Ministers have held crunch talks on the Greek bailout crisis, after Athens announces it is repaying €750m to the International Monetary Fund.Closing summaryYanis Varoufakis: Progress has been madeEurogroup: Need more actionGreece to avoid default by repaying the IMFPhotos from the Eurozone meetingGermany: Maybe Greece should hold a referendum 9.22pm BST PPS: A belated hat-tip to euronews for confirming this afternoon that Geece is repaying 750bn euros to the IMF.Their Brussels correspondent, Efi Koutsokosta, flags up that they interviewed Yanis Varoufakis in Brussels:@graemewearden http://t.co/IKRQmnyKBG 8.23pm BST PS: Here’s Ian Traynor and Helena Smith’s news story on today’s developments: Related: Greece orders early repayment of €750m loan instalment to IMF 8.23pm BST All in all, today went about as well as we could expect. But there are still some major issues to resolve, and not much time to prevent the Greek debt crisis exploding.It’s common knowledge, let’s not beat around the bush....We are talking about the next couple of weeks.” Greek finance minister predicts a breakthough 'in the next few days' #Eurogroup http://t.co/7DW8aua6vW pic.twitter.com/L3ZM59Jycl 7.50pm BST With no big breakthrough on Greece, our financial editor Nils Pratley is intrigued by Germany’s suggestion that Athens holds a referendum.He writes:The late news from the make-or-break talks in Brussels was no news at all, really. There were a few encouraging words for the progress Greece is making on its reform plans. Athens also ordered a €750m (£535m) repayment to the International Monetary Fund. But an agreement on releasing €7.2bn of bailout funds? No.There was, though, one intriguing sub-plot. Germany, in the form of finance minister Wolfgang Schäuble, suddenly seems taken by the idea of Greece holding a referendum. Related: Schäuble's subplot – a Grexit, it seems, no longer worries Germany 7.36pm BST And finally, a question on whether Greece is considering implementing capital controls to prevent a bank run.Capital controls and a monetary union are incompatible, Varoufakis replies. We have no plans to bring them in.Varoufakis said capital controls not compatible with a monetary union. Cyprus proved that wrong.First rule of capital controls.. https://t.co/kmqQsBfngW 7.29pm BST Today’s meeting with my German counterpart was the best since I became finance minister, Varoufakis smiles:Varoufakis: "Meetings with Schaeuble are always friendly, particularly interesting & constructive. Today was friendliest" #Greece #Eurogroup 7.28pm BST Varoufakis confirms that Greece will be meeting the IMF’s €750m payment tomorrow. 7.27pm BST Won’t you have to row back on some of the promises you made to get elected, to reach a deal with creditors?Of course! That was an easy question, Varoufakis says. We have compromised to a great extent already. 7.24pm BST Varoufakis has also insisted that Greece is prepared to compromise on many issues. Some red lines remain, though:#Varoufakis: We will compromise, except on: 1) ending deflationary cycle 2) distribution of burden from weak to those who are unburdened.#Varoufakis: Responsibility for Crisis facing Greece has to be moved to shoulders of those who helped cause it who are currently unburdened.Varoufakis: "Just cutting pensions is not a reform" #Greece #Eurogroup 7.22pm BST 7.19pm BST Is the Greek government considering a referendum over a bailout deal?That’s a matter for the prime minister, the cabinet, and the president of the republic, Varoufakis replies. At the moment it is not on the radar screen as far as we are concerned. 7.13pm BST More key points from the Greek finance minister:Varoufakis says #ECB should reinstate waiver on Greek banks' collateral. #EurogroupVaroufakis: "Liquidity issue is urgent," says government hoping to resolve it in "next couple of weeks" #Greece #Eurogroup 7.13pm BST Yanis Varoufakis concludes:The quest for an agreement that resolves the five, six year-old crisis of the Greek social economy is continuing. Agreement is getting closer, and the institutions, our partners, and representative of the Greek government continue to search for that solution in very good spirits. 