All the latest economic and financial news, as Greece’s creditors try to find a way to break the deadlock gripping the eurozoneIntroduction: Late night meeting in BerlinMoscovici: We are making real progress 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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