Greek crisis: Weekend drama looms as talks fail again - as it happened

Graeme Wearden

from on 2015-06-25 22:29 (#CCCA)

Eurozone finance ministers have failed to break the long-running deadlock between Greece and its creditors

11.29pm BST

Back in Brussels, our Europe editor Ian Traynor reports that the Greek PM got a harsh reception when he asked fellow leaders for support in the ongoing debt talks:

#euco @atsipras try to discuss went badly.merkel+several others shut him up.holland's rutte said if eurozone summit,only on plan B, not deal

#euco cameron had to wait till almost midnight for his spiel. it was short. sounds perfunctory

Apparently EU summit dinner has now returned to argument about Med migrants after brief palate cleanser from Cameron on UK negotiation #euco

9.58pm BST

Greece makes the front pages again:

II1/4IIII... pic.twitter.com/ndlOT0IeJo

9.54pm BST

9.19pm BST

Another sign of optimism:

Alexis Papachelas, probably Greece's best informed political analyst, has told SKAI News that he thinks "an agreement is very close, very near."

"We are beginning to see that differences are bridgeable, that an agreement will be reached."

8.50pm BST

A spot of optimism:

#Greece aid deal on Saturday is 'quite possible', Greek Official says acc to BBG.

8.47pm BST

Over in Athens, Greeks who are far to the left of the ruling Syriza party, have pledged to step up protests against the government over concessions it appears willing to make to cut a deal.

Some of the thousands who marched through the streets of Athens tonight belong to the ultra radical anti-capitalist Antarsia group, a collection of far far left groups that make Syriza look centrist. Holding banners demanding that Greece leaves the European Union and writes off its monument debt, protestors gathered at Athens university campus before marching on parliament.

"If it is not passed and the country goes bust, we will also stage protests and strikes to ensure that capitalists don't start closing enterprises and laying off people. There is going to be unrest."

8.14pm BST

More on that Tsipras-Tusk clash:

Greek gov source: @eucopresident told @tsipras_eu 'game over' + Tsipras said not to underestimate the point nation can reach when humiliated

7.55pm BST

Some intriguing reports coming out of Brussels, where leaders have discussed Greece's bailout.

According to a Greek official, Tsipras told leaders they must respect January's election result..... And was then challenged by Donald Tusk:

Greek official says Tusk told Tsipras at EU summit 'game over' --BBG

"No #eurozone summit today, no eurozone summit tomorrow," says rather definitive #EU official. #Greece

7.33pm BST

Costas Lapavitsas, a Syriza MP, has made a new call for Greece to break away from the Eurozone, following the rejection of Athens' compromise proposal.

Writing in the Guardian, Lapavistas said an influential group of Syriza's MPs would soon make an "intervention":

#Greece Lapavitsas: "a significant intervention by the Left Platform expected" on axit http://t.co/uXxxhctXFS pic.twitter.com/IQowskfPl7

6.31pm BST

Thursday night in Athens. pic.twitter.com/eomUST7pW3

6.28pm BST

Could be another lively evening in Athens too:

Riot police, Communists and breakdancers: all within yards of each other on Syntagma Sq Athens #Greece pic.twitter.com/vXb4jeYIIY

6.21pm BST

So, where do we stand in the Greek crisis?

Leaked creditors' bail-out plan for Greece - not quite take it or leave it but close #Grexit http://t.co/g2Eud9fepF http://t.co/eCiHsdhQQj

Still talk of a #eurozone leaders summit tonite. @atsipras wants it discussed at heads, official tells me. #Greece

So after the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis.

The last hours have been really critical, but I have a good hunch that unlike in Sophocles' tragedies, this Greek story will have a happy ending.

The Eurogroup has finished.

The institutions informed us about their intensive negotiations with the Greek government. We agreed that they will do an assessment of the last Greek proposals, because they came in very late today, just before the Eurogroup meeting.

"The #Eurogroup will PROBABLY reconvene on Saturday to take stock of the situation." Most downbeat sentence ever? http://t.co/poq9at3PSo

.@J_Dijsselbloem: The door is still open for the Greek authorities to accept proposals tabled by institutions (meaning: thats all folks)

6.00pm BST

An anti-austerity demonstration is taking place outside the Commission now, in another sign that tensions are building around the Greek crisis.