7.11pm BST Yanis Varoufakis says that Greece and her creditors have made real progress in recent weeks. In recent weeks there has been considerable convergence, primarily due to our government’s great efforts and major concessions during the Brussels Group negotiations.Today’s Eurogroup meeting has acknowledged the strides we have made, and was conducted in a “thoroughly positive atmosphere.”Colleagues also condemned the awfully inaccurate and unhelpful supposed leaks that marred the aftermath of the previous eurogroup meeting in Riga. 7.02pm BST Yanis Varoufakis, the Greek finance minister, is briefing the media now.There’s a live feed here (you might need to click around to find the right part) 6.58pm BST So, in a nutshell, relations between Greece and its creditors are more constructive. But they have still not reached agreement on three crucial areas:Another #Eurogroup passes w/out much change. For all talk of progress the 3 key gaps - pensions/labour mrkt/prim surplus - same as in Feb 6.55pm BST And finally, Jeroen Dijsselbloem says the negotiations are working better since Greece shook up its technical teams, including changing how prime minister Tsipras is briefed. 6.52pm BST #grexit @J_Dijsselbloem - greeks want to change the bailout so they have to deliver 'detailed proposals and detailed calculations' 6.52pm BST Give me two reasons why Greece will accelerate its work to meet its obligations in time...Dijsselblom replies that the Greek authorities will simply do what they have to do, put in all the effort needed, to reach a deal in time.More Dijsselbloem: A lot more detailed work needed in Athens #Greece pic.twitter.com/BftvFls0e6 6.51pm BST Dijsselbloem denies that the eurogroup is putting pressure on the European Central Bank to give Greece more help. The ECB is independent.#Eurogroup statement for #Greece cannot be a signal for the #ECB as it is independent says @J_Dijsselbloem 6.48pm BST Did the eurogroup discuss concerns that Greece might not be able to pay pensions and wages at the end of May?As time goes by, liquidity becomes worse, including for internal payments, Dijsselbloem replies. 6.46pm BST Would bailout payments be delayed if Greece held a referendum?Presumably if you had a referendum you wouldn’t start implementing reforms before you had the result. So there is a time delay there, Dijsselbloem says. 6.45pm BST #Dijsselbloem seems to realise of the back of a question that the #Eurogroup statement forgot to link disbursement to implementation....@J_Dijsselbloem: disbursements to Greece take place after implementation of agreed reforms, not merely on agreement. 6.44pm BST Could bailout funds be paid in tranches?Dijsselbloem says it’s possible that reforms could be cut into pieces, with disbursements being paid in stages too. .@J_Dijsselbloem says implementation of Greek reforms could be "cut into part" and disbursements could follow each part. 6.41pm BST Can we have more details about the progress which has been achieved?I’ve already given it, Moscovici hits back (see earlier post). 6.40pm BST Is the eurogroup concerned that the Athens parliament has approved legislation that unwinds recent austerity measures, including rehiring civil servants?The agreements of 20 February remain our roadmap, Moscovici replies, and that does not encourage ‘unilateral’ actions. But he won’t go further.... 6.38pm BST Does Greece need a third bailout programme to cover its funding from the start of July, or could it get through the summer without one, if it receives the €7bn of outstanding bailout funds?Dijsselbloem reiterates that there is no point talking about a third programme for Greece until the existing programme has been concluded. 6.37pm BST Did Wolfgang Schauble propose a Greek referendum?Dijsselbloem declines to reveal details of the meeting, but explains that it’s up to Greece whether or not to hold a referendum. 6.35pm BST Onto questions.How much time do we have left to resolve the Greece crisis and draw up a third programme, given the current programme ends on 30 June? 6.34pm BST Klaus Regling also points out that Greece is already paying a low interest rate on its national debt, saving it over €8bn per year in interest payments.He says Athens made a small repayment to the EFSF today:Phew, another hurdle taken. Greece paid EUR220,000 in fees to the EFSF today, says #Regling. 6.32pm BST Klaus Regling, head of the EFSF, also welcomes the progress made by Greece in recent weeks.Reminder: a fortnight ago, Athens reshuffled its negotiating team, to give more responsible to economist Euclid Tsakalotos, Greek deputy foreign minister. 