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Live Reporting

By Chris Johnston and Jastinder Khera

All times stated are UK

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  1. Post update

    That's all for our live coverage this evening. 

    Follow the  main story for any updates. Good night.

  2. Tomorrow is another day

    Ministers to reconvene

    Eurozone finance ministers will reconvene by telephone at 10:30 BST to discuss a new proposal from Prime Minister Alexis Tsipras that modifies an offer made last week by creditors,sources have told Reuters.

    Greek Finance Minister Yanis Varoufakis
    Image caption: Greek Finance Minister Yanis Varoufakis leaves the Maximos Mansion in Athens
  3. IMF statement

    IMF communications director Gerry Rice says

    "I confirm that the [Special Drawing Rights] SDR 1.2bn repayment (about €1.5bn) due by Greece to the IMF today has not been received. 

    "We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.

    "I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's Executive Board in due course."

  4. Greece in arrears

    Greece has become the first developed country to default on a loan repayment to the IMF.

     It's now formally in arrears. 

  5. Greece misses IMF payment

    The 23:00 (00:00 Brussels time) deadline for Greece to repay €1.6bn (£1.1bn) to the IMF has now passed. 

  6. As time runs out...

    Business Insider correspondent Mike Bird reminds us of the company Greece is set to join - now in just twenty minutes' time:

  7. Greek default on private debt 'probable'

    Ratings agency Fitch has outlined its reason for downgrading Greece to one level above full default.

     "The breakdown of the negotiations between the Greek government and its creditors has significantly increased the risk that Greece will not be able to honour its debt obligations in the coming months, including bonds held by the private sector. We now view a default on government debt held by private creditors as probable," the agency says .   

  8. Greeks 'did not offer to drop referendum'

    The Greek finance minister did not offer to cancel Sunday's referendum in exchange for a new financial aid programme and debt relief, his Austrian counterpart has told Austrian TV.

    Hans Joerg Schelling told Austrian broadcaster ORF on Tuesday: "Mr Varoufakis announced that Greece will send a proposal for a new programme... very close to the proposal which the (creditor) institutions have made," Reuters reports.    

    "The way I understood it, the Greek government is considering to recommend to the Greek people to vote yes in the referendum if this Greek proposal, which is supposed to come tonight, gets accepted by the euro finance ministers."

  9. Greece makes last-ditch IMF request

    Greece has asked the International Monetary Fund to push back the repayment deadline that expires at 23:00 (00:00 Brussels time).

  10. Fitch downgrades Greece

    The ratings agency Fitch has downgraded Greece yet another notch into "junk" status, one level above full default, AP reports.

  11. Euro ministers to reconvene

    The chairman of the Eurogroup, Jeroen Dijsselbloem, says finance ministers will discuss the situation again tomorrow morning:

  12. Don't blame the deputy?

    The FT's Peter Spiegel tweets:

  13. Lew: sort it out Europe

    Jack Lew

    US Treasury Secretary Jack Lew has told European finance ministers to find a "pragmatic compromise" to prevent the Greek crisis from triggering a financial crisis. He spoke separately by phone with Eurogroup president Jeroen Dijsselbloem, Italian finance minister Pier Carlo Padoan and France's Michel Sapin, a Treasury official said.

  14. Greece is the word


    By the way, we are extending our live coverage tonight to bring you all the developments in the Greek crisis, so do stay with us.

  15. 'Go away Tsipras'

    The BBC's Joe Miller tweets from Athens:

  16. Dijsselbloem: Greece on track to default

    The chairman of the Eurogroup, Jeroen Dijsselbloem, says Athens' stance towards its creditors would have to change before its eurozone partners could consider any additional financial aid and that Greece is set to default at midnight. 

    Greece can a new bailout, but it would come with strings attached. "That is quite a procedure to go through," he said. "In the meantime the situation in Greece, the economy, the Greek banks, has deteriorated, unfortunately even more, so that's a difficult path to consider. What can change is the political stance of the Greek government that has led to this unfortunate situation," Mr Dijsselbloem said. 

