BRUSSELS So far, Greek Prime Minister Alexis Tsipras is seeking an agreement with its creditors; Without the prospect of an agreement, the ECB may not increase their emergency liquidity assistance to Greek banks. Here are the latest news about the Greek financial crisis (in local time).
22:05
Prime Minister Alexis Tsipras wants to reach agreement with the European creditors in Sunday’s summit to prevent the collapse of the country’s banks a Greek government official said.
The official, who asked not to be identified because the delicacy of the negotiations, said the president of the European Central Bank Mario Draghi warned the finance ministers of the eurozone banks in Greece are at risk and that there is an urgent need to reach an agreement.
Without the prospect of an agreement, the European Central Bank may not increase their emergency liquidity support to Greek banks. It has frozen its aid in the last couple of weeks and banks have been closed.
The official also noted that some of the proposals of the creditors, such as a requirement that Greece deposited 50,000 million euros (56,000 billion) in state assets into a special fund for subsequent sale, seems to intend to “humiliate” the Greek government.
21:10
The Treasury United States indicated that the Secretary Jacob Lew is “encouraged by reports of some progress” in Brussels emergency summit of leaders of the eurozone regarding Greece.
Lew stressed that Greece is showing signs “political will to implement tough reforms”.
In a statement issued on Sunday, Lew urged all parties to show flexibility.
He said that rebuilding trust between Greece and its creditors requires a tradeoff between Greek reforms and “measures” to ensure that Greece’s debt is manageable.
18:50
Prime Minister Alexis Tsipras meets with French President Francois Hollande and German Chancellor Angela Merkel during a break in negotiations for a bailout for Greece in Brussels.
A Greek official who informed the meeting gave no further details.
The meeting was also attended by Donald Tusk, President of the European Council.
18:30
It seems that Greece has accepted a draft that includes demands of European creditors and Athens had previously rejected .
Among the proposals, Greece would accept that representatives of lending institutions have some sort of basis in Athens.
Elsewhere in the Eurogroup document obtained by The Associated Press, Greece agree to carry out “ambitious reforms in pensions and markets” and raise “significant form” its privatization program.
According to the document, the government agreed to legislate a first series of measures for Wednesday.
18:20
A temporary exit from the euro is under discussion in potential emergency meeting of the 19 eurozone leaders in Brussels.
At the end of a draft of four pages that include proposals and which was obtained by The Associated Press, the finance ministers of the euro area say that Greece should you offer “quick negotiations while time out of the euro zone, with a possible restructuring debt “if it does not reach an agreement for a bailout.
The document shows that the country may need between 82,000 and 86,000 million euros (from 91.000 to 96.000 billion) of funding.
6:05 p.m.
Russia says it is considering supplying energy directly to the government of Greece, where there are doubts about the ability of state enterprises that pay their imports of oil and gas natural.
The state enterprises were ordered to place their reserves in central Athens has been used to cover expenses such as wages and pensions as the country has no liquidity.
Greece imports most of its gas from Russia.
17:10
The Italian Prime Minister Matteo Renzi says that Europe needs an agreement with Greece once and for all and move to other problems facing the continent.
When you get to an emergency meeting of the 19 eurozone leaders in Brussels, Renzi said “there is a great need for Europe to return to do what you need” and addressing issues.
Among others, he mentioned the events in Libya and Ukraine, the terrorist attacks on Italian consulate in Cairo and the nuclear negotiations.
16:40
One of the strongest critics of Greece, Bonds Minister Stubb said that the ransom negotiations have been “good progress”.
Stubb said the proposals sent to the leaders for discussion at a special summit in Brussels includes three key elements, including a number of unspecified laws which must approve the Greek parliament on Wednesday.
If these conditions are met, then negotiations can proceed, Stubb said.
16:20
Jeroen Dijsselbloem, head of the eurozone, said that negotiations on a Greek bailout and walked a long way, but there are still thorny issues Leaders discussed at a special summit in Brussels.
16:10
A Greek official says Prime Minister Alexis Tsipras spoke by phone with Treasury Secretary Jack Lew and said, that for there to be an agreement, all parties must want one.
The official, who spoke on condition of anonymity in line with government regulations, said Tsipras told Lew Greece has shown that wants an agreement, but that the viability of one must recognize that what the Greeks have done in the last five years.
15:45
German Chancellor Angela Merkel says no there will be an agreement with Greece “at any price”
When you get to an emergency meeting of the 19 eurozone leaders in Brussels, Merkel added that “the most important currency and missed. of the confidence. ” He noted that the negotiations will be “hard”.
Germany has taken a tough stance against Greece and has questioned whether Athens will comply with the reforms promised in exchange for financial aid.
15 35
Jean-Claude Juncker, head of the European Commission, the executive arm of the European Union, said that “fight to the last millisecond” for an agreement that would allow Greece to remain in the euro zone.
When you get to an emergency meeting of the 19 eurozone leaders in Brussels, Juncker gave some signs of optimism that an agreement with Greece is imminent.
15:25
The French President Francois Hollande says he will do everything to keep Greece in the euro zone.
When you get to an emergency meeting of the 19 eurozone leaders in Brussels, He said that “France will do its utmost to reach an agreement tonight.” He added that not only the future of Greece is at stake, but also that of Europe.
15:05
The Greek Prime Minister Alexis Tsipras says he’s ready for an agreement with the European and creditors might be possible to reach an agreement on Sunday “if all parties want.”
When you get to an emergency meeting of the 19 eurozone leaders in Brussels, Tsipras said the Europeans want see Europe “united and undivided”.
