Greek crisis summit: eurozone leaders urged to avoid 'Graccident' - live updates

Graeme Wearden

from on 2015-06-22 18:06 (#C1E5)

European Council president Donald Tusk says leaders must do their bit to prevent Greek crisis escalating, as rival protesters meet in Athens

7.06pm BST

No austerity rations for the eurozone leaders tonight, it appears:

European leaders are eating: Brill with garden herbs - Roast fillet of beef with artichokes and grated potato cake - Lemon parfait. Coffee.

6.56pm BST

Alexis Tsipras is chaperoned by the leaders of France and Spain tonight.

Francois Hollande was one of the most optimistic leaders heading into tonight's summit, so counts as a Greek ally.

6.48pm BST

Wolf Piccoli of Teneo Intelligence says the latest Greek proposals are designed to tackle political hurdles, rather than steer the economy back to growth.

Pensioners almost spared, private business bearing the brunt of the govt's new proposal. Political rather econ priorities #Greece

6.45pm BST

Oh Mr Tusk, with our second emergency eurozone meeting of the day you really are spoiling us.

The #EuroSummit on #Greece has just started. http://t.co/8bgqsyHfUV pic.twitter.com/ARqKdIXaua

6.37pm BST

Details of Greece's new proposals are starting to emerge in Brussels:

Joost de Vries of Dutch newspaper Volkskrant has tweeted a page showing where the cuts and tax rises fall. And there's a hefty increase in revenues from VAT over the next 18 months.

Here is the Greek proposal ('final solution') for EU deal #Greece pic.twitter.com/P717JvaCip

New measures offered by #Greece estimated by Athens to total a2.69bn in 2015 and a5.2bn in 2016, according to people who have seen proposal

Biggest change in #Greece pension proposal is an increase in contribution to main pensions of 3.9%. Estimated to raise a800m in 2016.

Although officials say new #Greece proposal vague on VAT reforms, energy is at new 13% rate and overall revenue increase est a1.36bn in 2016

6.21pm BST

Our Athens correspondent, Helene Smith, reports:

Huge turn out in Syntagma square by pro-euro #Greeks amid heightened tensions - & reported clashes - with youths wanting split w EU

6.14pm BST

Can't say I've missed seeing riot police on the streets of Athens:

6.05pm BST

Jean-Claude Juncker was disappointingly tight-lipped as he arrived at tonight's emergency summit.

The Commission president only said a few words as he marched in, including a brisk "Bon Soir". But will it be a good evening?....

6.01pm BST

Juha Sipili, Finland's new prime minister, doesn't share Hollande's optimism.

Asked what he expects tonight, he replies "not much, not much", before heading towards the Summit. Sipili then gives a longer interview in Finnish, so we might get more details later....

5.56pm BST

The French president's limo just rolled up in Brussels, and a quite optimistic-sounding Francois Hollande got out.

Hollande says new Greek proposals much stronger, although no formal decision tonight.

5.50pm BST

Angela Merkel has arrived at the EU summit, telling reporters that there is no basis for a decision on Greece tonight.

Tonight's meeting can only be a consultation exercise, the German chancellor says.

5.47pm BST

Back in Athens, riot police are on the streets to prevent clashes between rival anti-austerity and pro-EU demonstrations.

Newsnight's Jess Brammar is on the scene, and tweeting the latest:

This is a fairly small but noisy gathering so far pic.twitter.com/KLevUGXAeC

It's getting a bit heated in Syntagma Sq. Still quite small though pic.twitter.com/JYDZsNbN7l

Now these guys have turned up in syntagma square pic.twitter.com/EAWfbbmi1N

These police have a lot of kit pic.twitter.com/rUxq5Ff41q

5.37pm BST

Bit of confusion of Donald Tusk's comments, so I've watched the tape again, and he's definitely warning about the dangers of 'Graccident' -- ie, Greece stumbling into a default, or worse....

Tusk says we need to avoid 'uncontrollable chaotic Grexident' (he spells it Graccident but that's not the classic spelling)

5.29pm BST

Donald Tusk has now arrived at the EU summit following his talks with the Greek delegation, and issued a clear warning that he wants serious progress tonight.