6.28pm BST Moscovici quite positive on #Greece. #Eurogroup 6.27pm BST Moscovici adds that time is running out for Greece, given its bailout extension expires at the end of next month..@pierremoscovici: need to get an agreement well before the programme expires at the end of June. 6.27pm BST Pierre Moscovici is now speaking (in French).He says there is good convergence between Greece and its creditors on some issues, such as VAT rates and how to handle non-performing loans. 6.25pm BST My sense of the Eurogroup statement - positive & showing progress. Reading between the lines: happy with changes in structure of Greek team. 6.24pm BST The eurogroup also discussed Ireland’s strong economic performance.It is an example of how adjustment programmes (bailouts) can work if the government is fully committed, Dijsselbloem adds. No prizes for guessing who that comment was aimed at.....@J_Dijsselbloem: Ireland remains a strong example of the success of bailout programs provided they are supported by (local) authorities 6.22pm BST Reading between the lines, the Eurogroup appears to be urging the European Central bank to be patient and keep providing support to Greece’s banks:This Eurogroup statement is codedly dovish on Greece. Need more time means “ECB don’t pull plug” - 20 Feb ref = Germans can’t rewind to MoU 6.20pm BST We also discussed the latest EC economic forecasts, says Dijsselbloem. Growth is picking up across the continent, and more jobs are being created.But we cannot rely on cheap oil, a weaker euro and quantitative easing -- governments must implement structural, growth-friendly reforms. 6.19pm BST Dijsselbloem is reading out the statement on Greece - confirming that faster progress is being made....but more time is needed to reach a comprehensive agreement.The eurogroup welcomes Greece’s commitment to accelerate the negotiations , he adds..@J_Dijsselbloem: comprehemsive list of reforms needed for completion of review, Feb 20 deal still framework for discussion. 6.17pm BST Jeroen Dijsselbloem begins by paying tribute to Alexandre Lamfalussy, one of the Wise Men who laid the foundations for European monetary union, who has passed away.ECB mourns Alexandre Lamfalussy, one of the euro’s founding fathers http://t.co/cq7DNDgEku 6.15pm BST The press conference is starting now (reminder, there’s a livefeed here) 6.12pm BST Here’s the official statement, hot off the press (and then off Twitter)Eurogroup statement on #Greece: More time and effort needed pic.twitter.com/MaIgaHPScQ 6.10pm BST It’s official: The eurogroup has officially ‘welcomed’ the progress made by Greece and its creditors in recent days.But, as sources predicted earlier, it has also called for more time and effort to fix the outstanding issues.#Eurogroup welcomes the progress in talks and intentions of GR auth. to accelerate their work.More time&effort needed to address open issues 6.06pm BST Reporters in Brussels are scrambling to the press room....And the SMS goes out: #eurogroup has wrapped and presser to start shortly 6.04pm BST Officials in Brussels are preparing the press conference room now. We’ll be hearing from Eurogroup president Jeroen Dojsselbleom, and European commissioner Pierre Moscovici. Klaus Regling, who runs the European Financial Stability Fund (the main bailout vehicle) is also attending. 5.55pm BST Still waiting for the eurogroup to wrap up..... 5.52pm BST Here’s an odd curious development...Greece has been asked to join the club of BRICS countries represented by the New Development Bank, reports Helena Smith in Athens. “The prime minister thanked Mr Storchak, at the same time expressing his positive surprise at the invitation that Greece becomes the sixth member of the BRICS development bank,” “Alexis Tsipras conveyed Greece’s interest and commitment to studying the proposal.” #Greece has been asked by Russia's deputy finance minister to become 6th member of BRICS New Development Bank, government says 5.41pm BST Here’s another photo, of Yanis Varoufakis chatting with Jeroen Dijsselbloem earlier today. 