Rolling coverage as finance minister Yanis Varoufakis visits Paris this morning, and Greece’s deputy PM meets Mario Draghi this afternoon Introduction: Crunch meetings todayFT: IMF taking hard line on Greece 8.21am BST Eurozone crisis experts are alarmed by the news that the IMF could pull funding for Greece unless it receives debt relief.Here’s some early reaction:#IMF gradually pulling rug out from under #Greece by saying that #eurozone Govs need to take debt rightdown before they’ll extend bailoutFocus remains on Greece with the latest reports suggesting the IMF could reduce financial aid to the nation....IMF may hold back its half of the €7.2bn bailout aid that Greece needs. Without the funds, Greece could run out of cash this month. 8.14am BST A new Greek opinion poll shows that a majority of the population want to stick with the euro, with roughly a third favouring Grexit.Macedonia Uni poll for Skai TV In referendum on euro with new MoU vs drachma, what would you choose? Euro 55.5% Drachma 35% N/A 9.5% #GreeceMacedonia Uni poll for Skai TV If Samaras was in power, economic situation would be Worse 56.5% Same 21.5% Better 15.5% N/A 6.5% #Greece 8.12am BST Overnight, Australia’s central bank cut interest rates to a fresh record low of 2%.The move (covered in this liveblog), is intended to ward off an economic slowdown in Australia. But if the RBA hoped to weaken the Aussie dollar, it’s been disappointed -- the currency did drop (as you’d expect) before bouncing back smartly:Do "currency wars" reach a new phase when rate cuts don't have any negative effect? RBA cut, A$ up.So RBA cut, bonds yields up, Shares down and aud up. Maybe better if held and kept easing bias #ausecon Related: Reserve Bank of Australia cuts interest rates to 2% – live 8.04am BST Today’s meetings are overshadowed by the news that the International Monetary Fund fears that Greece’s debt mountain has become unsustainable again.According to the Financial Times, the IMF believes Greece may run a primary budget deficit of 1.5% this year, far from the 3% surplus it was aiming for. Greece is so far off course on its $172bn bailout programme that it faces losing vital International Monetary Fund support unless European lenders write off significant amounts of its sovereign debt, the fund has warned Athens’ eurozone creditors.The warning, delivered to eurozone finance ministers by Poul Thomsen, head of the IMF’s European department, raises the prospect that it may hold back its portion of a €7.2bn tranche of bailout aid that Greece is desperately attempting to secure to avoid bankruptcy.IMF says #Greece now running primary deficit of nearly 1.5% of GDP; warns #eurogroup debt relief may be necessary http://t.co/qsM7aGUqWS 7.47am BST Good morning. We’re back after Monday’s Bank Holiday break to track the latest developments around Greece’s bailout talks, plus the world economy, the financial markets, the eurozone and business.Coming up....Greece’s government is scrambling to reach a breakthrough over its bailout before running out of cash. Related: Greece vows to pay debts as it awaits handout from international creditors Continue reading...
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