That's via AFP's Danny Kemp:

Anti Troika protest at EU summit #Greece https://t.co/XW3F9hJKct

5.38pm BST

How did today's deadlock rock the markets?

Well, it didn't. The Athens exchange finished the day ever-so-slightly higher, up 0.1%. And the main European markets were fairly calm too:

My dad had a Ford Cortina back in the 1980s which was perennially in the garage having something or other done to it in an attempt cure one of its many ailments, yet while it chugged along, stalled and broke down on many times it did so on fewer occasions than Greece's current debt bailout talks.

And as European leaders headed in and out of yet another summit it seems that deal is looking as far away as ever.

5.13pm BST

Our Europe editor hears that if the Eurogroup meet on Saturday morning, and if they agree a deal, then the Greek parliament could then begin debating it on the Sunday.

And if Athens MPs do sign up to the plan (not a given), then the Bundestag could give its approval early next week too.

#grexit eurogroup prob saturday, not friday, deal to gk parlt sunday, to bundestag monday. if it works

#grexit imf payment tuesday could be facilitated by smp profits - eu official

4.59pm BST

There's a sudden flurry of activity in the Commission as Yanis Varoufakis appears in the press area, apparently after briefing Alexis Tsipras about the eurogroup meeting.

Reporters flock around the finance minister, like moths to a particularly bright candle:

Es por una estrella de rock? No...es por Varoufakis saliendo del Consejo atravesando toda la sala de prensa. pic.twitter.com/ojvZF46gK8

#euco Varoufakis provoque quasiment une i(C)meute en traversant la salle de presse pic.twitter.com/knYYjnkJRJ

Greek finance minister @yanisvaroufakis leaving the house, the EU summit, with rucksack, after talking to Tsipras pic.twitter.com/NhDjrxvKJ6

4.51pm BST

And here's a reminder of how we got to this point:

4.49pm BST

If you look carefully at photos from today's European Council summit you can see that the leaders are wearing little pins.

If you're lucky enough to have gold, and thus access to the 80th floor, there's the VIP dinner - one feature of which is that there is no note-taking. A tighter confidentiality regime applies on this floor of the building, and this is where, on Thursday evening, Cameron will lay out his plans for renegotiating the terms of Britain's membership of the EU.

Ambassadors and their "antici" (jargon for powerful assistant and scribe) have red badges. One peculiarity of the Euco system is that note-taking during meetings often takes place in a separate room.

Super Mario Bros meets House of Cards: the European Council's dizzyingly complex badge system http://t.co/C10MlvmW14 pic.twitter.com/DZwJ4LQEuR

4.23pm BST

Greece's PM is pushing for eurozone leaders to hold a summit this evening, reports the FT's Peter Spiegel.

Still talk of a #eurozone leaders summit tonite. @atsipras wants it discussed at heads, official tells me. #Greece

4.14pm BST

#Eurogroup cancelled in order to assess what points of latest Greek proposal can be included in the creditors' offer (EU sources) #Greece

4.13pm BST

Reuters has now published the full quotes from Yanis Varoufakis as he left the eurogroup.

And he reveals that some euro finance ministers refused to support the latest offer from the IMF/ECB/EC today (which included some concessions to Athens)

"Interestingly, several colleagues disagreed and criticised not only our text but also the text of the institutions."

"We shall continue our deliberations, the institutions are going to look again at the two documents - our documents and their own, there will be discussions with the Greek government, and we'll continue until we find a solution"

Minister @yanisvaroufakis making doorstep statement on way to EU summit said Eurogroup ministers disagreed over the document of institutions

4.02pm BST

It's the same old, same old story.

Pierre Moscovici, the EU commissioner, has said that there is still no agreement on the pension reforms and VAT rate changes that Greece should implement.

3.52pm BST

Greece's finance minister, Yanis Varoufakis, is telling the press pack that discussions will continue, and hinted that there was much disagreement at today's meeting.

Grexit @yanisvaroufakis no agreement. More discussions. Wouldn't say when

3.46pm BST

Jeroen Dijsselbloem, Eurogroup president, has told reporters in Brussels that the door is still open for Greece to accept the proposals tabled by its creditors today (see earlier).