5.37pm BST Heads-up: the eurogroup meeting may end shortly, which means we may get that much-awaited statement on Greece. Plus a flurry of press conferences and briefings........Eurogroup will wrap up in 15 mins or so, I'm told. 5.31pm BST Greece has given its eurozone partners the good news:During #eurogroup session, @yanisvaroufakis confirmed to ministers that #Greece would make €750m #IMF payment http://t.co/KagpoBGdBb 5.14pm BST Greece will actually hand over the €750m to the IMF tomorrow, confirms Athens correspondent Helena Smith.#Greece general state accountancy office has been instructed to transact 750 debt repayment 2 IMF but it will arrive Tuesday, media reports 5.03pm BST Although the payment process is underway, the cash may not land in Washington until Tuesday....The Devil is in the details: #Greece has *executed order* to make #IMF payment. Actual payment to follow *tomorrow*. 4.58pm BST Eurozone officials are more optimistic today than at previous meetings, flags up The Economist’s Tom Nuttall. Shame it’s taken more than three months....EZ source: recent Brussels Group talks have been much more productive. If we'd been going at this pace since Feb, deal sewn up long ago. 4.39pm BST Greece now has a little leeway until its next major IMF repayment, early next month. Next #Greece payment to #IMF: €300m due June 5: http://t.co/Q4hqJWTy7o 4.12pm BST Another important development.... Officials in Brussels are briefing reporters that the eurogroup of finance ministers will issue a short statement tonight welcoming the progress that Greece has made.However, the statement will also warn that more effort is required to overcome the outstanding sticking points (such as pension and labour market reforms).“There will be a short statement and it will refer to the progress made and the work ahead, welcoming the Greek’s intention to accelerate their work,” said one official briefed on the statement.Another official said the statement will say that “more time and effort is needed to bridge the gaps” in talks to avoid a Greek default.Arriving at this Eurogroup feels a bit like going to see a movie whose entire plot has been given away by the trailer. 3.54pm BST Hat-tip to Reuters’ Athens bureau:#Greece has made the 750 mln euro payment to the #IMF that had been in doubt - sources tell @Reuters 3.54pm BST Greece’s Athens News Agency has just confirmed that the order to hand over the €750m loan instalment to the IMF has been executed - backing up Reuters’ report, writes Helena Smith in Athens. A case perhaps of the Greek government trying to make waves with a goodwill gesture - before the Euro Group releases its much-anticipated statement on the state of negotiations. 3.48pm BST Here’s some reaction to the news that Greece has begun meeting tomorrow’s repayment to the International Monetary Fund: Greece has paid IMF €750m. Thats from Greek finance ministry official. We should wait for the #IMF to say they received it. #EURO@graemewearden No relief for Greeks. This is not what we voted Syriza for, another giveaway.@graemewearden Will they pay 1,5 bil in June too? There'd better be clarity tonight. Support is waning.Greece will pay IMF €750m on Tuesday. Was agreed by war cabinet on Sunday. Syriza know must keep lines open to Fund. But torn on EFSF/ECB 3.40pm BST And here’s the full story....Greece has made a payment of about 750 million euros to the International Monetary Fund that falls due on Tuesday, two Greek finance ministry officials told Reuters on Monday.“The order to pay the IMF has been executed,” a senior Greek finance ministry official told Reuters. 3.37pm BST Newsflash from Athens. According to government officials, Greece has begun the process of repaying around €750m to the International Monetary Fund (due tomorrow). 3.23pm BST Take a peek inside today’s eurogroup meeting, as ministers chat before getting down to business (thanks to AP, EPA and AFP/Getty) 3.00pm BST Reminder: the talks between Greece and its creditors remain snagged on three major key points; reforming the pension system, shaking up the employment market (and keeping the minimum wage down), and selling off state assets.Until real compromises are made on these three policy areas, "progress" for Greece is nonsense http://t.co/aQZQFBFjqq pic.twitter.com/BpQSYNJZkk 2.43pm BST Greek fin min @yanisvaroufakis tells reporters they will meet their IMF repayment tomorrow http://t.co/D0imHwNuGI 2.33pm BST Reuters has published details of Wolfgang Schäuble’s suggestion that a Greek referendum could be ‘helpful’:EU paymaster Germany said on Monday it could make sense for Greece to hold a referendum on painful economic reforms under negotiation with its creditors, changing tack as Berlin’s own lawmakers bridle at further aid for Athens.Euro zone governments have previously opposed such a vote, saying there is no time and it could destabilise financial markets and trigger a run on struggling Greek banks. 