Rolling economic and financial news, as European leaders urge Athens to present details reform plans quicklyEU summit over; press conferences start from here Lunchtime summary: Optimism for Greek progressVaroufakis: No more finger-pointingIntroduction: An overnight agreement.... 3.50pm GMT Over in the US, Wall Street is now 180 points higher on hopes that any US interest rate rises will be gradual. The move higher in the US was the final push needed to see the FTSE 100 safely over 7000, with the UK index also helped by the more encouraging prospects for Greece after the summit.Meanwhile it appears the June, July and September Federal Reserve meetings are all under consideration for a US rate rise. That comment has come from Atlanta Fed president Dennis Lockhart. He said the economy was still giving off mixed signals, and he expects slower growth than he did before, but mid-year is still a good time for an increase in borrowing costs.Fed’s Lockhart: Says June, July & Sept Are All Possible Dates For FOMC Lift-OffFed’s Lockhart: Could Delay Lift-Off If Economy Proves WeakFed’s Lockhart: Recent Data Softness Seen As 'Transitory'Fed’s Lockhart: Cuts Forecast For 2015 Growth, Maintains 2016-2017 OutlookFed’s Lockhart: Mid-Year Or Some Time After Is An Appropriate Time For Lift-Off 3.19pm GMT Here’s the Reuters take on the press conference given by Greek prime minister Alexis Tsipras after the Euro summit in Brussels:The prime minister underlined that the so-called fifth review does not exist anymore and that the Greek authorities will have the responsibility to draw up and implement the list of reforms.He also said that in the summit meeting it was reaffirmed, on the highest possible level, that Greece is faced with a humanitarian crisis that will have to be addressed jointly. 3.13pm GMT Meanwhile in the UK, the FTSE 100 has hit 7000 for the first time, 17 years after reaching 6000. 2.59pm GMT Despite the positive aspects of last night’s mini-summit, leaks out of Greece suggest the meeting was not all smiles, reports Helena Smith:Greek media are reporting that while prime minister Alexis Tsipras got to sit at high table with Europe’s power brokers last night, he also came under immense pressure from the German chancellor Angela Merkel and EU commission chief Jean-Claude Juncker. Both expressed their frustration with Athens’ perceived foot-dragging with Merkel making clear that she wanted specifics on what reforms would be brought to parliament and what privitizations the government would proceed with. “The prime minister emphasised that he was not opposed to privatizations but on the condition that they were supported by international cooperation and would help spur jobs and growth,” the well-briefed news portal Newsit reported. Juncker voiced his irritation at the way technical teams representing creditors had been treated in Athens in recent weeks. The EU commission chief also expressed displeasure with statements made by the Greek finance minister Yanis Varoufakis. “Neither the scene nor the dialogue was laid with rose petals for the Greek prime minister,” wrote Newsit.gr. 2.50pm GMT And with that, it’s over. 2.48pm GMT On tax evasion, Tsipras said there was a total of €2bn worth of which he believed €800m was accessible.“Next week we will welcome a minister from Switzerland to have a discussion about the Greek depositors and to get an agreement with [the Swiss]”. 2.36pm GMT GREEK PM TSIPRAS: DRAGHI SAID THAT HE IS MORE OPTIMISTIC AFTER TALKS - MNI 2.35pm GMT He brushed off suggestions finance minister Varoufakis was a source of problems with its partners, and also said it was not a clash between Greece and Germany, but an EU situation.“I cannot say to Chancellor Merkel you should change your ministers, it is a sovereign issue.”#Tsipras: sovereign rights of the member states are and should be respected #EUCO 2.28pm GMT On the summit he said he thought there was a common understanding, there was an opportunity to build up a relationship and restore confidence. 2.26pm GMT #Tsipras: because former govt didn't deliver on its commitments, we have to make some tough payments 2.22pm GMT #Tsipras: previous govt's were tied to vested interests, we are accountable only to the Greek people #GreeceHe admitted they were in uncharted waters. “with our own lack of experience.” But “we have been negotiating effectively. We are open to receiving advice and so on, but we have our own opinions.”GREEK PM TSIPRAS: POLLS SHOW LARGE MAJORITY OF GREEKS SUPPORT SYRIZA - MNI 2.14pm GMT EU offers Greece 2 bln euros in unused development funds http://t.co/6YEDg9ZNEf 2.10pm GMT GreeceTsipras says agreed with Merkel that suitable primary surplus, not pvs target will be used, and recessionary measures are over - RTRSRT @MacroPolis_gr: Greek PM @atsipras says gov't still aiming for primary surplus of 1 to 1.5 pct of GDP this year #Greece #EUCO 2.08pm GMT GREEK PM TSIPRAS SAYS BOTH US AND GERMANY'S MERKEL AGREED TO FORGET COMMITMENTS OF THE PREVIOUS GREEK GOVTNot sure Merkel has confirmed that yet...If Greek PM & Merkel have agreed "to forget" previous agreements, then that's a huge development...! 