Rumours swirl that Greece could hold elections if it cannot reach an honourable compromise with its lenders, who met in Berlin last nightLatest: Greek PM says leaders must decideGreek rumour mill: June elections?Latest: Eurozone inflation beats forecastsIntroduction: Late night meeting in BerlinLast Night: Drama in Berlin - as it happened 10.33am BST Alexis Tsipras adds that he is optimistic that an agreement will be reached in time.I believe European leader will respect our proposals, he tells his audience in the Athens education ministry. 10.22am BST Back in Greece, prime minister Alexis Tsipras is speaking now - repeating that Europe’s leaders are the only people who can deliver a solid agreement. He also revealed that Greece sent a “comprehensive proposal” to its lenders last night [Tsipras held a cabinet meeting with top ministers on Monday evening].Tsipras: "Greek people know that 'day after will be difficult' regardless of negotiations #Greece pic.twitter.com/pq0wq9kAaa 10.11am BST The European Central Bank might have to revise its forecasts higher at tomorrow’s monetary policy meeting, reckons Credit Agricole’s Fred Ducrozet.Eurozone HICP now *above* ECB’s most optimistic scenario – staff forecasts to be adjusted slightly higher tomorrow. pic.twitter.com/BWW6GvumAg 10.07am BST Breaking: Inflation across the eurozone has started rising again, and by more than many economists expected.The eurozone consumer prices index, which tracks the cost of living across the euro area, rose by 0.3% in May, having been flat in April (and negative since January). The City had expected a reading of 0.2%.#Eurozone back to #inflation: Consumer Prices rise for 1st time in 6months. May Core CPI also rose to 0.9%. pic.twitter.com/Onj0CRt9FO 9.56am BST #Greece | Scores of Syriza ministers & MPs this am talk of snap elections "if compromise goes beyond our election program". 9.44am BST There is much chatter in Athens this morning that the country could hold elections if Greece isn’t given the “honourable compromise” that it wants, says our correspondent Helena Smith.It is indicative of the mood in Athens this morning that even the mild-manned deputy premier Yannis Dragasakis has come out all guns. “As a government neither do we accept ultimatums not do we bow to blackmail,” tweeted the ex communist who is now in charge of the anti-austerity coalition’s economic policy. Ως κυβέρνηση ούτε δεχόμαστε τελεσίγραφα ούτε υποκύπτουμε σε εκβιασμούς #studydays“If a deal is achieved that is not deemed honourable and promoting of compromise, the people will have to be asked before we sign it.” 9.34am BST After a calm start, Europe’s stock markets have just fallen into the red, with the FTSE 100 shedding 0.8% or 55 points.“The fact that five such political and financial heavyweights met about Greece means they are trying to force a break in the political deadlock and that’s a positive development that’s likely to lift risk sentiment. But we will have to wait to see the Greek reaction.” 9.03am BST Germany’s minister for Economic Affairs, Sigmar Gabriel, is urging Greece to “embrace” its creditors efforts to reach a deal and avoid bankruptcy: 8.58am BST Just in: Germany’s unemployment total has fallen by another 6,000.That leaves the country’s jobless rate at its record low of 6.4%.GERMAN UNEMPLOYMENT FELL 6,000 IN MAY VS EST. 10,000 DROP 8.28am BST A Greek official has told Reuters that Athens hasn’t yet received any text or document from its creditors following last night’s meeting.Greece is confident it can meet its next debt repayment, €300m to the IMF on Friday, as long as it has an agreement with creditors (even if new funds haven’t been released).#Greece will make June 5 #IMF payment if deal with lenders reached. http://t.co/Aqkspfrnk5 pic.twitter.com/ZurqXJxOEP 8.21am BST Over to Spain’s briefly...and the country’s unemployment crisis has eased a little.The number of people out of work fell by almost 118,000 in May, a slightly bigger drop than expected. That brings the total out of work down to 4.215m.Spain unemployment fals 118k v -115k expected ..... compare that with France where it is still increasing. 8.18am BST European commissioner Pierre Moscovici has just revealed that Greece has offered new proposals on pensions reforms.He told France Inter radio that:“We are starting to work in depth on pensions. The Greek government has made some first proposals and the pros and cons are being considered.” 