2.16pm BST Eurogroup president Jeroen Dijsselbloem is speaking to reporters now. He says he doesn’t expect a Greek deal today; ministers will take stock of the situation.He also played down the idea that the European Central Bank could be bounced into allowing Greek banks to buy more Greek government debt:#Dijsselbloem says that ECB is independent and won’t be guided by #Eurogroup statements.#Dijsselbloem on the possibility of a referendum in #Greece: Whether is necessary is up to the greek politicians to decide and organise it. 2.08pm BST The gang’s all here, some looking happier than others.... 1.59pm BST EC vice-president Valdis Dombrovskis has warned that time is running out for Greece, even though relations with creditors have improved since the showdown in Riga late last month.EU’s Dombrovskis: Lots of work still to be done. - Clear that time is limited and things need to move on. /via @livesquawk 1.49pm BST Debt campaigners are watching events in Brussels with alarm. Rather than haggling about how to loan Greece more money, the eurozone must accept that Greece’s debt mountain is simply unsustainable, argues Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign:“The Eurogroup should not be discussing more loans to Greece today, they should be agreeing how much debt they are going to cancel. The debt comes from loans to bailout irresponsible lending by European banks.These debts, now owed to the IMF, ECB and other European governments, should be cancelled, including the payment to the IMF this week. The money to do so should be recovered from the banks which benefitted from the bailout.” 1.36pm BST Greece’s optimism of an imminent deal wasn’t exactly shared by other members of the Eurogroup.Bloomberg’s eurozone economist Maxime Sbaihi sums up today’s arrivals:#Eurogroup doorstep: Varoufakis expects "a good meeting" Moscovici says it "won't be conclusive" Schaeuble thinks "we’re still far away" 1.21pm BST Ireland’s finance minster, Michael Noonan, believes Greece might get a ‘positive’ statement after today’s meeting, but nothing more."I don't think there will be a conclusive statement" on #Greece, though a positive statement on progress likely, says #Ireland's @NoonanLive 1.18pm BST A clip of commissioner Pierre Moscovici arriving in Brussels has just been uploaded.He told reporters that he hopes today’s meeting will show there is “good progress” in the talks between the Greek authorities and its lenders.It’s the occasion for the Greek authorities to reassure their partners, to show their commitment to reach an agreement.#Eurogroup meeting - Doorstep European Commissioner @pierremoscovici on #Greece http://t.co/wJcAZe7lZb pic.twitter.com/Vkl7cNos0g 1.12pm BST Yanis Varoufakis has also told reporters that the International Monetary Fund wil get its €770m tomorrow:* Greek finance minister says Greece will make IMF payment on Tuesday - RTRS 12.57pm BST Germany’s finance minister had retained his sense of humour.....Germany's Schaeuble on what's changed since last Greek talks: 'The weather is warmer' 12.52pm BST While I was listening to Yanis Varoufakis, Germany’s finance minister Wolfgang Schäuble told reporters that Greece should hold a referendum if it wants. [there’s a video clip here, in German]On #Greece referendum Schäuble said: "if they want a referendum they should hold one. It could be the right measure" #EurogroupGerman FinMin #Schaeuble ahead of #Eurogroup: If #Greece wants to hold a referendum, it could be helpful 12.47pm BST European Commissioner Pierre Moscovici has also arrived at the Eurogroup meeting. He told reporters that today’s meeting won’t be “conclusive”, but Greece must show that it is serious about reaching a deal.