3.43pm BST

Eurozone finance ministers have agreed to meet again in two days time - they must be sick of the sight of each other.

I've also confirmed that #eurogroup will reconvene on #Greece on Saturday. #NeverEndingStory

#Eurogroup is over now. No conclusion on #Greece. Another Eurogroup (the 5th in 10 days) on Saturday morning

3.39pm BST

It's official: The meeting of eurozone finance ministers has ended without a deal (that's via Finland's fast-tweeting finance minister)

That's it for today. Institutions and Greece to continue work. #Eurogroup back later, but not today.

Next #Eurogroup for #Greece on Saturday morning acc to #EU source

3.35pm BST

Several Brussels reporters are reporting that the "indefinitely suspended" Eurogroup meeting resumed a few minutes ago, and then broke up again. Classic.

The #eurogroup will soon be over.

I'm hearing #eurogroup is now finished. #Greece

3.31pm BST

Our Europe editor, Ian Traynor, reports that leaders are very keen to avoid another emergency summit on Greece (they've already held one this week, back on Monday).

But that relies on finance ministers reaching a deal on their own.

#grexit #euco msg from leaders going in is we don't want another eurozone summit. let the eurogroup sort it. then again...

3.29pm BST

Ireland's Enda Kenny predicts a long weekend ahead of us:

Irish PM Kenny: Difficult to reach a #Greece deal today. I can see the Greek negotiations going into the weekend.

3.28pm BST

Once inside the commission, Alexis Tsipras has held some intense-looking chats with Martin Schulz, president of the European parliament....

3.16pm BST

Alexis Tsipras actually teased a reporter as he arrived in Brussels for tonight's Summit.

European history is full of disagreements, negotiations, and then compromises.

So after the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis.

Props to BBC's James Landsdale shouting at Tsipras about Cameron's referendum. "Do you care about Cameron's reforms..." *SILENCE*

3.03pm BST

Greece's prime minister Alexis Tsipras tells reporters that he's confident a deal will be reached, as he arrives at the European council summit.

After all, arguments and compromises are what Europe's all about.

Going into EU summit @atsipras says he is confident that an agreement can be found. Europe is about "disagremeents & comprimises" #Greece

2.50pm BST

As finance ministers scramble for the Eurogroup exits, Francois Hollande has arrived at the EU Summit.

Speaking in French, the president states twice that an Greek agreement is possible, and necessary. But it's up to the negotiating teams to work it out.

Hollande and Merkel now both say 'we have to let the negotiators work' on Greece. Hands washed

2.45pm BST

Eurozone ministers have told Greece to come back with a better set of proposals -- in the meantime, their meeting is 'indefinitely suspended'

*EUROGROUP WAITS FOR GREECE TO COME BACK WITH BETTER PROPOSAL *EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL

2.43pm BST

NEWSFLASH: Eurozone finance minister have just taken a break from their Eurogroup meeting.

And an EU official has told Bloomberg that there is no sign of an agreement, after around two hours discussing the latest proposal from Greece's creditors (see earlier leak) and Greece's counter-proposal.

*NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL *EUROGROUP MEETING HAS BEEN INTERRUPTED: EU OFFICIAL

2.36pm BST

Angela Merkel does not appear to share Donald Tusk's optimism of a happy ending.

Arriving at the EU summit, she tells reporters that she has the impression that Greece has "gone backwards" on some issues" -- but in any event it's up to finance ministers at the Eurogroup meeting today to decide.

Ok. Now let's start these talks. pic.twitter.com/sBLpRSgjlT

2.34pm BST

My colleague Sean Clarke has created a really handy interactive, showing the main issues which Greece and its creditors are still arguing over today (it's updated to reflect today's proposals)

2.27pm BST

The endless to-and-froing over Greece's bailout programme has been dragging down spirits in a country that has already suffered years of austerity.

"The uncertainty of this whole process has a psychological effect - people worry about what's going to happen, they don't know how or when it's going to end. We just know everyone is going to be affected, particularly by any rise in VAT."

"Greece definitely needs help, there has to be some kind of debt relief, the country won't be able to make it otherwise."

"People are hungry. For five months it seems there has been no progress and business is down everywhere, a lot of shops have closed. Income is down, with VAT going up everything you need to buy becomes so much more expensive."

