Eurozone ministers 'hammer Greece' over slow progress - as it happened
Greek finance minister reportedly told he is "a time-waster, a gambler and an amateur" at a highly critical meeting in Riga
- Summary: Greece told to get its act together
- Eurogroup chief warns that time is running out
- Moscovici: Greece must accelerate its work
- Frustrated ministers 'hammer' Varoufakis
- But he's still confident of a deal!
7.05pm BST
Over in Athens there is more talk of early elections from senior government officials - despite attempts by the government spokesman to douse such speculation earlier today.
Helena Smith reports from Athens
The Greek government had hoped to quash reports of either early elections or a referendum being called to end Athens' stand-off with creditors. But on what soon became another explosive day in parliament, Nikos Filis, who is the governing Syriza party's parliamentary spokesman, once again raised the prospect of early polls telling the 300-seat House that unlike their political opponents, the leftists were "not afraid of elections."
"They said that elections would destroy the economy. It didn't happen," he railed. "Now they are saying the same thing again. Some have every reason to fear elections. We don't fear them. If our political plan needs to be endorsed by public opinion, it will be. We want a compromise, but if this agreement needs to be legitimised by the people, we won't be afraid of it."
5.40pm BST
Peter Spiegel of the FT has confirmed that Slovenia suggested the eurozone could need to start preparing a Plan B, in case Greece's negotiations do not move fast enough to avert a default.
The suggestion, slapped down by Yanis Varoufakis, is another sign that relations between the two sides have deteriorated badly.
Months of mounting tensions between Greece and its creditors boiled over at a high-level EU meeting on Friday with eurozone finance minsters angrily accusing their Greek counterpart of backtracking on commitments and failing to grasp the deep differences that still divide them.
Athens is running desperately short of cash and many eurozone officials fear without an agreement to release some of the remaining a7.2bn in its bailout programme, the government could default as early as mid-May.
#Slovenia FinMin suggest #eurogroup should discuss #Greece "Plan B"; @yanisvaroufakis calls talk "anti-European" http://t.co/2Fg1ZMjVbW
4.42pm BST
Despite the ructions in Riga; the FTSE index of leading shares inched towards a new record high today.
Chris Beauchamp of IG says some traders had already become exasperated with Athens' glacial reform pace:
Signs of hope in the never-ending Greek drama were dashed this morning, and in spectacular style (for eurozone meetings at least). Most investors have long lost their patience with Greece, and it seems the eurozone's politicians are thoroughly fed up as well. Finance minister Yanis Varoufakis was denounced as a 'time-waster' and 'a gambler', as opinion hardened against Athens. Such an atmosphere makes it hard to envision any progress today - yet another deadline missed, the latest in a litany of missed opportunities to put the eurozone back on course. In the end, we'll just have to wait for the next instalment.
$FTSE rallies thanks to $HSBA but eurozone worries linger. IG afternoon market comments: https://t.co/FmB76Inu8t Losses can exceed deposits.
4.08pm BST
The lack of progress in Riga is pushing Greek bond yields higher this afternoon; still below the highs set earlier this week.
Greek 3yr yields jump as EU frustration over #Greece hits boiling point at eurogroup meeting. http://t.co/0lkjHknykh pic.twitter.com/sDOKkgtJKe
3.01pm BST
Bank of America Merrill Lynch have made their own contribution to the eurozone lexicon (grexicon?), warning that the Greek economy is heading south.
Here's a flavour of their latest research note:
2.58pm BST
Spain's finance minister has confirmed that Yanis Varoufakis was urged to make more progress, fast, at today's meeting.
Spain's Guindos tells reporters Greece's @yanisvaroufakis got "urgent call to action" in eurogroup on "both form and substance"
2.51pm BST
Here's the details of Varoufakis's comments this afternoon, via Reuters:
Greece is willing to make compromises to reach a deal on its debt, Finance Minister Yanis Varoufakis said on Friday after tense talks with his euro zone peers on this issue.
"We want an agreement and we are willing to make compromises to achieve this," Varoufakis told reporters. "The cost of not having a solution would be huge for all of us, Greece and the euro zone."
2.16pm BST
Greek FinMin @yanisvaroufakis now says #Greece is ready to make "big compromises" to reach a deal. We are getting there. Slowly but surely.
2.13pm BST
Another rumour important development from Riga....
It seems that Slovenia said during the Eurogroup meeting that the eurozone needs a "Plan B" in case the talks with #Greece fail.
