Disappointment as Greece and its eurozone partners don’t even release a statement about its bailout programmeEurogroup chief: No common groundGreece: No deal agreedProtests in Athens, and beyondNice scarf, Yanis 12.16am GMT 12.12am GMT Open Europe analyst Vince Scarpetta homes in on the key point:Obviously, as Dijsselbloem said, technical work on the details can't begin as long as there's no political agreement on what to do. #Greece 12.09am GMT A reminder of how disappointing tonight’s press conference was:A 1 min statement, 7 mins of qs with same answer: no political agreement on way forward, no plans under discussion. http://t.co/ThFeeAdYA4 12.06am GMT Peter Spiegel nails it:Expectations for this evening's emergency #eurogroup on #Greece were exceedingly low, and they still managed to fall short of them. 12.05am GMT The rumour that tonight’s meeting unraveled after Germany’s finance minister left the room is gathering pace:#Eurogroup: Germany FinMin allegedly left meeting at 23h thinking that there was a final statement, vetoed later by #Tsipras-sources 12.04am GMT Oops... We bump into @yanisvaroufakis on our way out Eurogroup pdt's presser #greece pic.twitter.com/9R81bTaXsT 11.57pm GMT Don’t make any plans for Monday night, dear readersOn the plus side, for fans of the beloved late-night #Eurogroup there is the promise of at least one more episode next week #Greece 11.52pm GMT Tom Nuttall of the Economist has heard that the eurogroup had agreed a deal, but then the German finance minister departed, and then it all went wrong.....Source: Schaeuble left meeting believing statement agreed. Then Varoufakis took floor to speak again and deal fell apart. 11.49pm GMT Is it really plausible to expect a breakthrough at next Monday’s eurogroup meeting? Wolf Piccoli, analyst at Teneo Intelligence, thinks not:Set for another extraordinary #Eurogroup meeting as deal on Monday looks rather unlikely given vast gap. Clear the diary for 27 Feb #Greece 11.46pm GMT For all our gloom, Greek finance minister Yanis Varoufakis remained upbeat when he spoke to Greek reporters afterwards:What @yanisvaroufakis said in Greek to the Greeks sounded far more interesting than his words in English pic.twitter.com/09UqAPnDnn 11.39pm GMT Eurogroup presser already over. Impression is there's no agreement whatsoever, not even on how to proceed with negotiations. #Greece 11.38pm GMT Eurocrisis experts agree that tonight’s meeting was a big disappointment:#grexit #eurogroup this is beginning to sound like quite a failureSo Eurozone finance ministers weren't even able to agree on a joint statement. Clearly not a good sign. #Greece #EurogroupSo eurogroup ends without even a statement on a process for moving forward with Greece? Must have been bad. 11.36pm GMT I ask @yanisvaroufakis if failure to produce traditional bullshit statement is progress. He replied, 'Well in a sense you are quite right' 11.32pm GMT Greece’s finance minister apparently told reporters that tonight’s talks were “constructive”:#Greece: FinMin @yanisvaroufakis says #eurogroup talks were "constructive" and "see you monday". Photo via @Suanzes pic.twitter.com/I2hT4uYduU 11.28pm GMT That’s the shortest, and most disappointing, press conference I can remember covering since this financial crisis began.The failure to agree a statement, even a holding one, suggests that the two sides have made desperately little progress tonight. Dijsselbloem: People will not start working before Monday as there was no political agreement on the way forward 11.23pm GMT And that’s it! Dijsselbloem ends the press conference, on the grounds that he’s repeating itself. 11.22pm GMT We didn’t agree the common ground that will allow officials to start work now, ready for Monday, Jeroen Dijsselbloem reiterates. We need a political agreement first. 11.21pm GMT This sounds bad. Dijsselbloem says that the eurogroup has not made as much progress as he hoped.He wanted a plan on the table that officials could then work on ready for Monday, but “unfortunately” that didn’t happen. 11.20pm GMT What’s the sticking point?Dijsselbloem: We discussed the possibility of an extension for Greece. For some people, that was the preferred option, but we haven’t come to that conclusion yet. 11.18pm GMT Commissioner Pierre Moscovici now -- he says that some progress was made, towards understanding each other’s position.There is lots of goodwill on both sides, he adds. 11.17pm GMT A question for Christine Lagarde - what is the situation with the Ukraine bailout?She invites journalists to a press conference tomorrow morning at 9am - a lot of progress has been made, she adds. 11.16pm GMT What happened to all those draft statements?If you don’t reach a joint conclusion you can’t release a statement, Dijsselbloem. 