  17. Greece asks for more time

    Greece has asked the International Monetary Fund for more time to meet a €1.6bn debt repayment due on Tuesday, deputy prime minister Yannis Dragasakis said. Athens has also asked the European Central Bank to consider increasing emergency liquidity assistance for Greek banks, he said.

  18. Clock is ticking...

  19. Resignation calls at Athens rally

    Athens rally

    The tide may be turning against Alexis Tsipras's government. About 20,000 people rallied in Athens tonight in support of a bailout deal with Greece's creditors as the cry "resign!" sounded repeatedly. "The banks will re-open on Sunday, and they will reopen with the drachma," said Polivias, a civil engineer. Lawyer Vassiliki Salaka said the Syriza politicians were were "incompetent - they lack organisation, they don't know what they want". By the way, "Nai" means yes in Greek. Of course.

  20. Sorry Greece...

    Slovakian finance minister Peter Kazimir tweets:

  21. The plot thickens...

    Joseph Muscat

    Interesting comments from the Maltese PM, Joseph Muscat. He told the country's parliament that Greece has said it would be willing to suspend Sunday's planned referendum if talks restart and an agreement is reached: "They are ready to suspend their referendum or ask the people to vote 'yes' instead of 'no' if a package is put on the table with which they could agree."

  22. New proposal on Wednesday

    Jeroen Dijsselbloem, the head of the Eurogroup, says Greece will send a new proposal tomorrow and eurozone finance ministers will meet again tomorrow to discuss it. He warned that any new bailout could have tougher conditions, however.

  23. 'No extension for Greece'

    Finnish finance minister Alexander Stubb says the Eurogroup has rejected requests from Greece to extend the existing bailout programme.

  24. No bailout extension

    The FT's Peter Spiegel tweets:

  25. What next for Greece?

    Click here to listen to the BBC World Service's Mike Johnson discussing the next steps for Greece following a likely IMF default with former Bank of Greece economist Danae Kyriakopoulou, and Roger Bootle of Capital Economics in London, who has carried out extensive research into the mechanics of how a country would leave the eurozone.

  26. 'Certain complacency'

    Darren Williams, AllianceBernstein senior economist for western Europe, comments on the Greece crisis:

    Quote Message: Probably the market still has in the back of its mind the idea this is all a bit of a game and eventually they'll come with some sort of accommodation to avoid a worst-case scenario. There is a certain complacency."
  27. The umbrellas of Athens

    The BBC's Ros Atkins tweets:

  28. 'A chapter has been closed'

    Ewald Nowotny

    A European Central Bank policymaker has called Greece's failure to make an IMF payment due today a delay rather than a default. Ewald Nowotny, who runs Austria's central bank and sits on the ECB's governing council, says: "That is not immediately a case of default. Rather, it is a delay in the repayment." He adds: "I think it's clear that a refusal of the proposals that came from the European institutions means ... that a chapter has been closed and a second one opens that is very risky and difficult, namely, how a country copes without access to ECB liquidity."

  29. Finance ministers teleconference underway

    The BBC's Joe Lynam tweets:

  30. Yes or no?

    The Times' diplomatic editor Roger Boyes tweets:

  31. Obama on Greece

    Rousseff and Obama

    Barack Obama says the Greek crisis is a substantial concern, but one that primarily affects Europe. Speaking at a press conference with Brazilian president Dilma Rousseff, he says Greece has gone through some very difficult economic times and needs to find a path to growth - as well as staying in the eurozone. The US president called on all parties involved to keep talking to find a resolution, adding: "This is not something that we believe will have a major shock to the system." However, he acknowledged that it was very painful for the Greek people and could have an effect on European economic growth.

  32. The storm approaches

    The BBC's Ros Atkins tweets:

  33. €227,00 and counting...

    Thom Feeney

    Some 13,000 people have donated to a crowdfunding project that aimed to raise the €1.6bn Greece needs for its IMF payment. However, the total has only hit €227,000 - and given that the deadline is just hours away chances are it might not quite get across the line. The IndieGoGo project called Greek Bailout Fund was set up by 29-year-old Thom Feeney, who runs a shoe shop in Covent Garden. "Watching politicians going round in circles and dithering somewhat with making a decision on Greece, I just thought, I think it just needs someone to step in and sort it," he said. Well of course...