"It feels like they're going after the little guy, all the high-income people got away with it and got their money out of the country."

2.21pm BST

Over in Athens the government has announced that the Greek prime minister has just spoken by telephone to the country's head of state Prokopis Pavlopoulos.

"And that in front of this aim there has to be a solid internal front of all democratic forces. Petty party views and friction can't come before the achievement of such a goal."

2.21pm BST

Full quote #Greece pic.twitter.com/9QaJ2t5DGc

2.16pm BST

Austria's chancellor, Werner Faymann, is also optimistic....although he warns that the crisis could run for several more days.

Austria's Werner Faymann: I am hoping for a solution to Greece if not tonight than by Monday or Tuesday at the latest

2.02pm BST

Donald Tusk, head of the European Council, has arrived at today's EU summit meeting - and predicted that the Greek crisis will not end in tragedy.

Work is underway, and for sure it will need still many hours.

The last hours have been really critical, but I have a good hunch that unlike in Sophocles' tragedies, this Greek story will have a happy ending.

European Council pres Donald Tusk says #Greece will need many hours, but has a hunch that Greek story will have a happy ending.

1.42pm BST

More photos from inside the eurogroup, showing Yanis Varoufakis in quite decent spirits:

1.30pm BST

There is already speculation that ANOTHER meeting might be called over the weekend, which is bound to lift spirits in Brussels, Athens and beyond.

Brussels chatter of possible 'very last chance' Eurogroup meeting on Saturday.

Sigh, the next last chance meeting on the horizon.. https://t.co/uJXUs64YpW

1.27pm BST

Here's the seating plan for today's meeting, via Finland's finance minister.

For good old times sake, here is the seating order in the #Eurogroup. Different from normal rotation. pic.twitter.com/cAGGZvy4nD

1.12pm BST

The photographers in Brussels have surpassed themselves, with a selection of photos from inside today's eurogroup meeting.

Everyone looks remarkably upbeat, given the importance of this meeting, and the dangerous consequences that could follow.

1.02pm BST

Finland's finance minister, Alex Stubb, has warned that there's still a significant gap between the two sides....

FINLAND'S STUBB: GREECE DOCUMENTS HAVE `PRETTY BIG' DIFFERENCES earlier reports said differences were 'not that big'

12.57pm BST

Malta's finance minister, Edward Scicluna, has just explained what's happening right now in Brussels.

"We've run out of comments, we're also running out of patience, but we've received the document from [Greek finance minister Yanis] Varoufakis just over half an hour ago, so we just merged them before coming here.

At least we're talking from the same text. But there are disageements -- and honestly now I don't know what they are.

12.44pm BST

#EU's Moscovici: Troika plan is solid, economically, socially. Says #Greece solution is 'within reach.' (BBG)

12.39pm BST

Several ministers and officials are slipping into the meeting without speaking, including ECB chief Mario Draghi:

12.38pm BST

Confused about the chances of a deal today? Join the club. Even Slovakia's finance minister says the situation is up in the air.

I honestly don't know what are the chances to reach a deal today #Greece #eurozone #Eurogroup #ECB #IMF

12.34pm BST

Jeroen Dijsselbloen, head of the eurogroup, has confirmed that a deal hasn't yet been reached.

The only thing we have presented to the eurogroup is what the institutions have drawn up. We don't have a Greek agreement on that...

Dijsselbloem confirms no deal with the Greeks, will have to wait and see what their ideas are.

12.29pm BST

Oh dear. Germany's finance minister is not happy. We have not made progress, Wolfgang Schiuble tells reporters in Brussels, adding that Greece has moved "backwards".

12.27pm BST

Several experienced crisis watchers agree that Greece's lenders have given some ground in their latest proposals, while sticking firm on other issues:

Creditors' proposal includes several concessions to #Greece. Blame game not as easy now.

Institutions agree on 13% VAT on basic (and not unprocessed) food, but not on hotels at 23% (vs #Greece proposal at 13%). #ec #ecb #imf

Quite a step institutions postpone by 2 years (end 2019) phasing out supplements for low income pensioners #Greece https://t.co/3RUuTxtGDt

12.18pm BST

Carsten Brzeski of ING reckons that the two sides are getting closer:

According to this new compromise obtained by @SpiegelPeter differences have become smaller once again. Debt relief looks like final red line

12.16pm BST

Creditors are also refusing to accept the Greek plan of raising the corporation tax rate from 26% to 29%. In their latest proposal, it would rise to 28%.

