European leaders have met in Brussels for a summit overshadowed by Greece’s debt crisisLatest: Leaders agree to intensify Greek negotiationsSummary: Meeting held as rumours swirlGermany open to ‘staggered deal’Markets rallyMerkel: We want Greece to stay 11.56pm BST Greece’s PM touches on the need for a debt restructuring:TSIPRAS: DEAL SHOULD INCLUDE DEBT RELIEF IN ORDER RETURN TO GROWTH - MNI #Greece 11.55pm BST Tsipras is saying that the discussions with Angela Merkel and Francois Hollande took place in a “very good climate”.The leaders have agree to continue their efforts to reach a solution, he adds.Nothing from @atsipras in English. Greek reporters say it was mostly "constructive" and "intensifying", etc.Tsipras: I think we are going to reach a solution. European leaders realize #Greece needs a viable solution. 11.52pm BST Here comes Alexis Tsipras, to face the media in Brussels.Here we go. He is smiling And he's talking to us! (In Greek so far) pic.twitter.com/U7OETVnRoq 11.44pm BST Last motorcade pulls up. @atsipras departure imminent? 11.38pm BST Bonne nuit, Francois.On his way out, @fhollande also says nothing 11.38pm BST The Greek government has issued a statement, but it doesn’t say much... just that the talks were constructive, all sides agreed to intensify talks to bridge the differences, to deliver growth and sustainable debt levels. 11.33pm BST Dear @tsipras_eu all this people is waiting for you pic.twitter.com/ehKLsIQDur 11.30pm BST The leaders of Germany and France agreed with Greek Prime Minister Alexis Tsipras on Wednesday that negotiations between Greece and its international creditors must be intensified to reach a deal to avert a Greek default.“It was agreed unanimously that the talks between the Greek government and the institutions (IMF, European Commission and European Central Bank) should be pursued with great intensity,”Weather report: It's really hot in the press area of the VIP exit #WaitingForAlexis 11.26pm BST Ahha! Talks also took place in “a constructive atmosphere”. Another familiar phrase for eurozone crisis watchers....Reg. Sprecher: Treffen #Merkel #Hollande @Tsipras "in konstruktiver Atmosphäre". Gespräche sollen "mit hoher Intensität fortgesetzt werden" 11.18pm BST Newsflash: German govt statement says three leaders agreed Greek talks must continue 'with more intensity' 11.17pm BST Angela Merkel is leaving the building for the night. She doesn’t speak, but apparently a diplomatic aide waves an apple at the media throng.Meeting between #Merkel, #Tsipras, #Holland is over. pic.twitter.com/dzhvwzkIrM#Merkel makes no comment, but Meyer-Landruyt waves an apple at the press corps. No idea what that means. 11.09pm BST Good news -- Alexis Tsipras will speak to the media shortly. Not clear if it will be streamed live...@PrimeministerGR will shortly make a statement. Awaiting.Waiting for @atsipras pic.twitter.com/4yXhAG2sjS 11.02pm BST Gov sources saying that #Greece has request 9-month extension of its bailout programme: #Europe's debt crisis kicked down the road - again? 11.02pm BST Brussels reporters say the meeting between Germany, France and Greece is breaking up now..... 11.01pm BST Greek media tonight are reporting that officials in Athens have made the bombshell admission that they have requested an extension of the country’s current bailout until March next year.The request is believed to be at the root of the proposal being discussed tonight by the Greek leader Alexis Tsipras and his German and French counterparts. 