The Eurogroup will gather in Brussels this afternoon to discuss Greece’s reform plans, as Athens faces another IMF repayment on Tuesday.Latest: No plan B, says GreeceSpokesman: We’re constantly discussing whether to repay IMFFrench minister says no deal todayAthen stock market fallsIntroduction: Another Greek meeting.... 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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