  34. Too late?

    Alpha Bank

    There is "no way" that eurozone finance ministers will release funds for Greece to make the IMF payment due by midnight Athens time, a eurozone official tells Reuters.

  35. Revving it up

    Want more Varoufakis? Thanks to the BBC's Ros Atkins, here's a link to 20 seconds of video: 

  36. More Greek drama

    The BBC's Chris Morris reports from Brussels:

  37. FTSE 100 falls 1.5%

    Not a great day for the FTSE 100 despite the faint glimmer of hope that a deal to stop Greece defaulting could be thrashed out in time. London's blue-chip index has closed down 1.5%, or almost 100 points, at 6,520.98 points.

  38. On your bike Yanis...

    Yanis Varoufakis

    It's something I cannot quite imagine George Osborne doing. Needing to get from the finance ministry for a meeting with PM Alexis Tsipras, finance minister Yanis Varoufakis jumps on his motorcycle - and past the waiting media throng. No leathers though - naughty Yanis.

  39. Merkel says no

    German Chancellor Angela Merkel has told MPs that Germany could not consult on a new proposal from Athens ahead of Sunday's referendum. If so that will mean Greece does default as had been expected, a source told Reuters.

  40. Hello Rome, Athens calling...


    Greek PM Alexis Tsipras called his Italian counterpart Matteo Renzi (pictured) today as Europe scrambles to stop Athens defaulting on its IMF loan. Eurozone finance ministers will hold a teleconference in just under two hours time.

  41. Tsipras letter

    The short extension requested by Greece today would avert a technical default until a new loan package is in force, according to Alexis Tsipras's letter.

  42. Tsipras letter

    The BBC's Piers Scholfield in Brussels tweets:

  43. Short extension plea from Tsipras

    Reuters reports that Alexis Tsipras has asked the Eurogroup for the existing Greek bailout to be extended for a short period of time. Finance ministers will discuss that and the new bailout request at 1800 BST.

  44. Finance ministers to discuss new proposal

    Eurogroup head and Dutch finance minister Jeroen Dijsselbloem tweets:

  45. Teleconference time?

    The BBC's Piers Scholfield in Brussels says that all eurozone finance ministers would need to consider the new Greek proposals. However, this could be done by phone rather than at a face-to-face meeting.

  46. Business as usual - with a hint of panic

    Reader Hayley Reading, a Briton living and working in central Athens, emails: 

  47. Samaras: vote is yes or no to Europe

    More from Antonis Samaras, the former Greek PM who is now opposition leader as head of the centre-right New Democracy party, has been on Greek TV. "The question of the referendum is now 'Yes' or 'No' to the euro and Europe. That's what all the leaders of Europe have indicated," he says."'No' would mean that pensions and salaries in the public and private sector would not be paid."

  48. Merkel: no developments today


    German Chancellor Angela Merkel told MPs she did not expect any new developments on Greece today, appearing to dash hopes of a last-minute deal before the bailout programme expires at midnight, two participants at the meeting said. Mrs Merkel also said the consequences of the Greek crisis could be well cushioned and there was no need to fear the effects on the eurozone, they added.

  49. No vote warning

    The Greek opposition leader says a No vote in Sunday's referendum will mean that no pensions or public sector salaries are paid, Reuters reports.

  50. Clever move

    The FT's Peter Spiegel tweets:

  51. Last-ditch effort?

    Reuters says the new aid proposal made today by Alexis Tsipras seems like a last-ditch effort by Athens to resolve the impasse with its creditors. The statement comes just hours before Athens will default on an IMF loan. "The Greek government proposed today a two-year deal with the ESM (European Stability Mechanism) to fully cover its financial needs and with parallel debt restructuring," it said. "Greece remains at the negotiating table," the statement said, adding that Athens would always seek a "viable solution to stay in the euro".

  52. Wall Street opens higher

    US markets are higher as trading gets underway in New York. The Dow Jones rose 83 points, or 0.5%, to 17,679, while the S&P 500 is up 0.6% and the Nasdaq Composite has added 0.8%.