11.15pm GMT Onto questions-- this should be fun.... 11.15pm GMT THAT’S IT?! 11.14pm GMT Dijsselbloem says some progress has been made, but we have not made enough progress to reach a joint conclusion.So talks will continue on Monday. 11.14pm GMT OK, we’re off. Reminder - you can watch the action here. And also here (needs Microsoft Silverlight) 11.11pm GMT Back in Brussels, an official just told the press room that “They have just come out of the room”..... 11.07pm GMT The Greek government has had enough of the delays, and has released its own statement, reports Helena Smith in Athens. And crucially, it reads, “At this euro group there has been no agreement.” “An extension of the memorandum cannot be accepted. Negotiations will continue with the goal [of achieving[ a mutually beneficial agreement.” 11.02pm GMT Sources are saying that #Eurogroup statement is ready but #Greek minister is on the phone trying to get a yay or nay from #Athens. 10.58pm GMT Rumours in press room that another dispute over #Eurogroup statement wording holding up presser. #Greece Redrafting the redraft of the redraft of the draft? 10.54pm GMT Journalists are assembled ready to question Greece’s finance minister when he emerges from the eurogroup meeting (Varoufakis won’t be at the [alleged] press conference):Greek journos are waiting. Mr @yanisvaroufakis do come down please #greece pic.twitter.com/Go1WCWDbLt 10.50pm GMT I remember when they said the Eurogroup press conference would start at 9:45 pm... Two hours later, still waiting. 10.48pm GMT Choppy chop, guys, we are getting restless.#Eurogroup presser starts any day now. #GreeceI'm going to start the rumour that the reason #Eurogroup presser is delayed is because @J_Dijsselbloem got in a fistfight 10.39pm GMT The solution presents itself:@MehreenKhn @graemewearden You mean "Pier"`? 10.32pm GMT Finland’s finance minister says no deal, and not much progress either, according to this tweet: FIN FM Rinne: We still don't have any kind of Greek proposal on paper 10.28pm GMT Just waiting for Jeroen Dijsselbloem, President of the eurogroup, Pierre Moscovici, member of the commission in charge of economic and financial affairs, taxation and customs, and Klaus Regling, managing director of the European Stability Mechanism. 10.22pm GMT Another Reuters newsflash:Luxembourg FinMin: Eurogroup agreed way forward on #Greece, Discussions to continue in coming days. There was no clash today. (rtrs) 10.13pm GMT Klaxon! Take your seats, open your live streams, pour another slug of coffee/glass of wine/hot chocolate....The press conference has been called for. Eurogroup is now over. @la_stampa #greece 10.01pm GMT Sounds like the eurogroup are redrafting the redraft of the draft (to quote Yes Minister for the second time tonight)#Eurogroup 3rd draft underway. Deadlock in the previous 2 - #Germany really anxious on terminology. Jargon is alive. #Greece #mazi #Juntos 10.00pm GMT Greek officials are apparently briefing that an agreement has not been reached -- as their team could not accept extending the current bailout.That’s via Capital GR’s Efi Efthimiou:#Greece govt in Athens says “there was no deal, we cannot accept bailout extension” TR @capitalgr: Μαξίμου: Όχι http://t.co/LpS7bv6X2x 9.55pm GMT That “Greece and Europe have agreed on a deal” rumor lasted for what, three maybe four minutes? 9.55pm GMT As suspected, talk of a deal was overdone:Eurogroup Source: “No Deal” As Of Yet, Potential For Bailout Extension --RTRS 9.53pm GMT Mystery solved:Greece and Eurogroup apparently discussing language on bailout extension. Varoufakis going through it crossing out every mention of Troika? 