8.10am BST There are plenty of rumours and theories swirling this morning, about what the heads of Germany, France, the IMF, ECB and EC discussed last night. Here’s a few:Merkel, Hollande and Draghi obviously ready to offer debt relief to #Greece conditional on structural reforms, says @TomMayerEuropaSpanish radio @La_SER: Creditors plan to offer #Greece access to €10,9bn bank funds if Tsipras accepts 70% of program http://t.co/92jzxUgYs2If #Greece accepts creditors' plan, third bailout program to be discussed in the summer together with new funds for Greek banks ~@La_SER 8.03am BST Nikos Filis, the parliamentary spokesman of Prime Minister Alexis Tsipras’s ruling Syriza party, insists Greece will not be bounced into a ‘take it or leave it’ offer from its creditors.“If we’re talking about an ultimatum... which is not within the framework of the popular mandate, it is obvious that the government cannot co-sign and accept it.” 8.00am BST Greece’s labour minister, Panos Skourletis, has warned that Athens cannot make more compromises.Any concessions must come from the Greek creditors, he argued, as part of a ‘political deal’.“There is no room for more compromises. We are waiting for the other side to assume its responsibilities.” 7.56am BST Merkel, Lagarde, Draghi, Hollande and Juncker worked on a technical paper last night prepared by the commission, showing possible ways of reaching a deal , according to the Financial Times.One official said there were no new concessions to Athens in the commission paper. Rather, it was intended to spell out the core principles creditors need to conclude a deal. Yanis Varoufakis, the Greek finance minister, has long argued that Athens accepts 70% of the existing bailout programme, and creditors are hoping any compromise reached in Berlin could serve as the 70% Mr Varoufakis and Mr Tsipras can accept.Officials cautioned that the final creditor position may need to be fleshed out in the coming days, but their intention would be to present it to Athens this week. 7.50am BST European commissioner Pierre Moscovici says he’s hopeful of a breakthrough with Greece, but warned that more work is needed.Speaking on France Inter radio a few minutes ago, Moscovici said:“The discussions are fruitful, they are bearing fruit, there is real progress with a better understanding by both the Greek government and its creditors.”“In the coming weeks we have to find a solution, I think we are doing it but efforts still need to be made on both sides.”"Etre dans la zone euro, c'est un ensemble de droits et de devoirs. Je souhaite ardemment que la #Grèce reste ds la #zoneeuro" @franceinter 7.45am BST Last night’s Berlin gathering may have been triggered by growing pressure from America to resolve the Greek crisis, says our Europe editor Ian Traynor.#grexit merkel's mini-summit. seems she doesn't want a friday drama to spoil her weekend G7 summit in bavaria. americans restive 7.39am BST Good morning, and welcome to our rolling coverage of Greece’s bailout and other events across the world economy, the financial markets, business and the eurozone.The Greek crisis has stepped up another notch overnight after German chancellor Angela Merkel held an unscheduled emergency meeting in Berlin. Related: Greece's creditors urge more intensity after mini-summit - live updates “The endgame is beginning. The meeting is aimed at making the Greeks a final offer.”“They agreed that work must continue with real intensity,”“The participants in the talks were in close contact in recent days and want this to remain the case in the coming days both among themselves and of course with the Greek government.”European leaders call to "intensify" Greece talks after late-night emergency session http://t.co/LflD1QY0nJ pic.twitter.com/mzpkNCr7pBA decline of 115k is expected in Spain which is likely to be most welcome given the current governments unpopularity, but it will still have to go some to make any sort of dent in the current 23% unemployment rate. German unemployment is set to stay at a record low of 6.4%.French unemployment rises 0.7% in April to historic high (a staggering +21% since May 2012!)) http://t.co/oNNgYQUKQl pic.twitter.com/A1TjOxDkEBThe economy may be growing, but so are the numbers out of work: France 2 News leads with dire unemployment figures pic.twitter.com/Y6mMNqg6Se Continue reading...
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