  53. New Greek proposal

    The new Greek proposal would cover the country's financial needs with parallel restructuring of debt while it seeks a viable solution to remaining in the eurozone. Could this be the face-saving compromise that brings Greece back from the brink?

  54. Greece makes new bailout request

    Breaking news: Greece has asked for a two-year bailout program from the European Stability Mechanism - the permanent crisis resolution mechanism for the eurozone - according to Alexis Tsipras's office, Bloomberg TV reports. Greece remains at the negotiating table, the Greek PM's office adds.

  55. Deal or no deal?

    Today's Matthew Price is in Athens.

  56. Dijsselbloem cancels TV interview

    Jeroen Dijsselbloem

    Jeroen Dijsselbloem, the Dutch finance minister and chair of the Eurogroup, has cancelled a weekly interview with Dutch television, citing "urgent obligations". More talks with Greece perhaps?

  57. 'Little risk of contagion' for Germany

    Well this should make everyone feel a bit better. Germany's deputy finance minister says there is little risk of contagion from the Greek crisis for the German financial system. "The risks from the latest development in Greece are significant for Greece but there are hardly any significant channels of contagion for the German financial system anymore," Thomas Steffen says after a meeting of the country's financial stability committee. "We consider the risks to be small."

  58. Frankfurters

    The BBC's Theo Leggett tweets:

  59. Good afternoon

    Thanks to Ben and Faarea for this morning's coverage. Chris Johnston here with you until 2130 with the rest of today's developments with Greece - and all the business news that fits. Get in touch at

  60. Via Email

    John Moylan

    Industry correspondent, BBC News

    Andrea Leadsom projected on to a big screen at the Nuclear Industry conference 2015

    The Energy Minister Andrea Leadsom has been speaking at a Nuclear Industry conference in London this morning. She told the audience that the government is "absolutely committed" to new nuclear (energy), and outlined existing plans for five projects that would provide 16 gigawatts of power - or up to 35% of our electricity capacity - in the future. EDF Energy plans to build the first of these plants - Hinkley Point C - in Somerset. It's talking to 2 Chinese nuclear firms that want a stake in this and other projects.

  61. 'Mafia takeover' is Greece's 'worst case scenario'

    Yale professor Stathis Kalyvas told the BBC: "The cost of five months of negotiations plus capital controls has put the economy in a much worst position than it was, but at least it is still part of a system (the European Union) that allows it to fund those things. The best scenario if Greece leaves the euro is that it would have to overhaul its institutions in a way that makes they country's economy productive. The worst case scenario is you become a country where the mafia runs the show, in which the weak and vulnerable are totally lacking protection." Mr Kalyvas is currently in Athens and is the author of Modern Greece: What Everyone Needs to Know.

  62. Germany: 'door remains open' to Greece talks

    Angela Merkel

    German chancellor Angela Merkel has played down any hopes of a last-minute deal with Greece. "This evening at exactly midnight central European time the programme expires. Beyond this, it is clear that we will not close the channels of communication after midnight tonight ...that means the door remains open to talks but I cannot say any more than this." She was speaking at a news conference in Kosovo.

  63. Greece deadline: what and when?

    For an in-depth look at the ongoing Greek debt crisis, take a look at the BBC's story on the website to know what to look out for, and when. Tonight is Greece's deadline for its €1.6bn debt repayment to the International Monetary Fund.

  64. Speaking to Greek shoppers

    Sarah Stolarz, BBC World Service, Athens

    Greek female shopper

    While some Greek supermarket shoppers are nonchalant about the capital controls and cash withdrawal limits in Greece, the lady pictured told the BBC: "Of course there is a concern... I think it is happening with everybody, it's the normal way to feel... I think people are buying more than at other times - bulk buying. And usually it's products with a long expiry date".

  65. Speaking to Greek shoppers

    Sarah Stolarz, BBC World Service, Athens

    A Greek female shopper with her son

    The BBC has been speaking to people shopping in Athens supermarkets. Are people stocking up due to cash withdrawal limits? The woman pictured says: "No no this is normal - usually we do our shopping toward the end of the month, but with all that happened we are doing are shopping today."