They are also keeping a firm red line through Athens plan for a one-off 12% tax on all corporate profits over a500,000.

But the plan keeps Mr Tsipras's plan to raise luxury tax on yachts from 10% per cent to 13%.

12.13pm BST

Now this is interesting too.... Greece's creditors are offering that these VAT hikes could be "reviewed at the end of 2016", if Athens has proved that it has raised more revenue through fighting tax evasion and better VAT collection.

12.10pm BST

This leaked proposal shows that creditors have given some ground on the VAT issue -- although they still want to raise a full 1% of GDP through various reforms.

They have accepted that Greece could maintain a 6% low rate for pharmaceuticals, books, and the theatre. In previous plans, this rate would have been abolished.

VAT @ 23% for hotels, restaurants & processed food 13% for elect, basic food 6% for pharma Feasibility blueprint pic.twitter.com/GMVccKk3e7

12.00pm BST

The FT has just published the document which Greece's creditors have drawn up and submitted to the eurozone finance ministers (nice one, Peter).

At first glance, it looks pretty similar to the infamous red-ink counter-proposal that the IMF drew up earlier this week. But there are some concessions on pensions.

Leaked: Got my hands on 9-page #Greece bailout plan sent to #eurogroup earlier today. Copy posted here: http://t.co/s06qInNIUB

Under the plan sent to finance ministers, Athens would ensure the retirement age is moved to 67 by 2022, significantly faster that Alexis Tsipras, the Greek prime minister, had sought. Originally, Athens was pushing for 2036, but Mr Tsipras' compromise plan submitted on Monday moved that to 2025.

There is an important creditor concession in the pension reforms, too, though. Creditors have been trying to get rid of a "solidarity grant" programme that provides a top-up bonus to poorer pensioners, know by the Greek acronym EKAS, by 2017 at the latest. Athens had offered 2020. The new plan splits the difference and goes with December 2019.

11.49am BST

It's now clear that there isn't an agreement between the two sides, despite this morning's ultimatum.

The latest rumour is that both sides are going to submit their own proposals to the eurogroup

*GREECE SUBMITTED SEPARATE DOCUMENT AT EUROGROUP: GOVT OFFICIAL / *GREEK OFFICIAL SAYS 2 DOCUMENTS SUBMITTED AT EUROGROUP

I can guess whose proposal will be turned down at the #Eurogroup #Greece https://t.co/xvj9PdcvlE

11.40am BST

Yanis Varoufakis has arrived at the eurogroup meeting, carrying a sheet of paper along with his rucksack:

11.33am BST

An EU diplomat is briefing that the creditors have sent a proposal up to the eurogroup which, they say, could potentially be the basis for an agreement (Jennifer Rankin reports from Brussels)

EU diplomat says creditors have sent documents to eurogroup that could form basis for agreement; insists no 'take it or leave it'.

#Germany's Dax jumps on latest #Greece optimism. pic.twitter.com/gT9glrLrLr

BUNDS pic.twitter.com/KUt2mI19wp

11.26am BST

There goes Alexis Tsipras, out of the building after this morning's talks ended:

Exit Tsipras @la_stampa pic.twitter.com/pabdrDxGNg

11.22am BST

Greek officials are also briefing that a compromise wasn't reached at this morning's meeting.

Greek govt official says Greek proposals were realistic and Greek side has shown willingness for solution

Just to be clear: #Greece is not on board with proposals agreed unanimously by institutions for #Eurogroup as basis for deal (sources)

11.18am BST

It's not looking good:

'Feasibility' means no agreement, documents now in prep by EC to see if it's feasible for eurogroup to talk. It's very difficult - source

11.13am BST

Lagarde out. Light smile @la_stampa #Grexit pic.twitter.com/vbfJqdYhX3

11.11am BST

So, now what?

1) Has Alexis Tsipras yielded at today's meeting with Draghi, Lagarde, Juncker, Dijsselbloem and Redling, meaning an agreement can be passed onto the eurogroup?