9.52pm GMT The official EU Council press service just tweeted that the press conference with eurogroup chief Jeroen Dijsselbloem starts soon. It’s being streamed here....Starting soon: #Eurogroup press conference with @J_Dijsselbloem. Watch live through http://t.co/jrJuYg6cte. #Greece 9.46pm GMT Hmmm. CNBC has just reported that Greece and the eurogroup have reached an ‘agreement in principle”, but it’s not clear over what, exactly.....BREAKING: EU & Greece come to agreement in principle as meetings continue, source says. http://t.co/PPYRy7oW45 (via @MCaruso_Cabrera)Much like @BrunoBrussels, I'm hearing #eurogroup statement a big fudge. Talks to continue on deputies level...but no word to what endFinal Details Of Greek Deal To Be Made Clear When Talks Cease On Monday ~@CNBC #Greece 9.40pm GMT And still we wait....Eurogroup is still drafting. @la_stampa #GreecePossible changes & extension to programme, said one Eurogroup draft statement, fudging & obfuscation continues 9.39pm GMT Analysts at RBC Capital Markets aren’t expecting much from tonight’s press conference (assuming it ever happens!)They write:Greek finance minister Varoufakis is expected to again make the case for short-term ‘bridge financing’ until June, so as to make room for negotiations on a longer-term debt solution. Various euro area officials have nevertheless already stated that even a bridging loan must be accompanied by suitable conditionality, suggesting that the Greek authorities will be hard-pressed to build consensus on even a stopgap measure at today’s meeting. Discussions are likely to be handed over to European Leaders at the informal Council in Thursday’s European session, with further finance minister-level meetings also scheduled for this coming Monday. 9.33pm GMT Back in Athens, the BBC’s Mark Lowen tweets that eurozone officials should heed the protests tonight (we ran some photos earlier)Big support for govt in #Athens rally. Loud call for #Eurozone to heed mandate given to #Greek govt - and warning of backlash if it doesn't 9.24pm GMT Reuters tweets that market can expect a joint statement - from #Greeece & Eurogroup that states intent to reach a deal on Monday. (via Citi) 9.23pm GMT Eurogroup and #Greece preparing common statement on how to handle Athens finances ~Reuters 9.22pm GMT Still no press conference. Instead, Bloomberg is reporting that Greek Finance Minister Yanis Varoufakis presented his European counterparts with four principles for a new financing deal.Greece wants a deal that provides for financial stability, financial sustainability and debt restructuring, while addressing Greece’s humanitarian crisis, Varoufakis said during talks Wednesday in Brussels without offering details, according to the officials, who asked not to be named because the talks are private.Greece has offered Europe 4 principles for talks, sources say http://t.co/Y4Mv2vtbL6 pic.twitter.com/vbXRuccQI6 9.17pm GMT Reuters has snapped that the eurogroup and Greece are preparing a common statement on how to handle Athens finances.... 9.10pm GMT Perhaps the eurogroup aren’t finished, after all....After standing at the base of the stairs in #eurogroup press rm for about 15 minutes, reporters now disbursing. False alarm? 9.06pm GMT Ελληνοφρένεια ΤΩΡΑ! Waiting for the #Eurogroup press briefing to start pic.twitter.com/22AT83umCT 9.04pm GMT Proof that a pair of sharp elbows can be an invaluable journalistic tool:Thing seem to come to an end as journos wait to be let into press room for @J_Dijsselbloem presser #Eurogroup pic.twitter.com/O3qcL2Eom7This will be a mad scramble for seats in the tiny #Eurogroup press room today. pic.twitter.com/oolSHLyOna 8.56pm GMT The FT’s Peter Spiegel reports a flurry of activity outside the eurogroup meeting roomLarge gaggle of reporters gathering near stairs in #Eurogroup press rm. I have no idea why, but I suspect things may be wrapping up. #Greece 8.54pm GMT #Greece PM #AlexisTsipras will be meeting 4 leaders in Burssels ahead ofThursday's EU summit - you've guessed it: Merkel is not among them 8.53pm GMT The Greek prime minister’s office has JUST released Alexis Tsipras’ schedule for the leaders summit in Brussels tomorrow, Helena reports. It makes for quite a read. This is the far left leader’s first appearance on the international stage as premier of Greece: 8.47pm GMT The head of Spain’s anti-austerity Podemos party has warned that the European project could unravel if Greece is not given fresh help by its partners.Writing for our Comment Is Free site, Pablo Iglesias argues:Austerity has shattered the political space historically occupied by social democracy, so it would be in the interests of these parties to rectify this and support the Greek government.It seems that Italy’s Matteo Renzi, despite his lukewarm support, is alone in fully grasping what is at stake in Greece. Or do people perhaps think that if Europe’s leadership refuses to budge in its attitude, then the “normality” of austerity can be restored? It is unwise to put a democratic government between a rock and a hard place. The wind of change that is blowing in Europe could become a storm that speeds up geopolitical changes, with unpredictable consequences. 