The European Council president said that the blame game must end:

This evening I want all cards on the table. That doesn't mean I want to negotiate technical details, but it means I want to end this political gambling.

I can say that since I called this informal meeting, some promising things have happened, including today's talks and meeting.

But the most important thing is that the leaders take full responsibility for the political process to avoid the worst case scenario, which means uncontrollable, chaotic Graccident.

We will see tonight....

5.16pm BST

The Greek delegation has just held talks right now with European Council president Donald Tusk, who called tonight's emergency summit:.

Finance minister Yanis Varoufakis (top right) does not look particularly happy....

Bilateral meeting with Greek Prime Minister @atsipras ahead of today's #EuroSummit. pic.twitter.com/kKhbHk37Mr

II...IIIIIIfI II...II(R) III III I1/4I III IIIIIII III... II...IIIIIIII II...I1/4I^2II...IIII... I. ToIIfI @eucopresident #Greece #EuroSummit #EUCO pic.twitter.com/56znMExICG

5.11pm BST

European investors have given a resounding vote of confidence that the Greek debt crisis is going to be resolved, if only temporarily, this week.

The German, French and Spanish stock markets have both closed around 3.8% higher - a really hefty rally.

4.59pm BST

Yup:

'We're not so much five minutes to midnight as thirty seconds to midnight,' says Luxembourg PM @Xavier_Bettel on Greece

4.55pm BST

There could be tensions in Athens tonight, with rival demonstrations due to take place in the coming hours.

Pro-government demonstrators have begun marching in the Greek capital:

You don't have to sit around for very long in Athens for a demo to go past at the moment, it seems pic.twitter.com/hGWXJ8wvXA

Ahead of pro Euro rally. The anti austerity lot are here. pic.twitter.com/C9zuQp507c

4.55pm BST

Our Jennifer Rankin is poised outside tonight's emergency summit meeting, to hear what leaders say as they arrive:

PM of Luxembourg:"lose-lose situation" if Greece leaves the ez, but stresses he has responsibility to his taxpayers.

4.51pm BST

The head of one of Germany's major economic think tanks has argued that EU leaders should push Greece to implement capital controls tonight.

Professor Clemens Fuest, head of the ZEW, isn't convinced that a deal is close, arguing:

"Greece are withdrawing their money from banks, and European Central Bank (ECB) aids are maintaining the bank's liquidity. As a result, liability risks for tax payers in the euro area are increasing every day, while the bargaining power of the Greek government is growing.

"Alexis Tsipras has no plan for economic recovery in Greece. His only plan is to employ more government officials, to nationalize companies, and to make the citizens of other countries fund his policy. His government is failing to collect taxes at home, for example the taxes from illicit accounts in Switzerland."

4.44pm BST

You can watch EU leaders arriving at tonight's Emergency Summit here.

4.40pm BST

Reminder: Tonight's emergency summit is due to start at 7pm Brussels time, or 6pm BST.

There will be other meetings first, though, with Alexis Tsipras due to meet Mario Draghi shortly....

4.38pm BST

Alexis Tsipras has just arrived for tonight's summit meeting, with a smile for the cameras but no quotes for the assembled reporters.

4.33pm BST

The BBC are tweeting more details of their interview with Greek economy minister George Stathakis, who believes a breakthrough has been achieved.

Greece's economy minister spells out terms of new proposals to end deadlock on debt crisis http://t.co/qIxHI9diOH pic.twitter.com/194EiK9dH5

4.24pm BST

European leaders are starting to arrive for tonight's emergency summit, starting with Latvia's Laimdota Straujuma, and Mark Rutte of the Netherlands:

4.14pm BST

If you're just tuning in, here's my colleague Jennifer Rankin's latest dispatch from Brussels on today's developments:

Greece's eurozone creditors have called for more time to study the latest plan from Athens aimed at unlocking Greece's remaining bailout funds and staving off imminent bankruptcy.