10.52pm BST Curious scenes at the exit of the Justus Lipsius building in Brussels, as journalists wait for the Tsipras-Merkel-Hollande meeting to finish:Well, this car that was waiting at VIP exit just pulled away w/nobody in it. No idea what that means, though #Greece pic.twitter.com/3BIbGBPPtc 10.22pm BST New opinion polling from Greece shows that the public may be losing faith in Alexis Tsipras’s negotiating skills, but not in the eurozone itself.Most Greeks (for 1st time) dissatisfied with government negotiations 53.4-45.5% #Greece @MARCpolls for @ALPHA_TV pic.twitter.com/CLXxKvTFDlMORE: 77.4% Greeks support staying in euro #Greece @MARCpolls for @ALPHA_TV pic.twitter.com/HXMTIgT1Rv 9.58pm BST Anyone else detect some slightly forced smiles?All smiles. @atsipras @fhollande #Merkel (via @Elysee) pic.twitter.com/tctPqAsKFS 9.51pm BST Heads-up: Here’s a photo from inside tonight’s meeting between Hollande, Tsipras and Merkel.So sitzen sie jetzt zusammen: #Kanzlerin #Merkel, F Präs. #Hollande und #Griechenland MP @atsipras #Greece #Grexit pic.twitter.com/F9lf0dWDt3 9.37pm BST S&P say they’ve downgraded Greece because they don’t see much chance of a deal in the next few days, and any arrangement might not last beyond September.S&P on #Greece: We do not consider it likely that there would be any official debt relief or more substancial financing agreed in next days.S&P lowers #Greece to CCC on opinion that govt likely to default on commercial debt within next 12 months. pic.twitter.com/vrJU6c6lH5*S&P DOESN'T SEE POTENTIAL GREECE PACT COVERING DEBT BEYOND SEPT text here: http://t.co/fw87pwiA7b 9.25pm BST Great timing from Standard & Poor’s... they’ve just cut Greece’s credit rating by one notch, to CCC. That’s just two notches above default.S&P lowers Greece's credit rating to CCC from CCC+ 9.09pm BST Thanks to Euronews’s Efi Koutsokosta, we know the meeting’s now begun....The meeting btw @atsipras #Merkel and #Hollande just started 8.55pm BST Dinner is over..... which means Merkel, Tsipras and Hollande will now hold their much-anticipated meeting.#EUCELAC dinner finished. The summit will restart with the retreat session, leaders only, tomorrow at 10.00. pic.twitter.com/a8us0I4Xuu 8.54pm BST Time for a quick recap, while we await further developments in Brussels.The leaders of Germany, France and Greece are due to hold a meeting tonight to discuss the measures the Greek government must take to receive desperately needed bailout loans.According to the reports, the chancellor Angela Merkel is prepared to accept a much-reduced reform programme, slimmed down to just one or two areas as part of an initial package, to salvage a deal with Greece and prevent it exiting the eurozone.Shares on the FTSE 100 moved ahead 76 points or 1.1%, while the German Dax and French CAC jumped 2.4% and 1.75%, respectively. Related: Greece bailout talks: markets surge on rumours of German compromise 8.32pm BST And here’s that menu:What the leaders eat tonight. Cosa mangiano i leader ue stasera. Celac summit. @la_stampa pic.twitter.com/yIH2ow6LKJI'm still not 100% sure what I'm doing here in the #EU summit building press room at 9:30pm. #WaitingForMerkel? 8.29pm BST Day one of the summit is over, so leaders are tucking into a tasty feast: quail, then sole, then something clever with strawberries.EU-Celac menu: quail supreme, followed by fillet of soul and samphire, then strawberry variations, via @aureliemayembofillet of sole, been watching too much Live and Let Die 7.39pm BST Italy’s finance minister has thrown his weight behind the idea of a Eurozone unemployment insurance scheme.Under this plan, a euro country would receive help from its neighbours if joblessness rose too high. Reform of economic governance within the eurozone is also essential to improve the effectiveness of monetary union and foster greater cooperation in times of crisis. Structural reforms undertaken at national level must be better coordinated to maximise their impacts. We need to put a special focus on the social and employment side of structural policies, as an integral part of economic convergence in the euro area. Eurozone labour markets especially must be made more resilient. This could be done by introducing a common European unemployment insurance scheme.This would complement ongoing reforms and boost the effectiveness of various national initiatives. Moreover, it would smooth demand and cushion the negative fallout of any future crises. Longer term, the eurozone should develop a proper stabilisation function to help it cope with what economists call asymmetric shocks – or events that strike one nation