11.10am BST

Lagarde leaves the meeting too #Greece pic.twitter.com/w51dn3FHTo

11.06am BST

Outriders waiting to escort PM Tsipras out of EU building after another round of debt talks over #Greece pic.twitter.com/buyWukkiGQ

11.03am BST

Belgian police waits for tsipras @la_stampa pic.twitter.com/p3KgsmQKjW

11.01am BST

The meeting between Alexis Tsipras and the heads of Greece' creditors appears to have broken up, with the main players heading out of the Commission.

Regling and Dijsselbloem have left the @EU_Commission . Talks still fraught with no breakthrough pic.twitter.com/UCQy1H6ITu

All the principals leaving @EU_Commission HQ. Motorcade w/@J_Dijsselbloem & others just pulled out

10.58am BST

JP Morgan's economist, David Mackie, agrees that Sunday is the next serious deadline, and fears Greece could impose capital controls if it is missed.

Useful summary of where the #Greece talks might go from here by David Mackie at JP Morgan: pic.twitter.com/cpKRkTL51s

10.56am BST

Austria's finance minister, Hans Jirg Schelling, has stated that Sunday is the final deadline to reach an agreement with Greece.

That would then give enough time (just) for national parliaments to vote on the plan.

#Austria's FinMin Schelling on #Greece: Summit has give FinMins 4pm deadline. (BBG)

Austria's Schelling says Eurogroup delayed by 30 mins

10.46am BST

When all else fails, reach for a feasibility blueprint:

As 11am deadline passes, officials trying to put final touches on a "feasibility blueprint" to serve as basis for #eurogroup talks. #Greece

Deal now in front of Tsipras is lenders' proposals he rejected plus some of the ones he made on Monday #Greece https://t.co/oH4a9oWBmJ

10.35am BST

Correction: The ECB has actually agreed to a request to maintain Greece's emergency liquidity at the current level, rather than raising it again, Reuters says.

That's an encouraging sign; suggesting that Greek banks weren't been hit by further cash withdrawals yesterday.

10.16am BST

The European Central Bank has just approved today's emergency liquidity request from the Greek banking sector, according to the newswires.

No word on how large the request is, but Greek officials are briefing that the ELA funding could be reviewed again tomorrow.

Greek official says ECB stands ready to review ELA in next 24 hours

Of course the ECB will review ELA within 24 hours. If negotiations collapse, no more basis for a cap expansion.

10.10am BST

The clocks have struck 11am in Brussels, and everyone watches to see if Greece does produce the new proposal demanded this morning....

The church bell in Brussels #EU quarter just rings: It's 11. Time for #Greece MP @atsipras to decide. Eurozone or #Grexit #Eurogroup

10.04am BST

Reuters has also heard that Greece was told to produce a new proposal this morning, or else...

9.53am BST

The crunch moment may just have arrived.

According to the Financial Times, creditors have given Alexis Tsipras until 11am Brussels time to produce a 'workable' proposal. That's in just under 10 minutes time!

Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Alexis Tsipras, the Greek prime minister, until 11am Brussels time to come up with a workable economic reform plan to release a7.2bn in desperately needed rescue aid.

According to two senior eurozone officials, if Mr Tsipras fails to reach an agreement - which people briefed on the talks say is now likely after fruitless all-night talks - the creditors' offer will be presented to eurozone finance ministers for a "take it or leave it" choice by Athens.

Officials aware of ongoing talks eerily tight lipped right now!

creditors now have no choice but to do the 'take it or leave it' they always wanted to avoid #Greece https://t.co/WgaKAwCgpl

9.45am BST

Interesting... The Greek stock market has reversed its early 2% fall and is now UP almost 1%. Optimism in Athens?

9.44am BST

Greece's labour minister Panos Skourtletis has also been making some incendiary comments this morning, reports Helena Smith.

"Nothing can be excluded by anyone in relation to the success or not of an agreement."

"There will be no deal without tackling debt and getting a growth program. No reduction in salaries or pensions".

"We can't hide that, yes, there is shock on our part. They are immovable, unyielding."

9.22am BST

Negotiations could easily drag on into the weekend, warns Robin Bew of the Economist Intelligence Unit.

#Greece talks not looking so good. Still think they'll do some kind of deal but may run into weekend.