2.04pm GMT * Greek PM tsipras says having put Feb accord back on track, we can move fast to decisions that will resolve funding problems - RTRSGREEK PM TSIPRAS: SUMMIT WAS POSITIVE FOR GREECE; WE'LL GET EU FUNDS - MNIGREEK PM TSIPRAS: CRUCIAL TO IMPLEMENT AGREEMENTS; WE'LL BE VIGILANT - MNI 2.02pm GMT Greek PM Tsipras: No Immediate Liquidity Problem In Greece, Bank Deposits In Greece Are Secure#Greece PM: There’s absolutely no problem with the short term liquidity in Gr economy 2.02pm GMT Alexis Tsipras has begun speaking:Greek PM Tsipras: Says There Will Be No Implementation Of Recessionary MeasuresTsipras: Says There Wonts Be 5th Review Of Previous BailoutTsipras: Greece To Implement Own Reforms 1.56pm GMT Heads-up. Greek PM Alexis Tsipras is about to brief the press in Brussels. I think it will be streamed live here. 1.50pm GMT European Council president Donald Tusk has been asked whether David Cameron might be able to renegotiate Britain’s position in Europe if he wins May’s general election.We need to find good solutions for the United Kingdom under current treaties...But if necessary we can talk about Mission Impossible with goodwill to win in the end. 1.39pm GMT #Greece In game of pride & impressions, Merkel's pt that Athens "will own reforms" is hugely significant 1.33pm GMT The Greek message has got through:EU's Juncker: #Greece is going through a 'humanitarian crisis' (DJ) 1.18pm GMT Angela Merkel adds that she may discuss Greece’s reform plans with Alexis Tsipras on Monday, when he visits Berlin. Merkel: Tsipras's visit to Berlin Mon not the time for a list of reforms - they must go to institutions. But we may discuss bilateral helpMerkel: won't comment on whether war reparations issue will come up in Monday's meeting w @atsipras. 1.15pm GMT Angela Merkel is fielding questions on the Greek bailout talks now.She’s insisted, several times, that Greece will only get its bailout funds if its lenders are satisfied that it has met the terms of its aid programme.First question is about Greece: when exactly can bailout disbursements take place, on presentation or review of reform list?Merkel: we adhere to.Feb 20 statement, any disbursement is only possible.on.conclusion of the.review by the institutions.Merkel: Greek govt will have ownership of reforms and will present list in coming days. Ireland was able to replace some proposed reforms.Asked if accidental Grexit possible, Merkel says she has never discussed it and will not do so now.Merkel: overwhelming agreement among Council members that this is the right course on Greece. 1.09pm GMT In the main press conference room, European Council president Donald Tusk says it was useful to have a ‘reality check’ on the Greek situation.Last night’s talks were an important step towards rebuilding trust, he adds, before a technical gremlin strikes:#eu council president Donald Tusk is having some problems with his speech#euco press conference pic.twitter.com/UQWSsygOXgWhat the fuck was that? Tusk seems to have run out of notes and he seemed completely lost. #euco 1.07pm GMT If I’m reelected, I’ll have a powerful mandate to deliver change in our relationship with Europe, says David Cameron. 1.05pm GMT David Cameron also touches on the issue of a referendum on Britain’s EU membership.The most important thing is to change Britain’s relationship with Europe once and for all, he says. 1.04pm GMT #EUCO is over. PM Cameron @Number10gov press conference shortly. @Number10press pic.twitter.com/VzNVmJji78 1.03pm GMT David Cameron is giving a press conference too - at what might possibly be his last European Council summit. With the general election looming, the PM declares Britain has made strong progress since his first EUCO in 2010. 12.59pm GMT Angela Merkel is telling reporters that Mario Draghi urged Eurozone countries to continue with their economic reforms. They must not slacken, just because the low oil price is providing a stimulus.And she pointedly points out that Ireland, the austerity poster-boy, is now growing strongly.Merkel: interesting to hear.from taoiseach that Ireland has Europe's best growth rate. Spain and Portugal also briefed us on their successMerkel: influence of IS is growing perceptibly in Libya, this is a huge problem for Europe. 12.55pm GMT Angela Merkel waits for no man, not even if he’s struggling with his headphones...And we're off. pic.twitter.com/UHfbhmzDNu 12.50pm GMT Angela Merkel will give a press conference soon too:Summit over. Now #WaitingForMerkel. pic.twitter.com/sBhhDmQ2QvHave the #Germans given up? Translation headphones a complete mess...never seen that before. #BadOmen? pic.twitter.com/1u4rnCPEK9 12.50pm GMT Brace yourselves; we’re about to get a flurry of press conferences in Brussels.With any luck, the press pack will tweet the key points from the various briefings (thanks in advance!). 