1.24pm BST
Eurozone finance ministers have blasted Greece for failing to make more progress towards a bailout deal, at an acrimonious eurogroup meeting in Riga today.
We are all aware that time is running out...too much time has been lost.
Dijsselbloem: still some big problems to be solved #Greece
"The higher are the yields [on Greek bonds], the bigger is the volatility, the more collateral gets destroyed,"
"Time is running out as the president of the Eurogroup said, and speed is of the essence."
Lots of serious faces at the Eurogroup this morning #greece . Live updates -> http://t.co/wOmWjK4gAt pic.twitter.com/22rnhOAQEZ
Astonishing bad mood at Riga #Eurogroup. #Varoufakis called a time-waster, amateur,a gambler by his counterparts. #Greece
Greece's Varoufakis conceded there were differences that still need to be bridged but insisted that a deal "will happen and will happen quickly as it's the only option we have."
He also sought to counter claims that talks had not advanced. He said there's been a lot of progress on issues such as privatization, reforming the tax system, the judiciary, the bureaucracy and product markets.
"I would describe today's meeting as a complete breakdown in communication with Greece."
Outcome of todays Eurogroup: serious warning to @yanisvaroufakis & return to the previous model (namely troika) to speed-up process #Greece
1.22pm BST
With Greece's kicking out of the way, ministers and officials are now gathering for a photo op before vanishing for more meetings.
Yanis Varoufakis looks unbowed:
Looking for bruises on @yanisvaroufakis after his reported "hammering" in Riga. pic.twitter.com/obvtrzEclc
12.57pm BST
From #Riga with nothing. #Eurogroup
12.51pm BST
12.47pm BST
The FT's Peter Spiegel has heard that some eurozone officials want to move the negotiations back to Greece, rather than meeting in Brussels or (last weekend) in Paris.
That must have been firmly resisted by the Greek side, who are adamant that the dsays of Troika officials stalking Athens were over.
Many in #Eurogroup room want talks to be centralised in #Athens like it was during troila days. #Greece
12.31pm BST
The lack of progress in Riga has wiped out the euro's rally this morning - it's back at $1.082, where it began the day.
And the Greek stock market has also subsided - up just 1%, having jumped over 3% this morning.
12.25pm BST
Here's a sign that the two side are still divided.
Varoufakis has just suggested that the negotiation process would be speeded up if lenders would agree to a "partial disbursement" in return for a 'narrower list of reforms"
Dijsselbloem: no partial disbursal of bailout package for #Greece unless full agreement
12.15pm BST
Yanis Varoufakis's claim that the two sides are "converging" is turning into a Twitter meme:
Converged like this? pic.twitter.com/m2qvywSNno
@katie_martin_FX converging like this.. https://t.co/Bvc0aoR0vv
@graemewearden More like this apparently @TheStalwart pic.twitter.com/0BfJBgXFOe
@graemewearden @TheStalwart maybe not like this pic.twitter.com/HLfxDzeYLz
12.05pm BST
Newsflashes from Yanis Varoufakis's press briefing in Riga just arrived:
12.01pm BST
Yanis Varoufakis is speaking to the media, and the Greek finance chief is undaunted by today's hoofing.
He's declaring that he's still confident of a deal soon, despite having been blasted at today's 'highly critical' meeting:
Greek finmin @yanisvaroufakis said an agreement is difficult but it will happen because there is no other option. #Eurogroup
*VAROUFAKIS PREDICTS GREECE TO REACH AID ACCORD WITH PARNTERS
11.56am BST
Updated #Eurogroup summary: little progress, tone very critical of #Greece, lots of frustration. Big problems remain to be solved.
11.52am BST
And that's the end of the Eurogroup press conference -- journalists are scrambling from the room, presumable in search of Yanis Varoufakis....
11.51am BST
Last question: Is it true that you hammered Greece's finance minister today?
"To be frank, it was a very critical discussion," replies Jeroen Dijsselbloem.
Today we had hoped to hear a positive result and an agreement, so we could take a decision.....and we are still far from that."
very critical discussion 2day,hoped to hear abt an agreemnt still far from it says @J_Dijsselbloem shows how bad it was for @yanisvaroufakis
11.47am BST
*DIJSSELBLOEM SAYS BIG, BIG PROBLEMS TO BE SOLVED FOR GREECE
11.47am BST
You say there has been progress, but can you tell us what exactly?