A meeting of eurozone finance ministers broke up after little more than an hour of discussions, raising questions about the purpose of an emergency summit of EU leaders starting in a few hours.

4.12pm BST

Here's another shot of Greece's creditors planning their strategy ahead of tonight's emergency summit:

4.02pm BST

The FT's Peter Spiegel has also heard that eurozone finance ministers discussed whether capital controls should be imposed in Greece (as flagged earlier)

He writes:

"There was a discussion about capital controls, but without conclusion," said one of the officials.

3.51pm BST

Over in Brussels now, the heads of the IMF, ECB, Europan Commission and European Council are sitting down to plan for tonight's emergency summit on Greece.

@eucopresident's w/ @Lagarde @ECB Draghi @JunckerEU @J_Dijsselbloem to prepare #EuroSummit on #Greece this evening pic.twitter.com/hh9NIL0P9e

3.46pm BST

The Eurogroup has now issued a brief statement, confirming what we learned earlier:

The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process.

The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.

Today's #Eurogroup welcomed "positive steps" of Greek authorities. View to final agreement later this week. #Greece pic.twitter.com/zRTcGSmBlt

3.41pm BST

The Athens stock market just closed for the night having surged by 9% today, as optimism ripples through the trading floor.

3.22pm BST

Hello...... Belgium's finance minister has revealed that some of his counterparts think capital controls should be imposed in Greece now.....

Belgian finmin breaks the first rule of Capital Controls Club pic.twitter.com/upT3zT0To1

3.20pm BST

Optimism is picking up again... European Commission president Jean-Claude Juncker has just declared that he's aiming for a deal with Greece by the end of the week.

.@JunckerEU doorstep at the @EUCouncilPress "My aim is a deal by the end of the week. We are working day and night for this." #Greece

3.17pm BST

BBC will shortly show @Peston interview with Greek minister will say deal has been done that does not cross Tsipras red lines

3.15pm BST

Greece's economy minister, Giorgos Stathakis, has told the BBC that he believes Athens' new proposals have broken the deadlock.

And he also reckons that European leaders will reflect that in their communique tonight.

He said he expects eurozone government heads to issue a communique later today that will say there is now a basis for a formal agreement with Athens to complete the current bailout programme and release a7.2bn of vital funds.

Mr Stathakis conceded that technical work would need to be done in the coming days to formalise the agreement. But he was hopeful that Greece would be able to make its a1.5bn payment to the IMF on its due date of June 30 - and therefore avoid a devastating default.

Exclusive: Greek econ minister Stathakis tells me government heads communique to say outline of Greek deal agreed, subject to technical work

3.07pm BST

A Greek official has told Reuters that Alexis Tsipras will hold a meeting with Mario Draghi, the ECB's president, at 5pm BST (6pm Brussels time).

2.54pm BST

Anyone know why Christine Lagarde didn't show at the press conference?

Was it a bad sign that @Lagarde was supposed to be at presser w/@J_Dijsselbloem but didn't show? #Greece

2.37pm BST

That is one of the shortest eurozone crisis press conferences I can remember. But not the most gloomy.

The key message is that the new proposals from Greece are "broad and comprehensive," and a good basis to restart the negotiations that froze over a week ago. But they just arrived too late for a breakthrough today.

Overall, today's post-Eurogroup presser sounded far more positive than the one in Riga - to mention but one example. #Greece

Also true that institutions have only just started looking into details of new Greek proposals. Objections may arise at later stage. #Greece

"We consider it a step in a positive direction" says #Eurogroup chief of Greece offer.. Seems to support the ECB keeping Greek banks going

Greece's Fin Min Varoufakis on @bbcquestiontime this Thursday, same day Eurogroup of fin mins now reconvenes. Wonder which he'll got to?

2.24pm BST

Yanis Varoufakis has apparently left the eurogroup without speaking to the media:

Biggest news from #Eurogroup's doorstep is that #Greece's FinMin left without making a comment

2.18pm BST

And with that, it's over.

2.18pm BST

Last question: Are these Greek proposals actually credible?