13:10
A European official said on Sunday that Greece’s European creditors seeking an agreement to ease soon, even from Monday , the pressure on Greek banks following an acute liquidity.
The official close to the negotiations said that the leaders of the Eurozone of 19 countries are focused on a “Plan A “which provides that Greece meets its financial obligations and remain in the euro.
The official, who spoke on condition of anonymity because he was not authorized to speak publicly, said eurozone leaders expect to issue a declaration that paves the way for the formal launch of negotiations on the bailout of Greece. The leaders are scheduled to meet later.
That, he added, would give the “green light” to the European Central Bank to attend Greek banks in their liquidity emergency.
12:40
The head of the ruling Socialist Party of France urged other left parties in Europe to foster a deal to save Greece’s economy.
The French Socialist leader Jean-Christophe Cambadelis particularly urged the German Social Democrats, the junior partners in the coalition government of Chancellor Angela Merkel, to push for a compromise.
12:00
The top official of Economy of the European Union, Pierre Moscovici, said the Greek government has to “do more in the short to medium term”, which seemed to indicate that the Greek legislators have not done enough to approve proposed austerity Prime Minister Alexis Tsipras.
The Greek government is under pressure to enact legislation quickly, possibly in the coming days, on economic reforms to calm creditors, worried that Athens . betray their trust after receiving billions of euros of rescue
“The agreement has to be economically ambitious and politically realistic level,” Moscovici said
. 11: 50
The first Finnish Minister Juha Sipilä denies that his government has been on the verge of collapse due to disagreements about a Greek bailout among his coalition partners.
Saturday, when the finance ministers of the 19 eurozone countries met, in Finland on news circulated that the government was under pressure from the Finns party, which in the past has argued that Greece leave the euro.
“Absolutely not, no way. You live in a world of rumors, “Sipila told reporters on Sunday in Helsinki.” The government took a fully united position. “
Finland has refused to reveal its position on Greece publicly allege reasons strategic.
The foreign minister, Timo Soini, Finns party leader also declined to comment on Greece indicating that the vow of secrecy that made members of the government would remain in place.
11:30
The European creditors do not trust the government enough to do what Athens has said it will do in terms of economic reforms, said the Italian Finance Minister, Pier Carlo Padoan.
As a result, he says, not an agreement that ensures the future of Greece in the euro zone in Sunday meetings in Brussels, first of finance ministers of the 19 euro zone members will be reached and after their heads of government.
“We will continue working to establish the conditions for starting negotiations, which is the real goal,” said Padoan on arrival for negotiations. “This is not a deal.”
“Let’s face it, the main obstacle to progress is the lack of confidence,” Padoan added.
11:20
Greek banks, according to various estimates, barely have enough cash in their coffers for the week.
The Greek banks have spent almost two weeks and closed cash withdrawals from ATMs they have been limited to a mere 60 euros. The economy is in free fall and the country faces substantial debt terms in the coming weeks.
Greece has already left it unpaid within debt of 1,600 million euros (1,800 million dollars) to the International Monetary Fund last month. July 20 meet other payment 4,200 million euros to the European Central Bank.
Greece has asked the European rescue fund an aid package of 53,500 million euros (59,500 million dollars), but many senior European officials believe that would not be enough.
10:55
The finance minister of Cyprus, a traditional ally of Greece, says it can find a way to secure the place Greece in the euro.
However, Harris Georgiades warns that decisions based on “populism, slogans and ends” will not produce an agreement.
Georgiades made the remarks upon arrival a meeting of the 19 finance ministers of the eurozone. On Saturday, a meeting called eurogroup dissolved after more than eight hours of talks without making progress on the Greek crisis.
“We have to work less based on emotion and more focused on reason and difficult but necessary decisions that offer prospects, “said Georgiades.
Cyprus remains firmly positioned beside Greece in the tough negotiations with its European creditors, said the minister, because he wants the country to remain in the eurozone .
10:40
The Finnish Finance Minister Alexander Stubb, he said that “remains confident” in reaching agreement on the Greek financial crisis, but the two sides remain ” very, very remote “.
On a scale of 1 to 10 points, Greece and its partners in the eurozone are only” between 3 and 4 “when it comes to reaching an agreement.
Stubb denied that Finland is blocking the deal and said that all countries try to find a solution to a “very difficult situation”.
Greece has asked the European rescue fund package grants of 53,500 million euros (59,500 million dollars), but many senior European officials believe that would not be enough.
10:25
The president of the European Council, Donald Tusk, suspended the summit of the 28 heads of government of the European Union scheduled for Sunday and instead focuses on the meeting between 19 members of the eurozone to find a solution to the crisis on the Greek bailout.
In a tweet on Sunday morning, Tusk said that the eurozone summit will begin in mid-afternoon “and will last until we conclude the talks” about Greece.
A whole day of talks on Saturday between the 19 finance ministers of the eurozone could barely close the gap, and several ministers were expressing distrust of Greek ability to implement financial reforms.
9:45
Successful negotiations on the bailout of Greece depends on trust, according to the European authorities.
Greece will have another chance on Sunday, perhaps the last, to convince skeptical Europeans that creditors can rely on expanding undertake reforms that would safeguard its economic future in the euro.
The meetings in Brussels resumed at 11 am local time (0900 GMT), just hours before the heads of government 28 countries of the European Union come to Brussels for a summit.
The two sides negotiated for eight hours on Saturday and discussed among other things “the problem of credibility and trust,” said Jeroen Dijsselbloem, president of the eurogroup , to leave the meeting.
Greece has asked the European rescue fund an aid package of 53,500 million euros (59,500 million dollars), but many senior European officials believe that would not be enough.
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