No I can't, Dijsselbloem replies. That might upset the process.
11.46am BST
Q: Is the eurogroup worried that Greece might default, if it doesn't get a deal soon?
Dijsselbloem says he's confident that Greece is committed to all its financial obligations to its creditors.
11.45am BST
Could another eurozone meeting be called, to speed up the situation with Greece?
That's the wrong way round, Dijsselbloem replies. We need to see progress, and an agreement, and then the eurogroup might meet
11.43am BST
Did any eurozone ministers argue that you should just give up on Greece?
No, Dijsselbloem replies.
11.42am BST
Time is running out, and speed is of the essence, Draghi adds.
11.41am BST
Mario Draghi can't get away without saying anything - he's asked how long the ECB will keep supporting Greece's banks.
Emergency liquidity will be given for as long as Greek banks are solvent and have adequate collateral, he says.
The higher the yields, the bigger the volatility, the more collateral gets destroyed.....
*DRAGHI: ECB MAY EXAMINE CHANGE IN HAIRCUTS FOR GREEK FUNDING
11.35am BST
Next question: Given Greece's financial state, is there any chance of a partial disimbursment of funds?
No, says Dijsselbloem. We are talking about a deal for these four months (March-June)
11.34am BST
Onto questions, and Peter Spiegel of the FT gets first crack at the officials.
What happens if there is no deal in time? Will these negotiations about Greece's bailout extension run into a review on a new programme (a third bailout)?
It is very hard to talk about the future if you can't agree about four months.
11.31am BST
We know what's coming next, right?
11.30am BST
Klaus Regling, head of the ESM, speaks next. He warns that money is only available to Greece until the end of June (when the bailout expires).
Regling also points out that Greece has benefitted from debt relief in the past, which cut its debt servicing costs by around a8bn per year.
11.28am BST
Over to Mario Draghi, the most powerful central banker in Europe, whose emergency liquidity is keeping Greece's banking sector afloat.
What does he have to say about the crisis?
I have nothing to add to your words.
11.27am BST
Moscovici is much more upbeat about Spain, congratulating Madrid for the progress is has made. No room for complacency, though.
11.26am BST
Here's the key quote from Moscovici on Greece:
'We are far from it,' says @pierremoscovici on Greece. 'Acceleration now, intensive efforts" for Greece to remain anchored in eurozone'
11.26am BST
Can kicked - does anyone think Euro Finance Ministers are serious about bridging gap with Greece. No nearer now than a month ago?
11.25am BST
EU Commissioner @pierremoscovici on #Greece: Progress has been made, but very little. Time is running out. #Eurogroup pic.twitter.com/3BTGju03zZ
11.24am BST
Pierre Moscovici is now speaking, in French... he says that it's wrong to say that no progress has been made in recent months. Today's meeting included a lot of talking, he says.
"We spoke a lot, which is always a good thing," says @pierremoscovici on Greece talks. #alwaystheoptimist
11.22am BST
Dijsselbloem is also welcoming the news that Cyprus's bailout programme is back on track, with MPs agreeing to legislation to speed up foreclosures (repossessing houses).
He's also pleased that capital controls have been lifted, two years after its bailout began.
"Free circulation of capital has now been restored."
11.20am BST
On Spain, the Eurogroup welcomes the signs of economic and financial improvement in Spain.
But debt and unemployment is too high, so more work needs to be done, Dijsselbloem says.
11.19am BST
11.17am BST
Dijsselbloem says the Institutions (Greece's lenders) informed us of the situation in Greece
I must reiterate that we need to see a "comprehensive list of reforms".
We are all aware that time is running out...too much time has been lost
11.15am BST
Dijsselbloem speaks first. He realises that "all eyes are on Greece", but the eurogroup actually discussed a range of issues including Cyprus, and Spain.
And we begin #eurogroup pic.twitter.com/Ggi5IadWFq
11.13am BST
Heads-up: The eurogroup press conference is starting now.
On the stage, we have eurogroup chief Jeroen Dijsselbloem, European Commissioner Pierre Moscovici, ECB president Mario Draghi, and also Klaus Regling, who runs the European Stability Mechanism (the eurozone's bailout fund).