harder than others – leading to, among other things, a temporary spike in unemployment.italy's padoan goes further than france's macron, germany's gabriel. calls for eurozone unemployment insurance http://t.co/xsdxsoGW1a 7.21pm BST You can see why these are called “family photos” - half the group won’t stop chatting to pose for the picture (I’m looking at you, Mariano. Just because you’re in the second row...) 7.01pm BST Our spies in Brussels report that Angela Merkel is chatting with Evo Morales, the socialist leader of Bolivia.Sight I'd never thought I'd see: #Merkel locked in an intense conversation with @EvoMorales. 6.44pm BST Dutch finance minister Jeroen Dijsselbloem has declared that a deal can indeed by reached for Greece soon.Dijsselbloem reckons it could be signed off by June 18, when the eurogroup of finance ministers (which he chairs) next meets. But Greece would need to produce more serious proposals.“We are still open to serious alternatives, but the alternatives of the last couple of days have not been of a high enough standard....“In the last talks which I had together with President Juncker and Prime Minister Tsipras, we made quite clear that there is room to put in alternative measures, but… the bottom line is that it has to add up, because Greece has to become financially independent again.” 6.31pm BST Reuters has also established that a three-way meeting will take place tonight. The game is afoot!* Merkel, France's Hollande to meet Greek PM after dinner at EU summit in brussels - spokesman - RTRS 6.14pm BST Media reports in Athens are suggesting that the Greek prime minister could yield on a major sticking point: creditors’ demand for a primary surplus of 1% of GDP this year. “we are closer than ever before to a deal.” According to information from Greek sources, Greek PM Tsipras willing to settle on a primary surplus of 1%, as proposed by the institutions. 6.07pm BST Alexis Tsipras has helpfully tweeted a picture, showing he did indeed chat to Jean-Claude Juncker on the sidelines of the EU summit: (OK, it might have been an aide who tweeted it; Tsipras has enough on his plate without handling social media too)Κατά τη διάρκεια της #EUCELAC , συναντήσεις με τον κ. @JunckerEU & την Πρόεδρο της Χιλής,κ. Michelle Bachelet.#Greece pic.twitter.com/UcOoF3zYDt 5.57pm BST A German government spokesman has told Reuters it will only accept a deal approved by the three institutions (the EC, IMF and ECB). All else is “pure invention”, he says. 5.57pm BST And back with Greece:#EU Commission and #Greece to work on a deal with the approval of the #Eurogroup ~MNI citing sourcesGreek government could be willing to accept a 1% primary surplus target for 2015 (higher than they suggested) under certain conditions 5.57pm BST Here’s Jill Treanor’s report on Mark Carney’s speech:Mark Carney is to warn City traders that they should face up to 10 years in jail for rigging and abusing markets as he pledged to end “the age of irresponsibility” that has gripped the financial sector.The Bank of England governor acknowledged the economic harm caused by what he described as the “ethical drift” that took hold in the fixed income, currency and commodities (FICC) markets ahead of the financial crisis. Related: Mark Carney to warn rogue City traders they should face 10 years in jail 5.13pm BST Mark Carney calls for ten prison terms for market abuse and rate rigging, says “the age of irresponsibility” needs to endOsborne says individuals who manipulate markets should be treated like criminals. No trade off between conduct and competitivenessMark Carney also acknowledges the short-comings of the Bank of England in the run-up to the 2008 crisis in his Mansion House speech 5.09pm BST Away from Greece for a moment, and Bank of England governor Mark Carney has announced plans for a clampdown on abuse in financial markets after a series of scandals.Rogue traders in fixed income, currency and commodity markets would face up to 10 years in jail if found guilty, under the proposals. 