  66. Greece still hopeful of last minute deal

    Greece will not pay its debt instalment of €1.6bn today, which is due to the International Monetary Fund (IMF), confirming what many experts and analysts have suggested already. Finance minister Yanis Varoufakis said that although the debt instalment to the IMF will not be paid, Greece still holds out hope of a last minute deal with creditors.

  67. Greece's 'devastating national catastrophe'

    Constantine Michalos from the Athens Chambers of Commerce said that unless a deal is struck between Greece and its creditors tonight, then the country will "live through the most devastating national catastrophe our country has ever experienced during peace time." He added that his country "cannot afford to wait" until the Greek referendum on Sunday, when citizens will be asked whether or not to accept a cash-for-reforms deal with Greece's international creditors.

  68. European markets turn higher


    After early losses, European stock markets are trading higher. Speculation that there might be last minute efforts by Greece and its creditors to find a deal helped boost shares. In Frankfurt the Dax is now trading a touch higher, having been down as much as 1%. In Paris the Cac-40 (see chart) is also up a bit. The euro has drifted lower, down 0.4%.

  69. UK supermarket sales

    Morrisons logo

    Morrisons was the only one of Britain's big four grocers to record improving sales for the 12 weeks to 21 June. That's according to the latest data from Kantar Worldpanel. Morrisons' sales were up 0.6%, while Tesco and Sainsbury's both recorded a 1.3% fall. Asda sales fell by 3.5%. Discounters continued their rapid expansion. Aldi sales jumped 15.4% over the 12 week period, and Lidl was up 9.1%.

  70. Via Twitter

    Mark Broad

    Economics reporter, BBC News

    tweet: Pretty striking #Greece contagion: Italy sold a 10-year bond due in June 2025 at an average 2.35%, up from 1.83% it paid in last month

  71. Greek capital controls hurt underground economy

    Lucy Burton, BBC World Service, Athens

    A market trader amongst stalls in Greece

    Capital controls that restrict cash withdrawals in Greece are not only affecting the formal economy. Stathis Kalyvas, Yale professor and author of Modern Greece: What everyone needs to know, told the BBC: "Greece has a very important underground economy which operates with cash and has been acting as a bulwark against a lot of difficulties. People who work under the table very often support extended families, and some are unemployed people. These people are left hanging because the underground economy is a cash economy and cannot operate without cash."

  72. Via Twitter

    UK economic growth analysis

    Robert Peston

    Economics editor

    tweet: But very importantly, and encouragingly, business investment grew strongly in first three months of year, at annual rate of 5.7%

  73. Greece's European identity 'essential'

    Lucy Burton, BBC World Service, Athens

    Stathis Kalyvas

    Greece would vote yes to staying in the eurozone, according to Stathis Kalyvas, Yale professor of political science and author of Modern Greece: What everyone needs to know. He told the BBC: "If you look at public opinion surveys, the great majority of Greek people continue to support (Greece's) membership in the euro, despite the economic suffering that has been going on in Greece. I think the reason they do so is because they understand that Greece's European orientation has been an essential fixture of its history and identity."

  74. Via Twitter

    People stocking up at Greek supermarkets

    Lucy Burton, BBC World Service, Athens

    A full supermarket car park in Athens

    tweet: Gone to the supermarket in Athens. So busy with people stocking-up, car park is full. our fixer says it's busier than weekend

  75. UK growth was 3.0% in 2014

    The UK economy grew 3.0% in 2014, according to the latest estimate by the ONS. That's an upward revision of its previous estimate of 2.8% and the fastest annual growth rate since 2006.

  76. UK GDP growth revised upwards

    UK GDP growth was 0.4% in the first quarter, according to the latest estimate by the Office for National Statistics. That's up from the previous estimate of 0.3% made at the end of May.