#Eurogroup press conference live stream also available here: http://t.co/jnJD3V5HiM. #Greece
11.10am BST
Malta's finance minister, Edward Scicluna, has reportedly told journalists in Riga that there was a "complete breakdown" in communication between the two sides today:
*SCICLUNA ON GREECE TALKS: `COMPLETE BREAKDOWN IN COMMUNICATION'
11.04am BST
Pierre Moscovici is also tweeting, suggesting that the meeting has ended
#Greece, #BankingUnion, #Spain, #G7, growth and jobs discussed at the #Eurogroup in Riga today @EU_Commission
11.03am BST
Now hearing that the eurogroup meeting has ended (for the second time), so the press conference may start soon.
11.02am BST
It's official. European Commission vice-president Valdis Dombrovskis tweets that Greece has been told to 'urgently' speed up negotiations.
Concerns in #eurogroup #Riga about limited progress in talks with #Greece. Urgent need to speed up negotiations.
11.00am BST
Jeeze. Bloomberg are reporting that Yanis Varoufakis was accused of being "a time-waster, a gambler and an amateur" in Riga this morning, as the eurozone's patience ran out.
Greek Finance Minister Yanis Varoufakis was heavily criticized by his euro-area colleagues amid mounting frustration at his refusal to deliver measures to fix his country's economy and release financial aid, according to three people familiar with the talks.
Euro-area finance chiefs said Varoufakis's handling of the talks was irresponsible and accused him of being a time-waster, a gambler and an amateur, one of the people said. Ministers are meeting in Riga, Latvia, to assess progress in negotiations over financial aid for Greece.
10.57am BST
Hello..... sounds like the eurogroup meeting has burst back into life....
Presser already 30mins late and it appears #Greece discussion has restarted
10.50am BST
We usually have to read between the lines of these EU briefings -- but 'hammering' doesn't require much interpretation.
*VAROUFAKIS SAID TO TAKE HAMMERING FROM FRUSTRATED EU MINISTERS. Editors note: "hammering" is diplomspeak for something much worse.
10.48am BST
#Greece's default probability jumps as Greek FinMin Varoufakis said to take hammering from frustrated EU ministers. pic.twitter.com/lr6D4UalOk
10.47am BST
I'd put my money on Yanis
10.46am BST
Could someone in Riga please pass Yanis Varoufakis a sponge and a towel? Sounds like he's had a bad morning.
Varoufakis Said To Take Hammering From Frustrated EU Ministers
10.39am BST
Journalists are gathering in the press conference room in Riga...
Quite impressive venue for the press conference @ #Eurogroup in Riga #Greece pic.twitter.com/D1WZgUpSDX
10.37am BST
The FT's Peter Spiegel has heard that the meeting in Riga was "pretty heated":
Source says #Greece debate in #eurogroup room was pretty heated. Talks continuing outside, too. Presser may be delayed a bit
10.36am BST
Over in Athens prime minister Alexis Tsipras' leftist-led government is now saying that it will enforce reforms just as soon as the country's credit crunch is solved
"We are not studying scenarios of holding a referendum or elections. We have no reason to put them on the table. With our policies we are enforcing our popular mandate against austerity."
10.32am BST
EU officials are giving Greece a tough time in Riga today, according to Eleni Varvitsiotis of the Kathimerini newspaper:
Extremely unfriendly the environment towards #Greece inside #eurogroup main message "get your act together" says EU official.
10.23am BST
A reminder of how the day began (for anyone just joining us)
Dijsselbloem: "They know that time is running out" #Greece pic.twitter.com/Tm7KkzBoxx
10.22am BST
Benedict James, a lawyer at Linklaters, just emailed over his views on the Greece crisis, and the possibility of a default.
Worth a read, as we wait for finance ministers to emerge from their talks in Riga:
"There is a lot of loose talk, but there is no legal mechanism to force Greece to exit the euro, whether or not it defaults on its sovereign debt. Also, Greece doesn't seem to want to exit voluntarily so it's more likely that, at least for the time being, the government will simply run progressively out of euros.
This is likely to lead to the imposition of capital controls and issuance of government IOUs as a sort of quasi-currency (as happened in Argentina and California). That may be a precursor to a full exit of the euro. The legality of capital controls is complicated under the EU treaties and the IMF framework, the imposition of a quasi-currency may be in breach of the eurozone rules, and departure from the eurozone would definitely be a breach of them. This would all therefore be a highly complex legal situation, both for the relevant countries, and for businesses and financiers trying to work out whether their contracts are enforceable, and if so in what currency."
10.13am BST
Although the euro has rallied this morning, City traders aren't expecting a major breakthrough today.