5.02pm BST More meetings. Greek prime minister Alexis Tsipras is set to meet EC president Jean-Claude Junker again tomorrow on the sidelines of the continuing summit with Latin American leaders. A Greek government official told Reuters:The two leaders exchanged views in detail [earlier today] and in a constructive climate, while they agreed to meet again tomorrow. 4.36pm BST Spanish economy minister Luis de Guindos has said creditor’ institutions have shown flexibility with Greece, adding: “Grexit is off the table, we want to keep Greece in the eurozone.”Quotes courtesy Reuters. 4.26pm BST The reports of a possible breakthrough have sent markets sharply higher.Germany’s Dax is now up 1.54%, France’s Cac has climbed 1.1% and the FTSE 100 has added 1%. On Wall Street the Dow Jones Industrial Average is up 1.3%. 4.21pm BST Meeting between #Tsipras #Hollande and #Merkel to take place tonight at @EUCouncil, around 9PM, "after dinner" says EU official 4.20pm BST Here’s the Bloomberg story on Germany’s supposedly attempt to bring a deal to the table: Chancellor Angela Merkel’s government may be satisfied with Greece committing to at least one economic reform sought by creditors to open the door to bailout funds, according to two people familiar with Germany’s position.While the Germans still insist on a package of steps that includes higher taxes, state asset sales and less generous retirement benefits, they may settle for a clear commitment by the Greek government to a measure up front to unlock aid, said the people, who asked not to be identified discussing the government’s negotiating stance. 4.16pm BST And if there is indeed a meeting there may be something to talk about, according to Bloomberg:GERMANY SAID TO CONSIDER OFFERING GREECE STAGGERED DEAL ON AID. GERMANY SAID TO CONSIDER SETTLING FOR ONE GREEK REFORM UP FRONT, BBG reports 4.15pm BST And there may well be a meeting after all:Hollande suggests there might be a meeting with Greek PM @atsipras In wings of summit pic.twitter.com/1O4AgxvJtS 4.13pm BST The €2.3bn increase in the emergency liquidity assistance cap for Greek banks follows a €500m increase last week. It is the highest weekly rise since mid-February.The incremental moves by the ECB keep the pressure on Athens to come up with a deal with its creditors. 3.59pm BST But at least Greece appears to be getting continued support from the European Central Bank through the Emergency Liquidity Assistance:ECB said to raise Greek ELA ceiling to €83.0 Bln from €80.7 Bln 3.54pm BST Our correspondent Helena Smith flags up some possible protests tomorrow:#Greek communist party unionists declare "combative resistance" to the "new memorandum" (bailout) being prepared 4 the country#Greece we may see some fun demos trm in #Athens as commie party militants protest leftwing Syriza gov's econ policies 3.06pm BST After days of decline, most markets are regaining a little of the lost ground at the moment. Wall Street has opened stronger, with the Dow Jones Industrial Average up 142 points or 0.8%.In Europe Germany’s Dax has added 1.28% and France’s Cac is up 0.75%. In the UK, the FTSE 100 has added 0.6% but in Athens the Greek market has bucked the optimistic mood, down 0.9%. 3.00pm BST Meanwhile the Greek economy continues to struggle:According to Greece's retailers association, about 59 businesses close down and some 613 jobs are being lost each day 2.54pm BST Betwixt all the smiles, hugs and backslapping in Brussels this afternoon, the Greek government has issued a strongly-worded statement.It bemoans the fact that they (apparently) learned about the negative response to its latest reform package proposal via today’s EC press conference and not from the EU monetary affairs commissioner himself. “The Greek side finds itself in the unfortunate position to have to point out that it was never informed about its proposals by Mr Pierre Moscovici.” EU official:@pierremoscovici talked 2 @nikospappas16 telling him that GR proposals not in line with discussions btw @atsipras & @JunckerEU 2.29pm BST It’s not a formal meeting, but we can report that Angela Merkel and Alexis Tsipras have shaken hands in Brussels, and shared a few words. 