Moscovici sounds optimistic:

This is a solid basis, but work still needs to be done. We are currently looking for an agreement but we haven't reached one yet.

It is also an opportunity to get that deal this week, and that is what we will work for.

2.14pm BST

What's the point of having an EU summit tonight, my colleague Ian Traynor asks, if the eurogroup hasn't reached an agreement with Greece today.

Leaders are always free to have a different view, Dijsselbloem replies.

Another eurogroup later this week - dijsselbloem. A summit with no agenda?

2.11pm BST

"Prior actions" are the key to getting a deal, Dijsselbloem says.

In other words, we want to see what Greece must agree to, and implement, before aid can be unlocked.

2.09pm BST

How did ministers react to the Greek proposals, and is it true that several versions were submitted?

Yes, there were two versions, one late last night and one this morning. But they were quite similar, so that's not a big deal, Dijsselbloem says.

2.08pm BST

Onto questions:

What is the initial assessment of the Greek proposals?

2.07pm BST

2.06pm BST

Christine Lagarde and Klaus Regling are both not here, despite being scheduled to speak....

2.06pm BST

Moscovici speaks briefly, saying that the new Greek proposals are a good basis to work from.

2.05pm BST

Technical talks will continue, starting this afternoon.

If possible, we will use these new Greek proposals as the basis for a deal. If all goes well, we could reach a final agreement later this week, Dijsselbloem adds.

2.04pm BST

This will be a very short press conference, declared Dijsselbloem.

Greece has submitted new proposals.... which we welcome.

1.59pm BST

Get the popcorn ready, because the press briefing is starting any minute.

We'll hear from eurogroup president Jeroen Dijsselbloem, IMF chief Christine Lagarde, European Commissioner Pierre Moscovici, and also Klaus Regling, who runs Europe's bailout vehicle, the European Stability Mechanism.

1.57pm BST

EU insiders are briefing that tonight's EU leaders summit will go ahead.

6 EU sources confirm that the #EuroSummit is on.They underline that it never was meant to find an agreement but to talk openly about #Greece

1.50pm BST

Vladis Dombrovskis, the European Commissioner responsible for the euro, has declared that the Eurogroup will meet again this week.

Greece's proposals are a welcome step but more work together with the institutions is needed. Eurogroup will reconvene this week. We need a deal in the coming days.

1.47pm BST

Greek journalist Eleni Varvitsiotis has confirmed that a-ministers haven't reached agreement on Greece -- indeed, the latest proposals are only a "possible" move forwards.....

Eu source;": No conclusion on basis of current info.Greek proposals welcomed. A "possible" step in right direction. #Eurogroup

1.39pm BST

Ian Traynor reports that Greece's lenders are divided.....

#grexit #euco seems there are splits in the troika on the wrong greek paper fiasco

1.38pm BST

Finland's finance minister tweets that work will continue over Greece's proposals - a diplomatic way of saying no deal today.

#Eurogroup ends. Work continues. Institutions assess proposals.

1.31pm BST

The eurogroup meeting has ended, after barely an hour.

That strongly suggests that very little progress has been made on the latest Greek proposals; so EU leaders won't be in a position to sign off a deal at tonight's summit.

1.18pm BST

Photos from the start of today's eurogroup meeting are arriving, and they suggest that the mood is grim.

Christine Lagarde looked as gloomy as the weather when she greeted Spain's Luis de Guindos:

1.07pm BST

Greece's finance minister was late for the kick-off of today's meeting, reports my colleague Ian Traynor, who is also hearing that tonight's summit won't yield a deal (no surprise there!)

#grexit @yanisvaroufakis 45 mins late for eurogroup - eurozone source

#grexit #euco no decision expected at summit - top source. just ultimatum to @atsipras. take or leave it and come back with better proposal

Quite a lot of chatter here in Brussels that there may not be a leaders' summit at all tonight given how little progress there is to discuss

12.56pm BST

The domestic political pressure on Alexis Tsipras is intensifying....