Arnaud Masset, market analyst at Swissquote, says:
Today we do not expect much from this Euro Finance Ministers meeting in Riga as several of them already lowered their expectations, the next key date for Greece being the payment of a200m to the IMF on May 1, while on May 6 Greece has to find a1.4bn at its 26-week Bill [see our chart for details].
9.58am BST
Eurozone finance chiefs looked pretty serious as talks began this morning in Riga:
9.50am BST
Back in Athens, Greek bank shares are now up almost 9% -- despite the cautious words from eurozone finance ministers this morning.
Greek penny stocks (banks) didn't get the Schaeuble memo +8.8% pic.twitter.com/m1FDXtmCEP
9.40am BST
Confused about how much money Greece can lay its hands on, and what debt repayments it faces?
Worry not - my colleague Katie Allen has written the definitive explanation:
Related: Greek debts: what does it owe? When will the money run out?
9.32am BST
We're expecting eurozone finance ministers to emerge in about one hour's time for a press conference - it should be broadcast live here.
9.14am BST
Greek government bonds are inching up this morning, pushing down the yield on the debt.
That suggests investors are slightly more confident of a deal soon. But bonds are still trading at dangerously levels.
9.10am BST
Over in Riga, the press pack are hard at work too <waves>.
III #Eurogroup press room IIII^1I1/4IIIIIII I^3I^1I II IIIIIIIIfI1/4III pic.twitter.com/7WVCtOLYWg
9.07am BST
Open Europe analyst Vince Scarpetta sums up this morning's soundbytes:
Doorsteps of Dijsselbloem, Dombrovskis and Schiuble confirmed what we already knew: There will be no deal at today's Eurogroup. #Greece
9.00am BST
If you're just joining us, you might want to scroll back to 7am for live coverage of finance ministers arriving in Riga for today's meeting, and discussing the Greek crisis.
8.53am BST
With Eurozone finance ministers now locked in talks, here are some photos from the start of the meeting:
Before a while... #Eurogroup chief @J_Dijsselbloem together w the Greek pm @yanisvaroufakis... In a good mood??? pic.twitter.com/qtLRbi9zSK
8.46am BST
There's a new sense of optimism in Athens this morning that Greece and its creditors will hammer out a deal in time.
The Athens stock market has jumped by over 3% in early trading, with bank shares up 8%.
8.28am BST
Apologies to anyone eating breakfast:
The Economist cartoon on Tsipras' poker game - PHOTO - http://t.co/2r96y69rd0 pic.twitter.com/bjA3ae5bEV
8.24am BST
First we had #Grexit, then #Graccident, then yesterday Citi coughed up #Grimbo.
Now The Economist has got in on the act, warning that Athens is on the Gredge.
There are ways for Greece to defer disaster. It could save hard currency by issuing scrip, a type of IOU, in lieu of payments to its citizens. But that would be an open invitation to Greeks to take their remaining euros out of the banks. So the government could impose capital controls. Cyprus has had these for two years without leaving the euro, but that was done in concert with its partners. If Greece ever got to this stage-a parallel currency in circulation, capital controls in place and bail-out cash withheld-the gap between default and exit would be paper-thin.
8.13am BST
The euro has hit a two-week high this morning, partly driven by hopes that the Greek crisis can be resolved in time.
8.04am BST
James Bevan, chief investment officer at CCLA, reckons the two sides won't reach any final agreement until June (when Greece's existing bailout expires):
Greece's short of cash but default can be avoided if Eurozone policy makers want. Cd see a tentative deal by June. 20th July still key.
7.58am BST
Overnight, Yanis Varoufakis has announced that Greece will compromise on some key issues in order to reach a deal.
In a new blogpost, Greece's finance chief says that the gap between the two sides is "not unbridgeable", and cites pension reforms and privatisations:
Our government is eager to rationalize the pension system (for example, by limiting early retirement), proceed with partial privatization of public assets, address the non-performing loans that are clogging the economy's credit circuits, create a fully independent tax commission, and boost entrepreneurship.
Such measures will merely cause further damage to Greece's already-stressed social fabric, rendering it incapable of providing the support that our reform agenda desperately needs.
A New Deal for Greece - a Project Syndicate Op-Ed http://t.co/iALKa3MMkk
7.36am BST
Although this is a eurozone-only meeting, the UK has a presence at the table - Jonathan Hill, European Commissioner for Financial Services.
Surely the addition of some UK nous will help them reach a deal?
