Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. All EU leaders - including those outside the eurozone - are to hold an emergency summit on Sunday to resolve the Greek debt crisis
  2. Greece is given until Thursday to present new proposals to find a solution
  3. The move comes after no progress on Tuesday during eurozone crisis talks
  4. Greek banks are unlikely to reopen this week, the government in Athens says

Live Reporting

By Alastair Lawson, Yaroslav Lukov and Ian Pollock

All times stated are UK

Get involved

  1. Goodbye

    And that brings the BBC website's live coverage of a crucial day at the eurozone summit - in which journalists rushed frantically from one media briefing to another - to an end.

    Italian Prime Minister Matteo Renzi arrives for a Eurozone summit at the European Council headquarters in Brussels

    Join us again tomorrow for Business Live from 06:00.

  2. Post update

    Robert Peston

    BBC economics editor

    What also seems particularly significant is that Mr Tusk has called an emergency meeting not only of eurozone government heads for Sunday, but also of the full EU - because the exit of Greece from the euro would have a negative economic and political impact on all EU countries.

    And even if the worst is somehow avoided before midnight on Sunday, terrible economic damage is being wreaked on Greece right now - by the near collapse of its banks.

    Read more from Robert Peston's blog here.

  3. 'A real deadline'

    Robert Peston

    BBC economics editor

    I am not often shocked, but I was tonight by the bleak assessment of the state of Greece rescue talks made by Donald Tusk, prime minister of Poland and current EU president. He said that there is now, for the first time, a real deadline - the end of this week - for Greece to come up with a practical proposal for staying in the euro.

    The alternative, Tusk said, was bankruptcy of the Greek state and the insolvency of its banks - heaping penury on its 12 million people.

  4. Tsakalotos 'much better'

    New Greek Finance Minister Euclid Tsakalotos got positive reviews from eurozone leaders during Tuesday's negotiations, Reuters reports. It quotes an official at the talks who described him as "much better" than his predecessor Yanis Varoufakis. "More conciliatory, constructive - and modest" was the official's conclusion.

  5. Via Twitter

    Chris Morris

    BBC News, Brussels

    tweets: So when is a deadline not a deadline in the #EU? Hostage to fortune, but I think Sunday is the real deal. #Greece

  6. Via Email

    Robert Herd

    Live page reader

    But surely, if democracy is alive, the people of France and Germany etc should now have a referendum to decide whether they want to lend their taxpayers' money to Greece or they should force Grexit.

  7. Merkel under pressure

    The mounting German anger after the Greek referendum is a major challenge for Chancellor Angela Merkel, who as the eurozone's most powerful leader needs to hold together its fractious members while preserving her standing at home, The Washington Post reports. "She does not want to be blamed for a sudden Greek exit from the eurozone, but giving away too much would cost her in Germany," it says.

  8. Post update

    Greek Prime Minister Alexis Tsipras was in an optimistic mood as he left the emergency eurozone summit in Brussels.

    Greek Prime Minister Alexis Tsipras leaves an emergency euro zone summit in Brussels
  9. 'Final exit'

    Greece's aim, Mr Tsipras states, is to achieve a "final exit from the crisis".

    He says that he aims to deliver a "socially just and economically viable agreement" with credible reforms, in return for funding commitments.

  10. 'Positive atmosphere'

    More from Greek PM Alexis Tsipras. He says: "The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the end of the week, at the latest."

  11. Post update

    French President Francois Hollande says the European Central Bank will ensure minimum liquidity for Greece until Sunday - the last deadline to reach an agreement on a new rescue package, Reuters reports.

  12. Post update

    Greek PM Alexis Tsipras says the target is to conclude the process by the end of the week, Reuters reports.

  13. Post update

    Chris Morris

    BBC News, Brussels

    reports: "The suggestion is that Greek Prime Minister Alexis Tsipras will agree to many but not all of the demands for reform which have been made by Greece's creditors, even though some of them were previously rejected by him.

    But he wants much more in return - a third bailout from the Eurozone, some sort of agreement on restructuring his country's huge public debt, and more measures to encourage economic growth."

  14. Post update

    The impatience of some of the 18 eurozone countries with the approach of Greece towards its debt is - perhaps - best summed up by Lithuanian President Dalia Grybauskaite, who complained: "With the Greek government it is every time manana ['tomorrow' in Spanish]."

    Lithuanian President Dalia Grybauskaite
  15. Via Twitter

    Robert Peston

    BBC economics editor

    tweets: "@fhollande It is up to the Greeks to find the answer (ie how to stay in euro) - as soon as tomorrow morning."

  16. Plan B

    Austrian Chancellor Werner Faymann warns that if there were no deal is agreed on Sunday, eurozone governments would have to prepare "Plan B" - the code for Greece losing all access to euros and so finding itself excluded from the currency area, Reuters reports.

  17. Bankruptcy warning

    European Council President Donald Tusk warns there are just five days left to find a solution to the Greek debt crisis or there will be painful consequences.