9.21am BST

Here's our early dispatch from Brussels, by my colleague Jennifer Rankin:

9.18am BST

9.16am BST

SYRIZA spokesman Fylis on Skai TV, doesn't sound like a man who expects Tsipras to return to Athens without some kind of deal #Greece

9.12am BST

More fighting talks from Syriza MPs this morning.

"We are being confronted with a cartel of lenders....

"The message that the government has to send is that we are a proud people. We are not going to accept being humiliated,"

"They want 1 % of GDP in Value added tax and are insisting that 23 percent be slapped on restaurants."

9.06am BST

A striking front page from Greece:

Today's @TOPONTIKI frontpage: Shameful #Europe: committed to the "lethal prescription" insists on executing #Greece pic.twitter.com/5iADe8xUb1

"Up to here and enough is enough!" it declared. "The prime minister rejected the far fetching demands of the lenders."

9.00am BST

Over in Athens, politicians, the media and commentariat all concur that D-Day has come.

I- IfIIIIIII...IIII^1II(R) IIII3/4I^1I III IIIII^1IfIII III IIIII^1 IfI...I1/4IIIII,IIII II(R)I3/4I, IIIIIIIIfI III IIIIIII I IIIIfI III II...I^2IIIIIfII IIfIIII.I"II II III...I IIIIIfII^1!

II^1 IIIII^1IfIII IIIIIIIII^1 III IIIIIII^3IIfI III... IIIIIIIII^1III IIII^3II..., IIII IIIII...I 23% III IfII I^3III. II IIIII...I I^3I^1I III... IIIIII...I3/4I I I^3I^1I IfI...I1/4IIIIIII;

8.54am BST

Carsten Brzeski, ING's chief economist, says people are "getting exhausted" with the endless routine of meetings and deadlines around the Greek crisis.

It's very hard to tell fact from fiction, he told Bloomberg TV this morning.

"If anything, the chances that these negotiations will fail have increased over the last 24 hours."

8.54am BST

8.39am BST

The Greek stock market has just opened....and shares are, unsurprisingly, falling fast.

Bank shares have dropped by 5%, helping to drag the main ATG index down by almost 2%.

8.33am BST

Europe's stock markets have fallen a little in early trading, extending yesterday's losses.

The markets are slightly more tentative this morning as another Greece dominant day looms...

An unhappy IMF on one side, which wants stronger pension reforms instead of a reliance on raised taxes, and an angry Greek government on the other means Tsipras, and Greece is general, is caught between the proverbial rock and a hard place as judgement day (i.e. a whopping a1.6bn payment to the Washington-based institution) grows ever closer.

8.27am BST

Greece and its creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting (which ended so early yesterday)

8.21am BST

Over in Brussels, MNI reporter Simon Marks has spotted Alexis Tsipras arriving back at the European Commission for more talks with the IMF, ECB and EC:

And the main man-@tsipras_eu has entered the ring. pic.twitter.com/v8LwofhiKx

8.14am BST

Analysts at Royal Bank of Scotland reckon a deal probably won't be reached today:

EU sources have been reported as saying that logistically Sat is deadline for negotiations if #IMF payment on Jun30th is to be made on time.

RBS on #Greece negotiations: Our baseline (50%) continues to be that there will be an agreement before Tuesday but not likely today.

RBS: We certainly cannot rule out that a Greek deal only follows after missed IMF payment, change in Greek govt composition or cap controls.

8.06am BST

A senior official of Greece's ruling Syriza party has claimed that creditors are trying to "blackmail" the country.

"The lenders' demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax."

"There cannot be a deal without a substantial reference and specific steps on the issue of debt."

7.58am BST

Europe's indefatigably optimistic economics affairs commissioner, Pierre Moscovoci, has tweeted that "Where there is a will, there is a way".

Li oi^1 il y a une volonti(C), il y a un chemin

7.51am BST

Good morning.

Juncker has left the building. He waved at @traynorbrussels. Really. He did pic.twitter.com/URGMlyK4Fk

Greek talks to resume today at 0800BST in order to construct new proposals, which can be presented at the Eurogroup summit 1200BST

Morning from Brussels where multiple crises collide: med migrant crisis, Grexit & Brexit. #EUco Summit in 1 building. next door Greek talks

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