Leftist hardliners in #Greece's ruling #Syriza call country's "economic strangulation" blackmail and "neo-colonial ultimatum."

12.54pm BST

Time for a recap.

The prospect of a major breakthrough in the Greek bailout saga have been knocked back this morning, after it emerged that Athens initially sent the wrong proposals to its creditors last night.

There was such confusion in the night, with alternative versions coming in. There hasn't been any preparation for the meeting. My expectation is that we will be meeting again onThursday before the full Council meeting. We are still not quite clear what the actual proposals are....

We haven't received any substantial proposals until now. I can't see how we can be able to prepare the eurosummit without proposals. It's not possible to prepare a statement for the euro summit, the status hasn't changed since Thursday.

"This is time for a substantial, viable solution that allows Greece to come back to growth within the eurozone with social justice."

Austrian FinMin Schelling: You can't send proposals over at 2AM and then expect decisions by midday. #Eurogroup #Greece

#Schelling: There are obviously "massive communication problems in the #Greek gov't" #Eurogroup #Greece

On conference call this morning, @ecb raised #Greece ELA by about a2bn. Agreed another call in 24 hours http://t.co/uIBoLzhy6C

There isn't a visible bank run in Greece - no queues. But money is leaving the banks, the ECB has increased support 3 times in 5 days.

Despite the considerable differences remaining between the parties, everyone involved has a high incentive to reach a compromise.

Greece would be economically, politically and socially devastated if it left the Euro, while a Grexit may cause considerable knock-on effects to other Eurozone members and the EU as a whole.'

12.26pm BST

Austria's finance minister, Hans Jirg Schelling, has scooped the award for the most unamused attendee at today's meeting.

Schelling told reporters that he doesn't expect a final deal today, and even hinted that Greece should start picking up the tab for these meetings....

Schelling: "I dont think we can reach final agreement today, we will need another Eurogroup this week" #Greece #eurogroup

Schelling: "there are no new proposals, all things we had proposed earlier, shows problem of communication within Gr govt"#Greece #eurogroup

Schelling sounded particularly annoyed! #Greece #eurogroup

Schelling (dark joke): At some point we're going to have to decide who's going to pay for our travel to repeated #Eurogroups. #Greece

12.21pm BST

Yanis Varoufakis, Greece's finance minister, didn't speak to the press as he arrived at the eurogroup meeting.

He swiftly headed inside, for what could be a rather uncomfortable meeting....

12.18pm BST

Commissioner Pierre Moscovici remains more optimistic than the rest of the bunch.

He tells the increasingly soggy press pack that the Greek proposals do represent "progress", but more work needs to be done.

12.15pm BST

Spanish finance minister Luis de Guindos says there is still time for a breakthrough with Greece, as the rain splatters down in Brussels

de Guindos: "we still have time, but less and less" #Greece #eurogroup

12.11pm BST

Most the finance ministers arrived so far looked like their dog has just died. What a cheerful bunch! #Greece #Eurogroup

12.08pm BST

Slovakia's finance minister, Peter Kazimir, tells reporters wryly that "we might see each other soon", as he arrives at the eurogroup meeting.

Last week, Kazimir told us that he "believes in miracles", regarding a Greek deal. Hopefully he still does....

12.05pm BST

Jeroen Dijsselbloem, president of the Eurogroup, has just arrived at the meeting, and confirmed that pessimism is rife.

It is impossible to have a final assessment....we'll see if we have the basis for final talks.

Dijsselbloem says Greek proposals have only come in v v recently so it will be impossible to have a final assessment.

11.59am BST

This is not looking good. Germany's Wolfgang Schiuble has told reporters that the eurogroup don't have new proposals to work on.

Schauble: 'we dont have anything new, we have not moved since last Thursday' #Greece #eurogroup

11.50am BST

Sounds like last night's mix-up in #Greece submissions may scupper changes of deal today. Both @alexstubb & @NoonanLive say deal unchievable

11.50am BST

Ireland's finance minister, Michael Noonan, does not look a happy man at all, as he arrives at the eurogroup.