2.24pm BST And they’re off....#EUCELAC Summit 2015 Opening remarks @eucopresident @JunckerEU #Correa @Presidencia_ec http://t.co/VxbZrJWWp0 pic.twitter.com/v9C8gMmp2h 2.22pm BST Angela Merkel will urge Alexis Tsipras to keep Greece’s officials negotiating with creditors in Brussels, when they speak on the sidelines of today’s EU summit.I’ve taken the quotes from Reuters:“The message will be: the talks with the three institutions must be continued,” said Merkel on arrival in Brussels, referring to the European Commission, International Monetary Fund (IMF) and European Central Bank.“The goal is, we want to keep Greece in the euro zone,” she said, adding: “Where there is a will, there is a way.” 1.42pm BST Tsipras still gets some Juncker love though... pic.twitter.com/ftGX13rxdu 1.38pm BST All isn’t lost. Jean-Claude Juncker just gave Alexis Tsipras a hug in Brussels.Despite the EC president’s unhappiness over the Greek PM’s criticism of the creditors last week, the two men managed to put on a show of solidarity, at least.Talks at awkward stage, but Juncker gives PM Tsipras a hug #Greece #CELAC pic.twitter.com/HWkU4rYiav 1.32pm BST Angela Merkel has arrived in Brussels, telling reporters that “of course” she’ll meet with Alexis Tsipras if the Greek PM would like to.MERKEL SAYS POSSIBLE MEETING WITH TSIPRAS IN BRUSSELS TODAY MERKEL SAYS `WHERE THERE'S A WILL THERE'S A WAY #Greece 1.12pm BST Looks like this Europe-LatAm summit in Brussels is turning into another #Greece meeting behind the scenes. At least Argentina is cheering. 1.05pm BST Alexis Tsipras has now raced from the Argentinian delegation to meet with European Council chief Donald Tusk.Meeting with the President of the European Council, Mr. @donaldtusk at #EUCELAC #Greece pic.twitter.com/3w4TQVUoKc“We have to understand, Greece is not only a question of money.... “Can you imagine Europe without Greece? 12.49pm BST Greece's @tsipras_eu is in Brussels & meeting with Argentina's Minister of Foreign Affairs, Hector Timerman, Talk of debt restructuring?? 12.47pm BST Here’s a photo confirming that Greece’s pharmacies are shuttered todayAs we flagged up this morning, it’s a protest against plans to liberalise the sector (so Greeks could buy over-the-counter drugs at the supermarket) 12.36pm BST Alexis Tsipras got straight down to business in Brussels, with a sit-down meeting with the Argentinian delegation:I'm currently in Brussels & meeting w/Argentina's Minister of Foreign Affairs, Mr. Hector Timerman #EUCELAC #Greece pic.twitter.com/FTEBtL9EJULittle advice on defaulting? https://t.co/qkHpIMrGxs 12.27pm BST Will she or won’t she?Germany is leaving the issue of a meeting between Angela Merkel and Alexis Tsipras hanging tantalisingly in the air. A spokesman in Berlin won’t confirm or deny any plans, but says the opportunity is there. 12.22pm BST The Greek prime minister will meet the president of the European Council, Donald Tusk, at 13.30 Brussels time on Wednesday, Reuters reports.So, in around eight minutes.... 12.17pm BST Alexis Tsipras has now arrived in Brussels for today’s EU summit with Carribbean and Latin American nations. He’s still smiling, despite recent knockbacks. 11.52am BST The FT’s Peter Spiegel explains why Greece’s latest proposal falls short:The Greek submission calls for a primary budget surplus -- revenues less expenses when interest on sovereign debt are not counted -- of 0.75 per cent of gross domestic product this year, rising to 1.75 per cent next year and 2.5 per cent in 2017. That is higher than originally suggested in a Greek counter-proposal, but still below the 1 per cent, 2 per cent and 3 per cent in an offer by creditors presented by Mr Juncker.Officials believed that Mr Tsipras had agreed to the creditors’ targets during the Juncker meeting and were preparing a new plan on how to hit those levels. Instead, the new Greek submission changed the targets and provided no new proposals on underlying economic policies.Back to the drawing board. Again. @SpiegelPeter