12.42pm GMT The Brussels summit is over.The EC’s top spokesman tweets that that progress has been made on several issues.#EUCO over. Good progress on all fronts: #EnergyUnion, #InvestEU, economic governance, #TTIP, #Ukraine, #Tunisia, #Libya.Conclusions done. #EUCO ends. Have a nice weekend. 12.29pm GMT A quick recap, while we wait for EU leaders to finish their summit in BrusselsAn uneasy calm has descended on the eurozone, following last night’s meeting on the Greek bailout in Brussels.#Greece ripping tighter on conciliatory headlines.... pic.twitter.com/59fjC0mSA3 Let us implement it immediately, as our leaders have urged in yesterday’s informal Brussels meeting.Looking ahead, and beyond current tensions, our joint task is to re-design Europe so that Germans and Greeks, along with all Europeans, can re-imagine our monetary union as a realm of shared prosperity.#Greece govt bond yields fall 37 bps. Earlier: Eurogroup may meet as soon as March 27 to approve EUR1.9B SMP aid: BBG pic.twitter.com/vq0XQBG19aCapital Economics - 'Greece still hanging by a thread' pic.twitter.com/UeDQftnVtp 12.18pm GMT The word in Brussels is that Greece could (finally) receive €1.9bn from its bailout funds soon, if it pleases its creditors.*EUROGROUP COULD GIVE #GREECE EU1.9B SMP PROFITS: OFFICIAL 11.51am GMT As well as building bridges with Germany Greek prime minister Alexis Tsipras must also handle his own Syriza party.“It is most clear … that in all processes, the “institutions,” that is to say the troika, have a central role. They [the government] understand very well what they agreed but now they are making out that they didn’t understand … and that is how we have arrived where we are today, up against the wall. In a situation that Varoufakis would call in game theory a “lose-lose situation.” Because whether it clashes or compromises, there will be a huge cost for the government.” “The Europeans clearly refused to give him one so now he is faced with a hard sell. On Monday he will plead with Merkel for flexibility but beyond a few consoling words she won’t give him it because public opinion in Germany is now so against Greece.” 11.50am GMT #Griechenland will Reformliste in den nächsten Tagen vorlegen http://t.co/c6z0cIeski pic.twitter.com/QIcMluimOa 11.35am GMT Speculation is growing in Greece that eurozone finance ministers could meet in a week’s time.Greeks media are citing a EU commission source as saying the euro group will meet in urgent session next Friday, March 27, to debate whether to release funds from the €7.2bn still pending for Greece, Helena Smith adds. 11.26am GMT The good news for Alexis Tsipras is that Angela Merkel doesn’t expect him to present his new reform plan on Monday, when he visits Berlin.That’s according to government spokesperson Christiane Wirtz, at a press conference in Germany, who said:There is no date, not even Monday, on which this concrete reform list has to be presented but these reform suggestions must of course be presented relatively soon. 11.15am GMT Despite the relief this morning, the bottom line is that Athens still has to satisfy its creditors:Tsipras' only real victory last night was he got to sit at the big kids' table. Time to come up with some actual reforms. 10.37am GMT It will take more than a Yanis Varoufakis blogpost to rebuild relations between Greece and Germany.Joan Hoey, regional editor at the Economist Intelligence Unit, says last night’s talks may have averted a complete meltdown in relations:The early-hours talks resulted in a commitment by Mr Tsipras to come up with a new reform package within days and provided a breathing space for the beleaguered Greek government.The Syriza-IG government has antagonised the euro zone’s most powerful member by focusing on Germany’s brutal occupation of Greece during the second world war. Chancellor Merkel has invited Mr Tsipras to Berlin on Monday March 23rd, but it may be difficult now to repair the damage that has been done. German public opinion has turned decisively against Greece and senior members of the German government, notably the minister of finance, Wolfgang Schäuble, appear to have lost patience with their counterparts in Athens. 