8.42pm GMT Sounds like an ultimatum heading South... 8.39pm GMT Till Monday Greece will have to decide if they want extension of current program. No other option on the table. #Eurogroup 8.34pm GMT Ahem, just corrected that earlier post in case I’m reading too much into the “bridge” reference, so do please refresh to avoid us causing confusion.... 8.31pm GMT The Brussels press pack are working hard tonight...debatte der eurofinanzminister zu griechenland offenbar intensiv und konkret, für uns journis heißts warten pic.twitter.com/4hyo2FXizz 8.28pm GMT Marco Zatterin of La Stampa has heard that a statement is being drawn up, and the meeting might be over within half an hour.... (updated)."Eurogroup is drafting some kind of bridge-declaration, it will be over in 30 mins circa", says a Eu source. @la_stampa @FGoria #greece 8.24pm GMT Bruno adds:I suspect we're about to learn that @yanisvaroufakis (& his cheerleaders) can do trad euro bullshit blabla along with the rest of the gang 8.23pm GMT We’re starting to see more leaks from the eurogroup meeting.Bruno Waterfield of the Telegraph says officials will take the plan presented by Greece tonight, and compare it against the existing programme. Source: euro working group experts & Greece to make analysis on divergences between @yanisvaroufakis plan and existing programme for Mon 8.06pm GMT Eleni Varvitsiotis, Kathimerini’s correspondent in Brussels, hears that Greece is coming under pressure to stick with the status quo.Pressure on #Greeks to accept extension of the current program. #Eurogroup 7.55pm GMT Sounds like it might nearly be time to stop admiring Varoufakis’s scarf and get to work...#eurogroup press conference will be livestreamed on EBS Live. Supposed to start soon. http://t.co/ZSrhIyUHe3 #mazi #weareallgreeks 7.54pm GMT Germany’s finance minister sounded a little sarcastic, going into tonight’s meeting:#Schaeuble: The Greek programme will continue to be run by the #Troika, which apparently we can't call 'Troika anymore.' #Eurogroup 7.51pm GMT Here’s the seating plan for tonight’s eurogroup meeting. The Greek delegation is slap-bang in the middle of the table.The #Eurogroup seating order. #Varoufakis between #Ireland and #Spain via @Stefan_Riecher pic.twitter.com/ll8d0kT83X 7.33pm GMT Great turnout in Parliament Square tonight for solidarity protest with people of #Greece pic.twitter.com/uIa3Pynpz8 7.26pm GMT Tonight’s demonstrations aren’t restricted to Greece -- anti-austerity campaigners across Europe are rallying tonight.Follow @OlivierDrot who's keeping track of solidarity marches around Greece and Europe (#Greece #mazi) pic.twitter.com/lKCO97T83W 7.24pm GMT We have a winner.They're either discussing GDP-linked bonds or talking about getting the band back together pic.twitter.com/DMGaWCgynY 7.19pm GMT From Brussels, Ian Traynor writes:Greece’s new leftwing government started its first serious negotiations with its eurozone creditors on Wednesday evening as fellow currency bloc members insisted that the country stick to its bailout agreement.Yanis Varoufakis, the new Greek finance minister, went into negotiations with the other finance ministers at a specially convened session in Brussels of the Eurogroup, following 10 days of touring Europe in a failed attempt to woo Berlin and other key capitals to shift the terms of trade between Athens and the eurozone. Entering the meeting, he was uncharacteristically taciturn.Greece warned to expect no favours as bailout negotiations begin http://t.co/O4qvcgfUpo 7.16pm GMT Still no clarity on how long tonight’s meeting will take. Greek reporters from SKAI TV reckon that it will not be a marathon session.As Yes Minister taught us, “The word ‘no’ is one of the shortest in the language”. Mind you, so is “Ja”..... 7.00pm GMT The Greek government is drawing strength from the thousands who have poured into city squares around the country to back its demands for a new bailout deal.“At the Euro group and EU summit it is not only the Greek government that is negotiating but together with 10 million Greeks. Hope has overcome fear.”