Greece is overjoyed about the new proposals, of course, especially given that Sunday's referendum - was it really less than a week ago - had rejected something very similar. Here's some pictures from yesterday's rallies as parliament voted:

9.52am BST

German newspaper Frankfurter Allgemeine is also reporting that the Greek proposals have been well received by the institutions, and are a basis for discussion but further steps may be needed (full story here in German).

The EU, IMF and ECB are "cautiously positive", says the report but they want any new bailout programme to contain "structural benchmarks, milestones and quantitative benchmarks" for the future

.@FAZ_Politik got #Troika's #Greece proposals response:good basis, bt more measures needed for gap created by #Syriza http://t.co/NTvcur3qwo

9.43am BST

The Eurogroup has now listed the press conference following the meeting for 22.00 Brussels time (21.00 BST).

That seems to indicate a long meeting. A good sign?

9.42am BST

As a reminder, here's what is in the latest Greek proposals, and how they differ from what has gone before:

9.30am BST

And on Sunday there is a meeting of eurozone leaders and a separate gathering of the whole European Union.

If there is an agreement today to start loan talks, Sunday's summit could well be cancelled although leaders may still want to hear more from Alexis Tsipras about his proposals in the wake of the turbulent events of the last few days.

Following up the special Euro Summit on Greece on 7 July, EU leaders will meet again on Sunday 12 July to take stock of the situation and set out the political guidelines for the next steps.

On 7 July, leaders from the euro area member states discussed the situation in Greece following the referendum held on 5 July. President Donald Tusk confirmed that the euro area authorities were ready to do all that is necessary to ensure financial stability in the euro area.

9.23am BST

This is the way the day ahead is looking.

Advisers to the finance ministers were due to begin a meeting of the Euro Working Group at 8.00 GMT (9.00 BST) to discuss the Greek proposals.

The Eurogroup will discuss the recent request by the Greek authorities for financial assistance from the European Stability Mechanism (ESM) and their new proposals for a reform agenda.

The European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF) will present their assessment of risk to financial stability in the euro area, Greece's financing needs and the sustainability of its public debt.

9.17am BST

The Eurogroup has confirmed it has received the initial assessment by the institutions - the EU, IMF and ECB - via the spokesman for Eurogroup president Jeroen Dijsselbloem.

Assessment of institutions under Article 13 of the ESM Treaty and initial review of the Greek proposals received bij #Eurogroup, meeting 3pm

9.08am BST

More details on the reasons for optimism.

The European Commission, the European Central Bank and the International Monetary Fund have said the Greek proposals are a basis for negotiation, Reuters is reporting.

The three institutions have made a first joint assessment of the Greek reform proposals submitted Thursday night. Under certain conditions, they jointly see the proposals as a basis for negotiating an ESM [bailout fund] programme. This assessment was sent to the Eurogroup president last night.

8.57am BST

Good morning and welcome to what is one of the most crucial weekends since the eurozone crisis began more than five years ago.

Finance ministers from the 19 members of the single currency will meet in Brussels later to discuss whether the latest set of Greek proposals are enough to start negotiations on a desperately needed third bailout for the beleaguered country.

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