10.13am GMT Greek finance minister Yanis Varoufakis has called for an end to the, err, finger-pointing that had hurt relations between Greece and Germany.First, we should work towards ending the toxic ‘blame game’ and the moralising finger-pointing which benefit only the enemies of Europe.Secondly, we need to focus on our joint interest: On how to grow and to reform Greece rapidly, so that the Greek state can best repay debts it should never have taken on while looking after its citizens as a modern European state ought to do.Of Greeks and Germans: Re-imagining our shared future http://t.co/OZptMdgpFE 9.59am GMT Iran’s nuclear programme is also in focus today, with the leaders of Germany, France and the UK holding a meeting with Europe’s foreign policy chief Federica Mogherini this morning:According to Reuters, the 40 minute meeting focused on “exchanging information on the state of negotiations on Iran’s nuclear program”.Good meeting on #IranTalks with Merkel, @fhollande and Cameron at the margins of European Council this morning pic.twitter.com/EDC854F7By 9.50am GMT Journalists in Brussels have stopped squinting at the sun, to report that eurozone finance ministers might meet in a week’s time to discuss Greece’s new reform plans.Buzz that if #Greece does indeed step up cooperation w/institutions on ground in #Athns after @atsipras summit, #eurogroup could be held Fri 9.46am GMT Greek officials say that the famous list of reforms agreed to overnight will almost certainly be compiled before Easter. 9.38am GMT Grizzled #Brussels press corps tries to get view of #eclipse in #EU summit building atrium pic.twitter.com/lZpFd2TTux 9.27am GMT In the new spirit of being nice to one another the finance ministry has released a statement welcoming moves by technical teams representing creditors at the EU, ECB and IMF.“We have learned that the technical teams are preparing a detailed list of their requirements for fact-finding about the operations of the Greek government and plans for ongoing reforms. This is a constructive development, which the Ministry of Finance welcomes, as it will bring clarity to the Brussels Group deliberations and allow them to proceed in an orderly and effective way, consistent with the February 20th agreements.We look forward to receiving the document when it is ready, and will review and respond to it in the same constructive spirit.”“In many ways we are back where we started, promising a detailed list of reforms, in preparation of another emergency eurogroup meeting that might, or might not, release funds.” 9.17am GMT Over in Brussels, European leaders have returned for the second day of the European Council summit.The main topics on the agenda are the EU’s economic situation and the current happenings in Libya. 9.05am GMT Last night’s agreement has brought some cheer to Greece’s financial markets.The Athens stock market has jumped by 3% in early trading, with bank shares surging by up to 7%.In #Greece bailout talks, it’s 18 versus one. Greek 10yr yields remains near 12%. http://t.co/sKMK3Bcvdh pic.twitter.com/c3QpQIwMFo 8.57am GMT Leaders are gathering in Brussels for day 2 of the summit. Finland’s prime minister Alexander Stubb told reporters outside that progress has been made on the Greek crisis :Finland's Stubb unusually positive on Greece - saying y'day's meeting was positive and confidence building .... ball now in Greece's court. 8.41am GMT Greece’s finance ministry says that progress has been made towards reaching a deal wiih its creditors:#Greece FinMinistry: Technical teams are preparing a detailed list of their requirements 4 fact finding about the operations of the Gr govt#Greece FinMinistry: This is a constructive development, which the Ministry of Finance welcomes#Greece FinMInistry: It will bring clarity to the Brussels Group deliberations & allow them 2 proceed in an orderly and effective way 8.12am GMT Britain’s FTSE 100 has hit a new record high at the start of trading in London, up 0.3% at 6987 points. 8.00am GMT A Greek government spokesman has said Athens expects to receive desperately needed funds once it presents a new list of detailed economic reforms.Gabriel Sakellaridis explained a few minutes ago that:“What was discussed was that once the reforms are submitted, and in a detailed manner, to the Eurogroup when that happens ... then the funding will be unlocked towards the Greek economy.” #EU official sees new #Eurogroup meeting on #Greece soon /via @tsigouriXExtra #Eurogroup meeting still not confirmed by all parties. 7.51am GMT Here’s the official statement issued after the meeting (for any readers who weren’t awake at 2am):We fully adhere to the agreement of the Eurogroup of 20 February 2015. In the spirit of mutual trust, we are all committed to speed up the work and conclude it as fast as possible. 7.39am GMT Good morning.The message to Greece was simple - “give us a list fast, then you can get the money fast”.The Greek prime minister declared he is willing to submit such a list and do so quickly....That is needed urgently, and it is needed to focus minds.Chllr #Merkel after meeting in small group: Greek gov't has pledged to present reforms very quickly. pic.twitter.com/HNtC6O1ZRa MT @RegSprecher“It is clear that Greece is not obliged to implement recessionary measures,” the 40-year-old Greek premier told reporters, referring to previously agreed reforms.“Greece will submit its own structural reforms, which it will implement.” Related: EU leaders in Brussels demand Greece produce economic blueprint quickly Continue reading...
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