“The important thing is that people here right now are happy. It’s a wait and see situation,” he said. “we just want our country to go forward. What we need is solidarity - and jobs. The Europeans, Germans, Austrians, French, should all come back and open investments here.” 6.52pm GMT Varoufakis isn’t the only one with a leather coat in his wardrobe - perhaps Christine Lagarde was inspired by the Greek finance minister’s Downing Street catwalk...Is Lagarde showing fashion solidarity with Varoufakis? #bikerjacket #eurogroup #greece pic.twitter.com/x5Ka77PGgh 6.48pm GMT We can dial down any lingering expectations of a breakthrough deal tonight. Tom Nuttall of the Economist has heard that our best hope is an agreement to prepare more work for next Monday’s eurogroup meeting.Senior source: best possible scenario is a mutual understanding by end of night that there will be a process to prepare for next Eurogroup 6.44pm GMT There’s more public interest in tonight’s eurogroup meeting than usual, reports Ian Traynor, our man in Brussels.#greece first time ever crowds out for a #eurorgroup meeting. @J_Dijsselbloem a bit of a rock star 6.42pm GMT Dr Elizabeth Stephens on @SkyIanKingLive - #Greece debt negotiations "when we say eurozone, it really is the Germans leading the way here" 6.38pm GMT Vanis Varoufakis’s choice of a Burberry scarf has caused a stir on social media.New Greek Finance Minister Varoufakis is wearing a Burberry scarf? What a great way to ask for more bailout money pic.twitter.com/N9b2CGodddNice to see lefty Greek finance minister Varoufakis looking like a capitalist wearing a Burberry scarf when meeting IMF's Lagarde. #tcot 6.35pm GMT The body language from eurogroup chief Jeroen Dijsselbloem didn’t look great when he met Yanis Varoufakis this evening..... 6.07pm GMT Anyone know a decent takeaway service in Brussels?..#EU institutions have differences on how long #eurogroup will go. Some say done by 10pm, some say I have no time 4 dinner. Should I go eat? 5.56pm GMT The eurogroup meeting is continuing behind closed doors, but we’ll be back later with any developments, including highlights from the post-meeting press conference. 5.56pm GMT Massive anti-austerity rally outside the Greek Parliament: https://t.co/5rZfH9RKAe #Greece #Syntagma #mazi #Eurogroup pic.twitter.com/HsmDb6g25P 5.47pm GMT Greek official says meeting today with Lagarde, Dijsselbloem and Weiser was to discuss what would constitute a bridge loan 5.29pm GMT All friends together. Greek finance minister Yanis Varoufakis glad hands his German counterpart Wolfgang Schaeuble and the IMF’s Christine Lagarde at the emergency eurogroup meeting in Brussels. 5.23pm GMT With investors cautious as the European finance ministers meet to discuss Greece, markets have edged lower, not altogether surprisingly. The final scores showed: 5.13pm GMT Meanwhile another rally is being held in Greece:Another rally is being held in front of the #ert HQ, will move to #Syntagma later #mazi via @alepoudaAt least twice the crowd as last time #mazi #Greece pic.twitter.com/GlSCDKNPWz 5.09pm GMT Here’s Christine Lagarde of the IMF arriving in Brussels earlier: 4.38pm GMT Meanwhile some encouraging words for Greece from Christine Lagarde, managing director of the IMF (one of the troika of creditors, let us not forget).After meeting Yanis Varoufakis, Lagarde said (courtesy Reuters):They are competent, intelligent, they’ve thought about their issues.'There will be plenty of work to do,' #Lagarde of #IMF says about talks w/ #Greece 4.36pm GMT ... although Reuters does appear to have this from the Greek finance minister:1-Feb-2015 16:33 - GREECE’S VAROUFAKIS, ASKED IN BRUSSELS IF GREECE MIGHT LEAVE EURO ZONE, SAYS “ABSOLUTELY NOT” 4.32pm GMT Anyone hoping for comments from Yanis Varoufakis on his arrival in Brussels may be disappointed, according to Open Europe:Seems as if Greek Fin Min Yanis Varoufakis ghosted into the #Eurogroup w/out giving comments to the media, different to recent approach... 4.30pm GMT A Grexit is unlikely and any contagion from the country’s problems is likely to be limited, according to James Butterfill, global equity strategist at Coutts. He said:We believe fears of this worst-case scenario – Greece reverting to the drachma, defaulting on its debt, causing a liquidity crisis in the Greek banking system and failure of Greek businesses – are unlikely to come to fruition. What is most likely in our view is some kind of compromise with Greece on repaying its debt, following an initial period of uncertainty.While Greece represents only 1.8% of eurozone gross domestic product, and the impact on eurozone economic growth of Greece leaving would be minimal, the concern is that a Greek exit could undermine confidence in the whole euro project. Still, bond markets and credit default swaps (a kind of insurance against default) are currently pricing in a low probability of contagion spreading to other peripheral markets.We see a debt-renegotiation compromise as