on the latest Greek reform plans http://t.co/spAUrCjhYIWhatever the background if #Greece & #euro area fail over primary surplus difference of 0.25 pts, history will not be kind to those involved 11.24am BST The EC’s top spokesman, Margaritis Schinas, is facing the Brussels press pack now.Ow - EU's @MargSchinas says new Greek reform plan 'does not reflect' state of Juncker-Tsipras talks last week@SpiegelPeter @PoliticoRyan . . . and in #BILD! pic.twitter.com/BnbExbhtXg 10.57am BST From Brussels, Spanish journalists Jorge Valero reports that creditors aren’t budging on Greek budget surplus targets.They want Athens to commit to a primary surplus of 1% of GDP this year, rejecting the 0.75% it is offering, he says.EU/#IMF insist #Greece must meet 1% primary surplus target this year, although mor flexible on measures (including pensions) if they r soundInstitutions are waiting for a new proposal from #Greece including primary surplus of 1% for 2015 (a must) and sound measures to achieve it 10.56am BST Leaders are arriving in Brussels for the Latin American summit; Brazilian President Dilma Rousseff is currently meeting Belgium’s Prime minister Charles Michel: 10.53am BST Own up, have any Greek readers been ordering owls?From today's @dailytelegraph announcements the middle one has got be a coded message between spies surely? pic.twitter.com/iphMHdhQZN@RobDexPA @GeneralBoles @dailytelegraph Owls to Athens was the classical phrase equivalent of coal to Newcastle, from Athenian coinage 10.41am BST Despite the deadlock, Greece has just successfully auctioned almost €3bn of short-term debt.That doesn’t solve its funding crisis, though. This money will be used to repay other short-term debt which matures shortly.*GREECE SELLS TREASURY BILLS Well done !!!More relevant: *INVESTORS BUY GREEK TREASURY BILLS https://t.co/h0hU56HEZW 10.29am BST 10.28am BST Greece remains deep in deflation, as prices continue to be forced down across the country.Elstat reports that the Greek consumer prices index fell by 2.1% year-on-year in May, unchanged from April. 10.26am BST If Angela Merkel and Francois Hollande do give Alexis Tsipras the cold shoulder tonight, the Greek crisis could then switch to the capital of Slovakia:If no meeting tonite between @atsipras & #Merkollande, action moves to #Bratislava (!). Euro working group meeting there at end of week.Amid rumors that Tsipras-Merkel-Hollande meet may not happen, Greek gov source reports no feedback to revised proposals. 10.22am BST Demonstrators are already gathering in Brussels ahead of today’s summit:#EU #CELAC summit has not startet yet, but first #Mexico protesters with good music on #Brussels streets. pic.twitter.com/Pg1Mmk8Bkr 10.12am BST Rumours are swirling that tonight’s informal meeting between the leaders of Greece, Germany and France might not happen!A French insider has told Reuters that nothing’s scheduled in Hollande’s diary....“No meeting is planned at this stage - we’ll see what happens when we get there.” *GERMAN GOVT OFFICIAL SAYS MERKEL-TSIPRAS TALKS NOT CONFIRMED 10.06am BST Over in Greece, pharmacists have gone on strike.“The institutions [EU and IMF] have obsessions which unfortunately cannot be explained … as there is no problem with the issue of competitiveness.We are fighting to [stop] this obsession becoming reality. We will fight until the last moment.” 9.35am BST Michael Fuchs also denied that the German parliament could split over Greece.Fuchs, who is deputy chairman of the CDU party, reckons that European leaders simply won’t agreed a deal that isn’t broadly similar to the old plan. German CDU lawmaker Fuchs at BBG TV: We want #Greece to stay in the Euro BUT Euro won't fail without Greece. #Grexit#Germany CDU MP Fuchs: If #IMF pulls out [of #Greece programme], Germany will too. 9.29am BST An influential member of Angela Merkel’s CDU party, Michael Fuchs, has just cast serious doubt on the chances of a breakthrough soon, in a Bloomberg TV interview.What they do at the moment is non-negotiable.I hope a deal can be reached. But it is fully and