Noonan says he has "very low expectations" for a deal.

"Such confusion during night w/alternative versions of #Greece proposal coming in; there hasn't been proper preparation," says @NoonanLive

11.41am BST

Alexander Stubb, Finland's finance minister, has braved the weather....to pour a big bucket of cold water over those expecting a big breakthrough today.

I've got very low expectations for today.

Alex Stubb, Finland's finmin, keeps it brief: "I have very low expectations for today." #EuroSummit

It seems to be a Monday where we have wasted a lost of air miles, as finance ministers and heads of state....

I don't foresee a breakthrough today.

11.36am BST

Several eurozone ministers have chosen to scamper into the building to avoid the rain, rather than speaking to the press.

Best thing bout the rain - spares us endless moronic ministerial soundbites going in #grexit

11.29am BST

IMF chief Christine Lagarde gave reporters a no-nonsense wave as she arrived for her meeting with Alexis Tsipras in Brussels.

11.27am BST

The EC's top spokesman, Margaritis Schinas, tells the midday press conference we have "a very important day ahead of us", with several key meetings on Greece.

The commission's position.... is that the document received by the Greek PM represents a good basis for progress in the eurozone summit.

11.21am BST

Greek government bonds are continuing to rally this morning, despite some concerns that we might not get a major agreement tonight:

Greek bonds extend rally. 2yr yields slump to 24.3%. pic.twitter.com/Af6rRn7wzP

11.19am BST

Belgium's finance minister, Johan Van Overtveldt, dampened expectations of a big breakthrough today.

He told reporters outside the Eurogroup that ministers need to see what Greece is proposing.... (maybe Van Overtveldt is foxed by the news they sent the wrong document last night)

Not a great start to talks on Greece's proposals. Belgium's finance minister says bit confusing exactly what was on the table.

Belgian FinMin Van Overtveldt cautious, needs to see what's exactly on the table, says current programme remains "reference point". #Greece

11.10am BST

French president Francois Hollande has also cautioned that the big deal might not come tonight, flags up AFP's Alex Pigman:

Hollande and Merkel separately refer to Greece deal in the "coming days", reducing expectations for big announcements tonight.

11.07am BST

EU insiders say that the new Greek proposal is a "good basis for discussion", reports our Europe editor Ian Traynor.

Gk props easily most detailed/credible from @atsipras - eu official. 'Don't know if will fly but good basis for discussion'

Gk props- keeps 3-tier VAT but low rate only for couple 'social' items.No rise in electricity VAT.But concessions on pensions too. Eu source

11.01am BST

It's about to get quite busy.

Eurozone finance ministers will arrive for today's emergency Eurogroup meeting shortly, and should speak to the press on their way in (here's a live feed from outside the building).

11.00am BST

Angela Merkel has just predicted that it might take a few more days to reach a Greek agreement.

Speaking to reporters in the German city of Magdeburg, chancellor Merkel warned that EU leaders can't take any decisions at tonight's emergency summit unless they have a recommendation from Greece's lenders.

There are still a lot of days in the week in which decisions can be taken.

10.53am BST

Reuters has got hold of the latest Greek reform proposals, which includes some pension changes.

10.35am BST

The Guardian is holding a panel discussion on Greece, Grexit and the troika on Thursday. Come along to have your say.

See below for more details.

Membership Event: Guardian Newsroom: Should Greece leave the Euro?

10.30am BST

Over in the Greek city of Thessaloniki, there's no sign of a bank run among the crisis-weary population.

"My biggest worry is my future. I'm seriously considering going abroad to find a job and to be able to have children and get married.

I want children in the future but I don't feel I could start a family without being sure of having the money to raise them. I'd like to be a psychologist and here, with 60% youth unemployment, the only job I could find would be in a cafi(C) or bar, if that.

In #Thessaloniki to hear about the impact on daily lives of the talks, uncertainty & economic situation. Keen for all views #Greece

10.14am BST

Sorry for the typos in that last post - please refresh to get a cleaned-up version.