#Moscovici: meeting important, has to show diffferent spirit. Greece has to show will committment to reach agreement 12.41pm BST Greek finance minister Yanis Varoufakis has just arrived in Brussels, and told reporters outside the meeting that he’s confident of a deal within a few days.YV: Very confident. We are going to have a good meeting. There is going to be a communique that establishes the progress we are making. And this will be a very good paving stone towards the final completion. YV: The red lines, by necessity, are inflexible. But our red lines and their red lines are such that there is common ground.YV: In the next few days, I think.YV: To do its job, like we have to do our jobs. Everyone has to do their jobs in the eurozone.#Eurogroup meeting - May 2015: Doorstep @yanisvaroufakis on the situation of #Greece http://t.co/41HjBja98f pic.twitter.com/niQdgvzzh1 12.25pm BST Just in - photos showing that protestors have occupied the offices of German engineering giant Siemens in Athens, and hung anti-austerity banners outside:Anti-authoritarians have occupied @Siemens offices in Athens. #greece pic.twitter.com/YdhTZlBrdi pic via @kinimatini 12.21pm BST Laid-out FinMin cleaners are hired back after 571 days of non-stop struggle #greece #katharistries Pic v @dromografos pic.twitter.com/v2esIHUy03 12.18pm BST Elsewhere in Athens, the cleaning ladies who fought a 20-month campaign to win their jobs back have been celebrating after being reinstated.The cleaners who were sacked from the FinMin in 2013 celebrate for getting back to work pic.twitter.com/9dJp3iQ5HL @dromografos #rbnews #Greece 12.08pm BST Back in Greece, a group of protesters have occupied the headquarters of German multinational Siemens in Marousi, north Athens.#Greek "anti-establishment" protestors take over #Siemens HQ in #Athens. Cover facade of building with huge bannerThe protesters have raised a banner asking the Greek government to end all negotiations with the lenders regarding a Greek bailout. Protesters #occupy #Siemens headquarters in #Athens - PHOTO- http://t.co/bKVofLl1EV 12.06pm BST Related: Bank of England holds interest rates at record low 12.01pm BST Just in: The Bank of England has voted to leave UK interest rates at their current record low of 0.5%.That means borrowing costs have been unchanged since March 2009. There’s also no change to the Bank’s QE programme, under which £375bn of money has been pumped into the economy.#BOE decision. On a Monday. Surely that calls for a little excitement. (Followed by disappointment when you realise tomorrow's not Friday) 11.48am BST Slovakia’s finance minister has tweeted, somewhat exasperatedly, that Greece knows what it needs do to to get bailout funds....Discussions cannot replace needed actions, which are key precondition to unlock the funds for #GreeceIt is no rocket science. Money for #Greece is available, they just need to do what was agreed #eurozone #Eurogroup 11.36am BST Today’s hastily arranged meeting between finance minister Yanis Varoufakis and his German counterpart Wolfgang Schäuble could allow the two men to mend relations before the official event, insiders say.“the Greek government has done whatever is humanly possible.” 11.19am BST Any deal between Greece and its creditors will come at the last minute, predicts Wolfango Piccoli of Teneo Intelligence.He writes:In preparation of today’s Eurogroup meeting, the Greek cabinet had a long gathering followed by a convention of the ruling SYRIZA’s political secretariat. None of the two gatherings yielded any specific outcomes; the government is going into this Eurogroup meeting in wait-and-see mode. However, it does seems that the cabinet had an intense debate on whether or not to pay the installment worth €770m due to the IMF on 12 May in case that the outcome of today’s Eurogroup meeting is negative (i.e. no positive statement).It is clear that both within the cabinet and the party, a group exists advocating a hard line towards the creditors. Yet this does not seem to be Prime Minister Alexis Tsipras’ chosen path. But in the meantime, leaking noise about Greece’s potential willingness to play hardball may help with domestic public opinion. A poll published on Sunday shows well the government’s current conundrum: 65.9% of Greeks want a compromise with lenders, but at the same time, 56.7% say that the government should not give in on pensions and labor reform. 11.14am BST It’s not us, it’s you.....