only on Greece’ side.We want Greece to stay in the euro, very much. It is our wish and will.....But they need to come up with serious proposals, and what they are coming up with now is not serious at all."What Greece is now proposing is not serious" @drmfuchs tells @flacqua from Berlin. pic.twitter.com/1DzuZZubpD 9.11am BST Newsflash from Athens: Greece hasn’t had any feedback on its latest proposals, according to a government official.GREECE HAD NO FEEDBACK FROM CREDITORS ON ITS PROPOSALS: GOVT 9.04am BST Today’s EU-Latin American summit begins at 2pm Brussels time (1pm BST).Alexis Tsipras’s best hope of cornering Angela Merkel and Francois Hollande for talks (assuming it happens) is probably in the evening. 8.53am BST Here we go! The 10 year bond (bund) yield of Germany that dropped so recently to 0.07% has now reached 1% #ECB #QEGerman 10y yield now = 1.01% German 10y yield on day #ECB announced QE = 0.45% 8.46am BST Back in the UK, the boss of Sainsbury has blamed “strong levels of food deflation” and “highly competitive pricing” for its latest drop in takings. Good news for consumers! Related: Sainsbury's sales fall for sixth consecutive quarter 8.37am BST CLUNK. The yield on Germany’s 10-year bonds just hit 1%, up from 0.96% last night.That means Germany’s benchmark government debt is offering its highest rate of return since last September 2014.Never ever sell the OH WAIT pic.twitter.com/0Lg5YprNHH 8.34am BST European stock markets are falling again this morning, having hit their lowest level since mid-February yesterday:#Germany's Dax continues to drop on Bund rout. pic.twitter.com/jNPX8D6bS2There is little conviction in equity buying at present and clearly a catalyst is missing that would provide the confidence needed. 8.25am BST Deadline not this week, but June 30. Two more weeks of this madness. And don’t expect any heroics from Merkel. http://t.co/5k79LAUuoq 8.21am BST Even though Greece is running short of allies in the eurozone, Wolfango Piccoli of Teneo Intelligence believes Tsipras will eventually be given a ‘take-it or leave it” deal.If you look around Europe, in Berlin, Paris, Frankfurt, the position has not change, they want Greece to stay in the eurozone”If Tsipras takes it to parliament it will get passed, because the opposition will support it.But at the end, Tsipras might not have a majority any more. 8.10am BST Roger Bootle, the managing director of Capital Economics, believes it’s “only a matter of time” until Greece leaves the euro , and it would be in both sides interest to do so.We’ve seen nothing like it in an advance economy in the second half of the 20th century.In fact, some of those structural reforms will make the demand problem worse.” 7.57am BST Angela Merkel and Francois Hollande are not the only leaders the Greek prime minister Alexis Tsipras will be meeting on the sidelines of today’s EU/Latin America summit.EU Commission President Juncker not willing to meet Greek PM Tsipras today in Brussels. There is no basis for further talks, EU sources say. 7.50am BST Bloomberg is reporting that “no progress” has been made between Greece’s negotiators and the creditors in recent days:#Greece, creditors said to disagree on targets, measures, BBG reports. Talks said to make no progress this week.So what should a rule-based institution do reviewing ELA today? *GREECE TALKS THIS WEEK SAID TO MAKE NO PROGRESS TO END IMPASSE 7.46am BST Good morning, and welcome to our rolling coverage of the Greek bailout crisis and other events across the world economy, the financial markets, and business.Greece is running short of time, and allies.“If there is no movement, there is no meeting,” “Germany and France don’t see the point of a meeting for now.”Juncker told commission meeting Tsipras tmrw 'waste of time', wd be 'better off meeting Latin Americans' - sources https://t.co/h0aLd5GxA9Sainsbury's like-for-like sales in first quarter down 2.1% (excl fuel), down 3.7% inc fuel, blames strong food deflation and competition Continue reading...
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