  77. Report: Some Greek banks to reopen

    A man waits outside the closed National Bank of Greece in Athens

    The Greek finance ministry will reportedly allow 1,000 Greek bank branches to open, but only for use by pensioners who do not have debit cards, that's according to Ta Nea, a Greek website. It says the branches will be open from Wednesday until Friday, and pensioners will be limited to withdrawals of €120 this week. Thanks to BBC Monitoring for flagging up that article. Currently, capital controls in Greece prevent banks from opening, and there is a daily limit on cash withdrawals.

  78. Greek businesses prefer cash

    Business Live

    Sue Noffke on BBC Business Live

    How will capital controls affect business in Greece? Sue Noffke, a fund manager at Schroders told the Business Live programme: "At the moment, Direct Debit and salaries are still going through. But a lot of shops may still prefer cash, because they won't be able to get cash out themselves. They're subject to the same limit of €60 per day. So it just shuts down activity and creates a credit crunch."

  79. Market update

    European stock markets are open for business and they are trading sharply lower. Among the major markets, the Cac-40 in Paris is the biggest loser down 1.1%. Luxury goods firm LVMH is down the most in Paris, with 2.5% fall. Frankfurt's Dax is down almost 1%. In London the FTSE 100 is 0.8% lower, with building firms among the biggest losers.

  80. No debt relief for Greece

    BBC Radio 4

    Former IMF advisor Ngaire Woods told the Today programme: "The Greek people feel that they've been put through drastic austerity measures, and yet the debt-to-GDP ratio has continued to climb." So then why do Greece's international creditors not relieve the country of its debt burden? Ms Woods says one of the reasons is because "for the EU there's always been a very strong German position - that you must not let people off their debts".

  81. Questions for the IMF over Greece

    BBC Radio 4

    The IMF could face some hard questions over Greece from its members outside of Europe, says former IMF adviser Ngaire Woods on the Today programme: "The IMF have made a huge loan to Greece, and its members like China, Brazil and India are looking at it and saying 'you're giving special favour to Europe'. And so if this loan goes sour, the IMF will have to do a lot of explaining to the non-European members of the Fund exactly what it's been doing in Europe."

  82. Newspaper review - business pages

    Newspaper review

    Times columnist Oliver Kamm says the Greek government is in the hands of "ideologues" who behave with a "surfeit of irrationality". Writing in the Financial Times Marcel Fratzscher, head of a Berlin-based think tank, says that the failure of the talks with Greece is a blow to German Chancellor Angela Merkel. In a speech later today the chief economist of the Bank of England will caution fellow interest rate-setters against rushing to raise the cost of borrowing, reports the Guardian. The policies of Jeb Bush, who is running to become the Republican Party's candidate for US President, could "offer the answer to Britain's economic woes" says Matthew Lynn in the Telegraph.

  83. Sony shares tumble on fund raising plans

    Sony logo

    Sony shares have tumbled more than 8% after it announced plans to raise $3.6bn by selling shares and bonds. The company says it needs to raise the money to "invest in growth" and strengthen the company's balance sheet. Earlier this year Sony announced a major reorganisation of its business to focus on profitable areas, including its computer games business and TV programmes.

  84. Weather defeats railways?

    First Great Western logo on a train

    On Monday First Great Western tweeted that: "There will be no direct services from Paddington to Bourne End/Henley tomorrow due to hot weather."

    That prompted some incredulous responses on twitter. So, have our railways been defeated by the weather again? BBC transport correspondent, Richard Westcott says we need to put that announcement into context. "It means a very small number of trains from Paddington won't run direct as the points will be taken out of use to avoid them failing and causing disruption to the whole Western route. This is six trains out of several hundred that FGW operate each day."

  85. Post-Greece referendum process

    BBC Radio 4

    Eric Chaney from AXA Group told the Today programme that if Greece votes no to reform on 20 July: "Greece must pay back the bonds that are held by the European Central Bank (ECB). If it doesn't do that, the ECB will have no other choice than to cut the liquidity which is given to the banks, otherwise it (the ECB) would be in illegal territory. The rules are perfectly clear, and the ECB would be immediately challenged in courts if it does not cut liquidity. So the day after, the Greeks would have to start issuing a new currency."