10.08am BST

Alexis Tsipras has arrived at the EC for talks with Jean-Claude Juncker, and a brief chat to reporters:

This is time for a substantial and viable solution that will allow Greece to come back to growth within the eurozone, with social justice and cohesion.

Everything that I said...it's in your position.

9.54am BST

Alexis Tsipras is about to arrive at the European Commission for talks with EC president Jean-Claude Juncker.

Will be get one of Juncker's famous kisses? Watch this live feed to find out....

Prepare for handshakes, look for kissing. Tsipras about to do photo op with Juncker ahead of Greek D-Day. @tsipras @JunckerEU #euco

9.52am BST

Greek prime minister Alexis Tsipras faces an uphill battle back home over the compromise plan being hammered out with lenders, with his coalition partner refusing to accept tax rises on Greek islands.

Positive mood in BXL while in #Greece ANEL leader Kammenos says that scrapping the 30% VAT discount for the Aegean islands is a casus belli

"But what nation would accept such measures, what nation would be able to bear such these policies?"

"The government is facing a very difficult dilemma....between painful measures or rupture (from the EU)."

9.40am BST

The French and German stock markets are on an absolute tear this morning - both up over 3%:

Germany's DAX +3.5%, on track for its best day in 3 years.

9.38am BST

Greek journalist Eleni Varvitsiotis reports that Athens has submitted a new proposals, slightly different to the old one....

New #Greek proposal sent just now with slight differences

9.31am BST

Finland's finance minister isn't happy with the Brussels weather, for such a crucial day:

Brussels greets us with +12C and rain. #summer

Di(C)luge sur Bruxelles ce matin...drile de temps estival pour une journi(C)e decisive ! pic.twitter.com/dHyjZe0l2m

9.23am BST

OK, I've picked my jaw up off the floor now. Greece apparently sent the wrong document to its creditors late last night.

That's according to Anne-Sylvaine Chassany and Peter Spiegel of the Financial Times, who report:

Three senior officials say there's been a mix-up with the documents sent to the bailout monitors.

"It's not so dramatic, but they sent the wrong one by mistake," said one of the officials...

3 sr officials tell me #Greece told institutions they sent wrong document at midnight. Have promised revised version http://t.co/ae5yDfC1U4

Let he who has not (twice) submitted the wrong document to his creditors while trying to avoid a catastrophic default cast the first stone.

9.13am BST

Reuters just flashed up that the European Central Bank has agreed to provide more emergency liquidity for Greek banks:

9.11am BST

The wave of optimism sweeping Europe has reached Athens.

Traders are rushing to buy shares, on hopes that a six-month bailout extension will be agreed today, to unlock a18bn of aid.

9.04am BST

News of a fresh Greek proposal have had a "magical effect on the markets", says Connor Campbell, financial analyst at SpreadEX.

The main reason behind the positivity is hope that this latest Greek proposal contains the much needed concessions the country's creditors have been looking for; described as 'a good basis for progress', already these proposals have been received better than the usual 'insulting' attempts at reform.

After a month of interminable claims and counterclaims from each side, there is a bit of excitement on the markets and the genuine semblance of optimism; now this sentiment just has to last the day.

8.59am BST

Insiders in Brussels are making optimistic noises this morning. And that's significant, as they have now had more than nine hours to digest the latest proposals from Greece:

Optimism spreading in Brussels. EU officials: "Were not at the point where we should be, but well reach it." "Greece is moving." #Greece

8.54am BST

Journalists are poised in Greece ready for queues at the cash machines, but there's no sign of panic:

Journalistes allemands attendant le bankrun. Courage i eux. #Grice pic.twitter.com/tcc4Kx6XcP

8.50am BST

Bruno Macaes, Portugal's Secretary of State for Europe, says it's vitally important to get a Greek deal soon.

He told Radio 4's Today Programme that:

Time is running out and we need a fundamental solution to the problem

Everything we have done in the last three years is to avoid being pulled back into this market turbulence.

8.43am BST

If a final deal isn't reached today, EU leaders have another opportunity later this week when they hold their next summit:

High expectations for today's last-minute #Greece summit. The only way Europe knows. Remember there's another one Friday if no deal tonight.