the most likely outcome of the current impasse. Greek finance minister Varoufakis – a student of game theory – may have presented seemingly unreasonable demands as a tactic for gaining greater concessions for Greece. And it is encouraging that the two sides have agreed to meet today.The populism of Greece’s new prime minister Alexis Tsipras could give other anti-austerity parties in Europe a boost, prompting German concessions (despite the politically toxic ‘bail-out’ label). We think it’s likely that Greece’s more unrealistic demands will be curtailed by Greek-bank liquidity concerns. This time the creditors are primarily the ECB, IMF and Germany, so other peripheral countries are not on the hook and contagion shouldn’t spread to them. 4.23pm GMT And here’s some video of Pierre Moscovici arriving: 4.14pm GMT More talk before the big talks, this time from EU economics commissioner Pierre Moscovici:EU Economics Commissioner Moscovici: Today is first opportunity for #Greece to present its ideas and hear what others think about that.#Moscovici: We want a good discussion today. We know it will take some time to find a solution. #Eurogroup#Moscovici: The stipulations of the programme is the basis for our discussions today. #EurogroupMoscovici: Some time will be needed to get to a good compromise. #Greece#Moscovici: There is a need for a lot of good will for this first conversation at collective level. We must listen closely to each other.Moscovici: We can't not listen to Greek voters, but Greek gov't needs to understand there are commitments made by its predecessor. #Greece#Moscovici: The Greek finance minister will hear what the collective Eurozone has to say on this matter today. #Eurogroup#Moscovici: The Greek government has to understand that committments have to be honoured. #Eurogroup#Moscovici: The Commission enters in to these meetings with the aim to keep #Greece in the Eurozone. #EurogroupMoscovici doesn't answer Q on T-bills increase: We're not here to talk about technicalities. We're here to talk about politics. #Greece#Moscovici: The programme is the basis for discussion. Some compromise only within this legal framework. #Eurogroup#Moscovici sounding quite German in parts - "commitments must be respected", "current programme basis" for discussion #Eurogroup 3.38pm GMT Eurogroup president Jeroen Dijsselbloem has arrived for the meeting in Brussels.I have been speaking to a top government official whose reaction to Dijsselbloem’s ultimatum – that Athens accepts the agreement already signed by the previous government – was that “he’s playing us.”“Disselbloem is known for being disagreeable. He is doing himself no favours with the way he is behaving,” said the official who wished to remain anonymous. 3.26pm GMT Open Europe puts the likelihood of a Greek exit from the euro at 40%. The think-tank has also published some data showing that the large majority of Greek debt payments will go to ECB and IMF in next decade and not the eurozone . “These parties are even harder to negotiate with,” says Raoul Ruparel, head of economic research.The initial signs aren’t good and there looks to be a large divide between the two sides to bridge. Little progress is expected in today’s meeting of finance ministers and the big risk is that all the time is spent negotiating the bridge agreement with too little thought given to where said bridge will go. 3.04pm GMT Back in Greece, the ATG is down 4% at 792. Other European indices are also down, but less sharply. 2.55pm GMT Investors on the other side of the Atlantic are also weighing up the possible outcomes from today’s emergency eurogroup meeting. 2.45pm GMT New career for Varoufakis if Greek debt talks fail?Yanis Varoufakis stars in Taken 2 (h/t @Sarah_Buckley @Berlaymonster) pic.twitter.com/DzuE2C7PDh 2.30pm GMT There is a one-in-four chance Greece will leave the euro this year, according to economists polled by Reuters.They also predicted the eurozone will be in deflation for most of 2015, despite the European Central Bank’s €1.1tn programme of quantitative easing, announced last month. 2.19pm GMT Greece alone would be responsible for winding down any problem bank this year, according to the head of Germany’s financial watchdog.It cannot count on help from other European bank resolution funds, said Elke Koenig, head of Bafin. She takes up a new role as head of the EU Single Resolution Board on 1 March and hopes to have it up and running on 1 January. For everything up to 31 December, the Greek national resolution authority is responsible.If talks should fail and it came to uncontrolled movements in Greece, national supervisory authorities would be in charge. 