Scandalous. RT "@SpiegelPeter: A Brit in the #eurogroup room! Alert security! cc: @JHillEU pic.twitter.com/BrrRHl3Siw"
7.29am BST
Here's a video feed from outside, and inside the eurogroup meeting, showing ministers arriving and taking their seats (you'll need scroll backwards a few minutes)
7.25am BST
There's no lack of urgency among the Greek delegation this morning.
Yanis Varoufakis has taken his seat around the table and looking ready for business.
As other FinMins chat, @yanisvaroufakis & Theocarakis wait #eurogroup start. I leave body language analysis to others pic.twitter.com/ZmMjo8oGhf
7.22am BST
European commissioner Pierre Moscovici has arrived, and tells the press pack that progress with Greece are still "too slow", although talks are also more consistent.
And Austria's finance minister Hans Joerg Schelling is also cautiopus, saying he can't confirm whether the two side have made "essential progress" yet.
7.19am BST
Here's a video clip of Eurogroup chief Jeroen Dijsselbloem speaking as he arrived at the Eurogroup meeting a few minutes ago.
#Eurogroup meeting - Arrival and doorstep Eurogroup President @J_Dijsselbloem http://t.co/t83MI2f1M9 pic.twitter.com/q7HBDc6g5b
We will hear from our Greek colleague on the progress made. I hope there is a lot of progress to be reported, and then we'll talk to you later.
7.14am BST
Now Germany's finance minister, Wolfgang Schiuble, arrives at the eurogroup meeting.
Schiuble says he doesn't believe there will be "decisive progress" today, but first he wants to hear the state of play from the institutions (formally known at the Troika).
Schiuble says he waits to see the 'Institutions' report, says it's obvious there is not enough progress on #Greece. #Eurogroup
7.10am BST
Slovakia's finance minister, Peter Kazimir, may be losing patience with Greece.
He tells reporters in Riga that there is no more time for "chit chat"; but also suggests the crisis could drag on until the end of June.
7.07am BST
Disappointing! Yanis Varoufakis swept into the eurogroup meeting without speaking to the press.
Greek finmin @yanisvaroufakis just arrived. No doorstep. #Eurogroup #Greece
7.06am BST
#Eurogroup chief @J_Dijsselbloem said deadline more important for #Greece. They know time is running out. pic.twitter.com/BezJDKCy7u
7.06am BST
Here comes the head of the Eurogroup, Jeroen Dijsselbloem.
Dijsselbloem tells reporters in Riga that there is a "great urgency" to reach a deal with Greece.
"April isn't over yet," @J_Dijsselbloem chuckles when asked why #Greece won't get agreement on reforms before deadline at end of month
7.01am BST
#Greece has to accelerate on the reform list.Technical talks not sufficient so far says @VDombrovskis #Eurogroup pic.twitter.com/Acxu0XiK6z
7.00am BST
European vice-president Valdis Dombrovskis has just arrived in Riga, and told reporters outside the Eurogroup that Greece must accelerate the work on its reform programme.
Without a credible list, there is no chance of a deal today in Riga, Dombrovskis says.
#EU's Dombrovskis says not enough progress on #Greece talks; Greece must accelerate work on reforms; technical work not done, no Riga deal
6.58am BST
Everyone involved in the Greek negotiations must do everything they can to an "accident", France's finance minister has warned.
Michel Sapin told Reuters a few minutes ago that:
"Every day that passes (without a deal) makes things more complicated....We must avoid an accident."
6.56am BST
And we're off....
Latvian breakfast of champions. Finance ministers starting to arrive for #eurogroup. @eu2015lv #Riga pic.twitter.com/ceGRqqUFqJ
6.52am BST
Good morning.
Greece's debt drama switches to Riga today. Eurozone finance ministers are gathering in the Latvian capital to discuss the crisis that is gripping Europe and worrying the financial markets again.
WHY DOES TODAY MATTER? BEGINNING OF THE LAST CHANCE SALOON:
The new left-wing Greek government was supposed to present detailed reform plans today to eurozone and wider-EU finance ministers. This would have allowed lenders to unlock the next round of funds Greece needs to pay everything from creditors to pensions. No deal will happen today in Latvia, but all are desperate for signs of progress.
Merkel: Must prevent Greece running out of cash - http://t.co/CZhILG6Pm8 pic.twitter.com/OrpsgrIG54
Related: Tsipras and Merkel make some progress over Greek bailout - live updates
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