Following is the latest news on Greece’s debt crisis after euro zone leaders set Athens a deadline of the end of the week to come up with convincing reform proposals . All times are in GMT.
1436 – French Prime Minister Manuel Valls says basics of a Greek deal have been laid out, a deal is within grasp
1334 – Reuters polling shows for first time economists saying Greece’s exit from euro zone is more likely than not
1323- U.S. Treasury Secretary Jack Lew says Greek meltdown would be geopolitical mistake
1214- Greece will issue a ministerial decree later on Wednesday to extend a bank holiday that has already lasted for eight working days, a government official says
1210 – Spanish Prime Minister Mariano Rajoy says the mood music coming from Greece concerning its debt negotiations is more positive than before
1204- Russian Economy Minister Alexei Ulyukayev says financial aid for Greece is not a subject for the BRICS summit
1147 – German finance ministry spokesman rejects measures that reduce the current value of Greek debt such as debt reprofiling
1139 – European Banking Authority says remains vigilant but markets coping well so far with Greek uncertainty
1130 – Greece proposes to implement as early as next week tax and pension reform measures, letter shows
1125 – Greece requested a three-year loan from the European Stability Mechanism bailout fund but didn’t specify volume of financing sought, a euro zone source tells Reuters
1125 – European Council President Donald Tusk says without unity on Greece we will in four days wake up in a different Europe
1122 – If Greece and its creditors don’t agree by Sunday to start talks on third bailout, it will be necessary to think about other options, a spokesman for the German finance ministry says
1117 – Greek Prime Minister Alexis Tsipras tells EU Parliament he will come up with very specific proposals on Thursday
1015 – Technical experts will review Greece’s request for an ESM loan on Wednesday but there will be no conference call among euro zone ministers, a spokesman says
0956 – Russia is not in a position to help solve the Greek debt crisis, and the EU should resolve it on its on, the chief executive of Russia’s second largest bank VTB says
0947 – Greece lodges formal request for bailout loan with the euro zone’s special support fund, a spokesman for the European Stability Mechanism says
0920 – European Central Bank Governing Council member Ewald Nowotny says hard to imagine that ECB council could increase emergency liquidity for Greece
0904 – Bank of Italy and ECB member Ignazio Visco says ECB will will do what it can to contain financial and economic consequences of Greek crisis.
0903 – Greece successfully rolls over T-bills to refinance a maturing six-month issue
0820 – Greek Prime Minister Alexis Tsipras tells European Parliament says will present details proposal to EU in next 2-3 days.
0812 – Greek Prime Minister Alexis Tsipras tells European Parliament the referendum gave him a mandate to find a socially just and economically sustainable solution to end the crisis.
0747 – EU Economics Commissioner Pierre Moscovici tells BBC radio an agreement between Greece and its euro zone partners is still possible.
2347 – Euro zone members give Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans
2135 – Merkel says she hopes to have sufficient reform proposals from Greece this week to be able to ask the German parliament to approve negotiations on a new long-term aid programme for Athens. If the reform list was adequate and Greece took some prior actions to enact first measures, she says she is sure that short-term finance can be provided to help Athens over its immediate funding needs.
2030 – Austria’s finance minister says Greece’s request for financial aid from the European Stability Mechanism (ESM) is so far very vague.
2020 – Summit over; Italian Prime Minister Matteo Renzi says a final meeting on Greece, involving all 28 EU leaders, will take place on Sunday.
1932 – Greek banks could start to run out of cash over the next two days if creditors do not agree to a new aid deal, two sources familiar with the country’s financial system say.
1753 – Euro zone leaders could hold a further emergency summit on Sunday to approve a plan to aid Greece if creditor institutions are satisfied with a Greek loan application and reform plan, two senior EU sources say.
1715 – A Greek government official says Greece is asking its euro zone partners for an interim solution to its funding needs that would cover the rest of July while a long-term deal is sought.
1714 – Irish finance minister says the main elements of an agreement on Greece need to be in place by next Monday, and that the general impression is that a reprofiling of Greek debt would be acceptable.
1704 – White House says Obama has spoken to Tsipras and Merkel.
1645 – Prominent economists have called on German Chancellor Angela Merkel in an open letter to change her policy course and stop “force-feeding” the Greek people “never-ending austerity”.
1632 – German bond yields fall by as much as 15 basis points to their lowest in nearly five weeks amid a rout in commodity markets and mounting doubts about Greece’s future in the euro. Greek fears drive the biggest UK bond rally in over three years.
1618 – Italian Prime Minister Matteo Renzi says a deal with Greece can be found in the coming hours.
1554 – A Greek government official says proposals Athens made to creditors last week to unlock bailout funds still stand, although some improvements have been made.
1536 – French President Francois Hollande says immediate aid is available for Greece, but the onus is on Athens to make proposals. “Greece must make serious, credible proposals. We are waiting for them and they have already been announced. They must be fleshed out now. That’s the issue for tonight.”
1521 – A Greek government official says PM Tsipras spoke to U.S. President Barack Obama on Tuesday and briefed him on Greece’s request for a rescue loan from its euro zone partners.
1513 – German Chancellor Angela Merkel says Greece must commit to reforms to secure new loans, and stresses that only days are left to secure a deal. “Without solidarity and reforms it’s not possible to go where we want to go,” she says. “It’s not a matter of weeks but of a few days. We will see what the Greek prime minister will tell us.”
1505 – Dutch PM Rutte says if Greece doesn’t come up with a proposal soon, euro zone leaders won’t be able to help.
1457 – EU Economics Commissioner Pierre Moscovici says there is hope for a deal with Greece, and the Eurogroup will work quickly to keep the euro zone intact.
1451 – Eurogroup chair Jeroen Dijsselbloem says the group will discuss an expected Greek request for a medium-term loan from the European Stability Mechanism (ESM) on a conference call early on Wednesday. He says it is waiting for a new Greek letter with a single clear set of proposals.
1450 – Russian finance minance minister Siluanov says Moscow hasn’t looked into providing Greece with loans.
1447 – Finnish finance minister Stubb says Greece is expected to make a request for a loan from the European Stability Mechanism (ESM) imminently, within a few hours.
1445 – Greek officials say they have submitted credit proposals to euro zone partners based on those put forward last week, rejecting suggestions that Athens had not come up with any plans. “Is it really that we don’t have proposals or is it that they don’t like our proposals?” one official says.
1438 – Greek PM Tsipras will meet Germany’s Merkel and France’s Hollande before tonight’s summit, a Greek government official says.
1406 – A second euro zone official confirms Greece has not submitted any formal proposal for credit to Tuesday’s meeting of euro zone finance ministers. “If they really plan to present something formal tomorrow, they may not find anyone to read it,” the official adds. (Compiled by Toby Chopra)
[“source – reuters.com”]