1.33pm GMT Feelings were running high in Athens before the showdown in Brussels later on.Our vision for our program and policies is clear: our goal is to put the needs of our people above all else #Greece 1.28pm GMT Eurogroup chairman (and Dutch finance minister) Jeroen Dijsselbloem has been giving his view on a potential deal with Greece before the finance ministers kick off talks later today.Addressing the Dutch parliament (where a majority has called for no new financial support for Greece), he said that while the bailout programme might be tweaked, the broad terms of the original agreement must be upheld. A kind of one-in, one-out, approach to reform.An agreement is an agreement. That means that only within the programme, measures could be exchanged for other measures.Then you can change the programme, you can fill the programme in differently. But support without a program, support without further progress on reforms is unthinkable.Eurogroup's Dijsselbloem: Any changes to #Greece deal must conform with troika pact http://t.co/RHdlf5VbkJDoorstep #Eurogroup at around 16.00. 12.58pm GMT Portugal’s President has warned it will be a disaster if Greece leaves the euro. Speaking in Lisbon, Anibal Cavaco Silva, said: I think it would be good for the European Union and Greece to remain a member of the euro. I am convinced that it would be a total disaster for Greece if it were to leave the euro. 12.04pm GMT While no one knows how far (if anywhere) eurogroup finance ministers will get on reaching an agreement on Greece at today’s emergency meeting, they have got a little breathing space.Ministers have given themselves a deadline of Monday, 16 February - the next scheduled eurogroup meeting - to come up with a solution one way or another.Eurogroup on Greece tonight will be "procedural not substantive" say officials. D-day will be 16 Feb 11.39am GMT Fears of a massive flight of capital from Greece in the wake of a Syriza victory were overdone, as it turns out.So says London-based CrossBorder Capital. The investment advisory firm has been crunching the first available numbers since the election and concludes that net outflows were modest.The January data show that Greece has been more stable than many feared. It’s not the disaster many worried about. It may well be the case that money is being taken out of domestic banks and put in foreign-owned banks within Greece, but there is little sign that the economy as a whole is haemorrhaging funds. 11.18am GMT Ratings agency Standard and Poor’s is not overly concerned about Greece’s troubles spreading to the rest of the eurozone. Moritz Kraemer, S&P’s chief sovereign ratings officer, has been speaking to German newspaper Boersen-Zeitung:Greece’s risk premium has drastically increased again recently but the panic hasn’t leapfrogged over to other former crisis countries. The risk of contagion doesn’t seem to actually be that big.Contrary to public perception, the extent of liability is not that high at all in proportion to the creditors’ economic strength.The population might have to go through all of the deprivation it thought it had already put behind it. 11.02am GMT Helena Smith, the Guardian’s correspondent in Athens, says the mood between Tsipras and Gurria appeared relaxed and friendly. She brings us this report of the meeting.Following his “working dinner” with the Greek finance minister Yanis Varoufakis (who is now on his way to Brussels), the OECD’s secretary-general is holding what are being described as “crucial ” talks with the Greek premier. Arriving at Tsipras’ prime ministerial office, the former finance minister of Mexico felt fit to describe the leader “as one of the most important men in Europe because you speak about growth.” 10.44am GMT Angel Gurria, the secretary-general of the Organisation for Economic Co-operation and Development, is in Athens and has been holding talks with Alexis Tsipras.Greek PM @atsipras, FinMin @yanisvaroufakis meet w/OECD’s #Gurría to discuss #reform cooperation program MT @pitres pic.twitter.com/RWAnUzBckcMore: Tsipras says Greece will have close coop with OECD to overhaul reform program #Greece pic.twitter.com/t8WzdekzYK 10.23am GMT Greece is no longer discussing plans to privatise the country’s two biggest ports in Piraeus and Thessaloniki, a government spokesman has confirmed on Greek television.The plans, put forward by the previous government, have been cancelled. There had been some confusion over the matter in recent days.