  86. Greece referendum

    BBC Radio 4

    Eric Chaney from AXA Group told the Today programme: "Well it seems to me that the Greeks have already given their answer because they took their money out of the ATMs over the weekend so they are probably going to vote yes... I think there will be a strong relief in the markets, not exactly back to normal, but it will be an incentive to reinforce the governance of the euro area. This is much more than the financial issue, it's a geopolitical issue."

  87. Investors steadily buying 'safe havens'

    BBC Radio 4

    Investors have had 18 months to move their money around to protect themselves from any Greece contagion, Richard Hunter from Hargreaves Lansdown told the Today programme. "If you're a professional investor and you've still got exposure to Greece, then you've been sitting on your hands and asleep at the wheel for the last 18 months. But yes inevitably, there will be some moves to havens such as gold, US Treasury bills, and to some extent US dollar and sterling."

  88. Greek missed payment not 'default'

    BBC Radio 4

    A Euro coin going in to a Greek-branded piggy bank

    Eric Chaney from AXA Group told the Today programme that if Greece misses its €1.6bn payment to the IMF today, it will not be declared a "default": "If you don't pay the cheque to the IMF, they do not declare a default. There is a very long process that might take up to six weeks... The fact is that there are almost no Greek bonds in the market, so it's a story between Greece and its lenders and the taxpayers of the Euro area, so who cares about the name of this missed payment. It is a missed payment."

  89. Greece: 'too much too quickly'

    Radio 5 live

    Francesco Papadia, was a senior member of staff at the European Central Bank between 1998 and 2012 and worked on bailout programmes. On Wake Up to Money he says that with hindsight the bailout programmes for Greece "asked for too much too quickly" in austerity measures, but did too little to boost growth. He also says that ECB could sustain any losses that would result from Greece leaving the euro. A central bank "is never short of money" he points out.

  90. Euro down slightly against the dollar

    Euro vs dollar

    There's been some interesting moves on the currency markets. The euro strengthened against the dollar late on Monday, fetching more than $1.125. It has weakened a little so far this morning and is back below $1.12. "All in all, many in the market had already factored in the likelihood of Greece defaulting. But there is no guarantee the stability will last," said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo.

  91. BCC calls for infrastructure spending

    Radio 5 live


    The British Chambers of Commerce (BCC) is lobbying for improvements in infrastructure ahead of Chancellor Osborne's budget next week. On Wake Up to Money John Longworth from the BCC says the government needs to "reallocate" spending towards investment in roads, rail, communications and aviation. He says that the ratio of current spending to future investment is 14:1 in the UK. The BCC would like to see a 3:1 ratio.

  92. Asian markets steady

    Share price board in Tokyo

    After a rocky day for the markets on Monday, there are signs of stabilisation today. The Nikkei 225 is 0.38% higher. Sydney's All Ordinaries index is pretty much flat. But Chinese shares continue recent volatility. The Shanghai Composite is down 3.3%, but was down as much as 5% earlier.

  93. Greek PM urges a 'no vote'

    Greek Prime Minister Alexis Tsipras

    In a speech on Monday evening, Greek Prime Minister Alexis Tsipras urged voters to reject creditors' demands in a snap referendum on Greece's debt crisis due on Sunday. Mr Tsipras said a clear vote against austerity would help Greece negotiate a better settlement to the crisis. Otherwise, he warned, he would not stay in office to oversee more cuts.

  94. Greece: 'No sense of panic'

    Radio 5 live

    Supporters of the no vote outside the Greek parliament building

    Greece is expected to miss a payment of around €1.6bn to the International Monetary Fund tonight. Technically it would be "in arrears" but many would also consider this a default on its debt. Greek banks are closed again today. BBC reporter Rob Young is in Greece. He says people are worried, but there's no sense of panic. There is some anger towards the creditors, he says on Wake Up to Money.

  95. Post update

    Ben Morris

    Business Reporter

    Good morning. The Greek prime minister made a defiant speech yesterday evening, urging Greeks to vote against the offer from its creditors. Despite that, financial markets have settled down a bit today. If you want to get in touch email or tweet@bbcbusiness.