#Greece "we are waiting to see political will of our partners so we can reach an honourable compromise," says gov spokesman 10.58am BST *VAROUFAKIS TO MEET SCHAEUBLE AT 2:15PM CET TODAY:GREEK OFFICIAL 10.57am BST Interesting.... the finance ministers of Greece and Germany are reportedly planning a face-to-face meeting before the meeting kicks off.#Greece FinMin Varoufakis & #Germany FinMin Schäuble to meet 1115 GMT ahead of Eurogroup mtng ~@euro2day_gr http://t.co/RDVS42IP7j 10.56am BST Heads-up. The official Eurogroup ‘doorstep’ will take place at 2.45pm Brussels time, or 1.45pm BST (3.45pm for readers in Greece).That gives finance ministers an opportunity to throw some choice quotes to the ravenous Brussels press pack outside the meeting, as they arrive for the session.Doorstep #Eurogroup at around 14.45. 10.54am BST Spokesman Gavriel Sakellarides has denied that Athens could refuse to repay the IMF tomorrow, if today’s Eurogroup meeting goes badly.#Greece gov spokesman ahead of #eurogroup "we haven't made any ultimatums and we hope we don't receive any" 10.45am BST #Greece "the gov feels it has wide support of Greek society," says gov spokesman, raising prospect of referendum being held 10.43am BST The Greek government is insisting that there is no Plan B over its bailout -- it wants to reach a deal that suits both sides.Spokesman Gavriel Sakellarides is also telling reporters that Athens wants the eurogroup to give it some credit today, for progress made towards a deal.#Greece "our goal is mutually beneficial agreement" says gov spokesman Gavriel Sakellarides "we do not have a plan B." 10.20am BST EU CONCERNED OVER GREECE'S ABILITY TO PAY IMF TUESDAY-SOURCES 10.19am BST Over in Greece, government insiders are already saying they are hoping an emergency eurogroup meeting will be held towards the end of May.May 25 is being suggested as a possible date, if this afternoon’s meeting in Brussels is successful. “We are looking at an extraordinary euro group meeting being held on May 25 if things go well today.” 10.14am BST Negotiations between Greece and her creditors are entering a “crucial phase”, says Swiss bank UBS.The talks are overshadowed by a precarious fiscal situation, heavy debt redemptions, and concerns about the stability of the banking system.The time pressure is enormous: the stalled review of the current Troika programme has to be closed by end-June, and a follow-on programme would have to be in place soon after for Greece to manage very high debt service in July/August. 10.09am BST More fighting talk from Athens:#Greece | Syriza parl group head Filis: There is no money for the creditors. We either reach agreement or we call referendum ~@AvgiOnline 9.48am BST Today’s eurogroup meeting will almost certainly define the Greek government’s actions in the coming days, amid rumours that it could threaten not to make tomorrow’s IMF repayment. “[It depends] if it is a signal of crisis or a signal that we are a little before an agreement.We are at a very sensitive stage of the negotiations. Lenders have toughened [their stance]. 9.44am BST ECB policymaker Ewald Nowotny has already weighed in, saying Greece’s financial problems are “much more a political question than an economic question”. 9.37am BST Greece’s hopes of a breakthough with the European Central Bank have been dashed, by the FT’s Peter Speigel.He reports that eurozone insiders are not expecting a big breakthrough today:After a quick pre-#eurogroup ring-around, sounds like a #Greece statement that will allow @ecb to lift t-bill cap still very unlikely. 9.26am BST Today's #Eurogroup is the 6th since #Greece got a new govt 4 months ago. And we're still only hoping for a progress-making statement (sigh) 9.25am BST Investors are anxious about the €770m repayment which Greece is due to send the IMF tomorrow, says RBC’s head of European rates strategy, Peter Schaffrik:“The crucial information that nobody seems to know is how much money do they have left.” “Defaulting on the IMF would have major ramifications and increase the chances of an exit.” 9.15am BST Greece is top of the agenda at today’s Eurogroup meeting, which kicks off in around five hour’s time.Ministers will continue the discussion on the situation in Greece. They will be briefed on the state of play in the ongoing discussions between the Greek authorities and the three institutions - the European Commission, the