#Greece new pm #alexistsipras made clear last night privatisations of ports are off table read my piece http://t.co/G76OR58Ldq 10.11am GMT Michael Hewson, chief market analyst at CMC Markets, is pessimistic about the outcome of this afternoon’s meeting of eurogroup finance ministers, and the fate of Greece in general.It is hard to be anything other than pessimistic about the outcome of what is unfolding in Europe, with respect to Greece and its negotiations with its creditors, as the negotiations continue to resemble a form of Mexican stand-off, or a game of Russian roulette. The hope is that we may get some form of deal by next week, and hopefully before the end of the month, but after the events of the last few days it is hard to see any hope of a lasting solution given all the threats and the name calling, which suggests that any solution over the coming days could well be just a sticking plaster, or a case of Grexit deferred, and then markets will have to go through the whole tedious process of name calling again. 9.56am GMT The pound has hit a seven-year high against the euro, helped by relatively upbeat UK economic data and as support for the euro wobbles amid Greek uncertainty. One euro was worth 73.995p, the strongest for the pound since January 2008. 9.34am GMT Yanis Varoufakis, Greek finance minister and man of the moment, has been engaging in a spot of diplomacy ahead of the crunch meeting in Brussels today.Wolfgang Schaeuble is probably the only European politician with intellectual substance. He is a committed European and rooted federalist.Angela Merkel is by far the most astute politician in Europe ... there is no doubt.They are better Europeans than the French or we Greeks .I want to ride a motorcycle and go home on foot. Greek FinMin Varoufakis in interview w/ Stern: "Angela Merkel is the most astute politician in Europe by a long way." (BBG)Varoufakis: “Schäuble is probably only European politician w/ intellectual substance. He’s a convinced European & deeply rooted federalist.”Greek FinMin Varoufakis in interview w/ Stern: The Germans are better Europeans than the French or we Greeks. (BBG) 9.08am GMT Greek shares have lost some of the ground they gained yesterday, with investors jittery about the potential fall-out from the eurogroup meeting later today. Greek bank shares jumped 20% yesterday, but are down this morning. The banks are dragging the wider ATG in Athens down 3.8% to 795.17. 8.45am GMT Other major European indices are mainly down (slightly) this morning, as uncertainty reigns over the outcome for Greece of this afternoon’s meeting of eurozone finance ministers. 8.35am GMT Away from Greece for a moment, the FTSE 100 has opened slightly lower this morning, down 0.2% at 6,817.32.The index has been dragged down by Sky, which has fallen 5% in early trading to 906.5p. Investors are clearly unnerved by its record bid to win the rights to show Premier League football matches. 8.17am GMT Greek prime minister Alexis Tsipras gave an empassioned speech at last night’s confidence vote. In 1953, Europe chose to pursue understanding & solidarity not only for the sake of Germany, but also for the sake of the European "dream"The solidarity shown to #Greece by the peoples of Europe is the European "dream" in practice. It is the future of #Europe 7.55am GMT It’s a huge day for Greece and the eurozone. The region’s finance ministers meet later today to attempt to find a way beyond the current impasse on a Greek debt deal. The extraordinary meeting of eurogroup ministers, held in Brussels, is likely to be a tense affair.I want to assure the Greek ppl that our policies will be implemented in full & I'm optimistic that we'll find a compromise w/EU partnersWe do not wish to burden European taxpayers in perpetuity w/new loans to #Greece. We're seeking logical solutionsAn agreement that is in the mutual interest of #Greece and its lenders, that will end punitive conditions & destruction of the Greek economyAt the moment, it seems European leaders and Greece are willing to meet each other in the middle and this has comforted investors’ concerns after the aggressive tone by Greek Prime Minister Tsipras over the weekend. However, some key officials have attempted to pour water on suggestions a plan for Greece was close. This includes German Finance Minister Schaeuble who suggested there is little room for negotiation. Continue reading...
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