8.42am BST

Here's another sign of rising confidence that significant progress will be made at today's meetings.

The interest rates (or yield) on Greek government has fallen sharply in early trading, showing traders see a lower risk of default.

Greek 10y yield today! Somoeone knows something!!! pic.twitter.com/1O4SDYRqSi

8.29am BST

Are the markets over-reacting? It certainly wouldn't be the first time that shares have surged on hopes of a deal, only to fizzle out.

Investors are calculating that a) Greece's latest proposals offer genuine prospects of a deal, and b) European leaders aren't prepared to let the eurozone fragment.

Hey Eurozone, markets: we've been v confident and hopeful *many* times before, and look where we are now. Hold your horses (for now) #Greece

8.24am BST

European markets are a sea of green this morning:

Major European indices - FTSE100 and DAX - have jumped up to 1 week+ highs on hopes of this Greek deal.

8.21am BST

The key question is whether Greece has made sufficient concessions on pensions, says Frederik Ducrozet, economist at Credit Agricole.

*If* creditors are satisfied with Greek proposals on pensions, we should get the basis for a deal and no ELA cap.

8.13am BST

There is "new hope of progress in Greek bailout negotiations" in the City today, says Mike van Dulken of Accendo Markets, after Athens has presented new proposal to creditors late last night.

8.10am BST

Germany's DAX has leapt by 2.5%, as Frankfurt traders embrace optimism over Greece....

8.04am BST

European stock markets have surged that the start of trading, on hopes of a long-awaited deal on Greece today.

In London, the FTSE 100 has jumped by 72 points, or 1.1%, as investors welcome the news that Greece submitted new compromise proposals overnight.

8.00am BST

From Brussels, my colleague Jennifer Rankin sums up the situation:

Greece has submitted 11th-hour concessions to its creditors ahead of a crucial day of talks aimed at preventing it from crashing out of the eurozone.

Its proposal followed a hectic round of telephone diplomacy on Sunday between Germany's chancellor, Angela Merkel, the French president, Francois Hollande, and the European Commission president, Jean-Claude Juncker.

7.51am BST

City traders are predicting that the German stock market will leap this morning, on hopes of a breakthrough today....

And German Dax forecast +290 points (!!) at 11,330, on Greek rumours.

7.45am BST

EU economic commissioner Pierre Moscovici has declared that a solution will be found to tackle the Greek crisis, after Athens submitted new proposals late last night.

We'll be having meetings with [Greek PM Alexis] Tsipras which, I hope and I am convinced, will allow us to reach an agreement this evening".

"We are moving in the right direction, we have solid ground for a deal, we just have to consolidate that today ...

"Journi(C)e di(C)cisive, vitale. Je pense que la volonti(C) de tous de pri(C)server l'euro l'emportera" @pierremoscovici #E1matin pic.twitter.com/7XUJrxcrYh

La volonti(C) politique de tous est de pri(C)server l'#Euro, ce bien commun irri(C)versible #Grice @Europe1

7.31am BST

Optimism is building that we will, finally, see meaningful progress today.

As Luxembourg's foreign minister Jean Asselborn told Germany's Deutschlandfunk radio a few minutes ago:

"There will be a lurch forward."

7.24am BST

Today will be packed with top level meetings. Here's the running order:

7.15am BST

Good morning.

Hope you all had a relaxing weekend, because today should be as dramatic as anything we've seen since the eurozone crisis began over five years ago.

New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt".

@GreekAnalyst @MartinSelmayr @JunckerEU @Lagarde @ecb not so much forceps delivery as Caesarian section, I'd say. But to what end?

Brussels sources also signalled moves to address Tsipras's key demand - that the creditors need to offer debt relief to Greece.

Some form of debt restructuring would be promised to Athens in the future, but it would come with strings attached and not as part of the current bailout package, they said.

Midsummer's Night Celebration in Brussels' EU Commission. #Greece pic.twitter.com/bIFl3Yd1G4

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