European Central Bank and the International Monetary Fund on the list of reforms that the Greek government is expected to complete under the current agreement. The reform list is a necessary step to complete the ongoing review and thus unlock the payment of the remaining tranche of financial assistance.Agenda highlights of today's #Eurogroup meeting: http://t.co/ln32RLjyAQ #ECForecast #Greece 9.12am BST #Greece's stock market starts lower to the week as another cash deadline looms. FTSE Athex bank index down 5%. pic.twitter.com/HCvv8NwEby 8.59am BST The Greek stock market has dropped in early trading, as investors in Athens brace for little progress at today’s Eurogroup meeting in Brussels.The main ATG index is down 2.4%, with the banking sector leading the fallers. Attica Bank tumbled 10%, followed by Piraeus Bank and Eurobank Ergasias. 8.46am BST France’s finance minister then warned that it could take a “few more days or weeks” to reach a deal between Greece and her creditors.Michel Sapin said he had no doubt on the political will on both sides and no worries over whether a deal would be reached eventually.He declined to say if the Eurogroup would agree a statement on Greece and also declined to give a new deadline on when a deal should be reached. 8.39am BST The time simply isn’t ‘ripe’ for a deal on Greece, says France’s finance minister, Michel Sapin.Speaking in Paris a few minutes ago, Sapin said that today’s Eurogroup meeting will be “important but not decisive.”“Things have progressed but are not ripe enough to allow to conclude.” 8.32am BST Reminder: Greece owes a lot of money to the International Monetary Fund over the next six weeks....#Greece's latest IMF payment is due in 24 hours — and Athens is desperate for positive news. http://t.co/lZlmjLKzmx pic.twitter.com/KiUQTvwkch 8.25am BST The interminable Greek bailout drama is weighing on the financial markets today.The euro has dipped by 0.3% to $1.1171 against the US dollar, on fears that today’s Eurogroup meeting will be a(nother) disappointment.Greek officials have been preparing for today’s Eurogroup summit in Brussels following a weekend of ‘feverish’ negotiations as the pressure mounts on Athens to take action to avoid defaulting on its debt. PM Tsipras’s government is due to repay €750mn to the IMF on Tuesday this week.Eurogroup officials are concerned that a very real chance of Greece going bankrupt exists at the current time. 8.08am BST Greece’s top government ministers met yesterday to discuss their strategy ahead of today’s Eurogroup meeting. “We want a clear confirmation of the progress that has been made.“We have agreed on a tougher strategy to stop making compromises. We were unified and we have a spring our step once again.” 7.57am BST EU #daybook: BOE will probably leave benchmark rate unchanged. Euro-zone finance ministers gather in Brussels. Germany, France sell bills. 7.54am BST Our Southern Europe editor, John Hooper, has been interviewing people on Athens’ Vouliagmeni beach (tough gig!), and found that many Greeks remain relaxed about the debt crisis.“Nothing will change this week,” said Aris Karnachoritis confidently as the waitress handed out bottles of beer and frosted glasses to him and his friends.Constantinos Neocleous, sitting beside him at a table on the beach at Vouliagmeni near Athens, nodded in agreement. “It’s not in anyone’s interests to have a crisis now,” he said. Related: Greece’s plight at odds with public's lack of concern as default deferred – for now 7.51am BST Good morning all. #Greece eyes a 'positive statement' at today's #Eurogroup meeting, yet such a statement won't unlock #ECB liquidity. 7.42am BST Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.It’s a new week, but the same old story. Eurozone finance ministers will be gathering in Brussels this afternoon to discuss the Greek debt crisis, as the risk of the country defaulting continue to rise.Today sees the latest Eurogroup meeting, heading into which Dijsselbloem has said the meeting will not see any accord reached on Greece Related: Greece debt repayment uncertain amid fresh round of talks “Such processes also have irrational elements.Experiences elsewhere in the world have shown that a country can suddenly slide into insolvency.” Continue reading...
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