    He says a Greek bankruptcy and the collapse of the Greek banking system would affect the whole of Europe, and anyone who thought otherwise was naive.

  18. Post update

    "The ball is in Greece's court," Italian PM Matteo Renzi says. "Next Sunday the final meeting will take place on Greece... I am not pessimistic".

  19. Post update

    Greece needs a new debt programme lasting several years, not a short-term fix to get it through the immediate crisis, the German chancellor says.

    German Chancellor Angela Merkel in Brussels
  20. Post update

    Mrs Merkel also stresses that there can be no question of a "debt haircut" for Greece, saying it would be illegal under the EU treaty.

  21. 'Serious candid discussion'

    Mrs Merkel says the eurozone leaders had a "serious, candid discussion" that "reflected the seriousness of the situation at hand". The leaders "obviously respect the results of the referendum" in Greece, the chancellor adds, but they had a "shared responsibility" for the EU.

  22. Post update

    As the sun set on Athens at the end of a beautiful Greek summer's day, it may for a moment have been difficult to believe that the country's is facing a major economic crisis.

    People watch the sunset from Lycabettus Hill in Athens
  23. Via Twitter

    Chris Morris

    BBC News, Brussels

    tweets: "#Tusk said summit notes that Eurozone authorities stand ready to preserve stability of euro area."

  24. Post update

    German Chancellor Angela Merkel has called for a full 28-nation EU summit Sunday to discuss aid to Greece. She says it shows how urgent the situation is, Reuters reports.

  25. Via Twitter

    More from Mr Renzi, who says the summit on Sunday will be "decisive", the BBC's Gavin Hewitt tweets. "In Greece the banks remain the key."

  26. BreakingBreaking News

    The eurozone leaders will wait until Sunday for Greece to submit new proposals on the country's debt crisis, Italian PM Matteo Renzi says.

  27. Via Email

    Steve West

    Live page reader

    In reference to the recent rainbow posted above the European Commission. That means a storm is coming.

  28. Via Email

    Stop tweeting?

    Pawel Zawiska

    Live page reader

    Why was the IMF report not discussed during the negotiations at the end of June? How can anyone claiming to be an intelligent person push for more austerity, when the numbers show debt will not drop in the next 15 years?

    Instead of tweeting the finance ministers should quickly identify why the austerity measures are not working, and what other strategies can be used in order to help Greece.

  29. Via Twitter

    A sign in the sky?

    A sign of hope? The chief of Jean-Claude Juncker's cabinet, Martin Selmayr, has just posted a photo on Twitter of a rainbow over the European Commission.

    Rainbow over the European Commission
  30. Via Email

    A Brit in Athens

    J. Fox

    Live page reader

    I hope that some of these rather angry and outspoken critics realise that the punishment you wish to inflict on the future generations of Greece for the mistakes of previous generations, is guaranteed poverty for their entire lives. Lives have been ruined. Countless lives.

    People who absolutely did not deserve it, and now you want to make their lives worse because you think 'they deserve it'?

    Germany could afford to completely write off its part of the debt without a single life being actually ruined, yet it seems its people would rather see an innocent majority ground into the dirt to satisfy their lust for what - justice? Really?

  31. Via Email

    Democracy

    Tony Hayward

    Live page reader

    What the Greeks did on Sunday is called democracy, something that we have not seen around for while. I am not sure what you call European leaders who provide loans, without consulting their voters, to repay debts incurred by their own banks. Suggestions on a postcard.

  32. Post update

    A view from Kalamata

    Chris McGeachin

    Live page reader

    Kalamata marina

    We have a holiday home in southern Greece near Kalamata and spend the summer here. Many of our local educated Greek friends have swallowed the Greek government line hook line and sinker. They thoroughly expect the Germans to ignore their own democratic process and give in to the Greek 'proposals' thus preserving the euro status here.

    There are a few wiser locals who foresee the drachma, massive devaluation, rampant inflation and a grim few years.

    All that said, it's the calm before the storm here. Everything is completely normal and there are no shortages. I've even found a cash machine in a DIY store where there are no queues though that is very unusual.

  33. Via Email

    Pay up

    David Price

    Live page reader

    Euro notes

    If the EC were one country the poor areas would look for subsidies and grants to try to boost their local economy and in those circumstances there would be no question of the money being repaid.

    Time the wealthy countries acknowledged the tremendous benefit economically that they have received as a result of being in the common currency [and] stopped the sanctimonious prattle and paid up!

  34. "We must build trust"

    Malta's finance minister Edward Scicluna arrives for the start of a special Eurogroup Finance ministers meeting in Belgium

    Malta's Finance Minister Edward Scicluna tells the BBC that those eurozone finance ministers were surprised when their Greek counterpart, Euclid Tsakalotos, told a meeting earlier on Tuesday that Greek proposals to address the debt crisis were not ready.

    "The point is they were not on the table and because this has happened more than once, the little bit of trust you're left with is lost," he said.

    "And you have more and more work to build that trust again. And this is what's missing in the eurogroup, nothing can be solved unless we build trust."

  35. Via Email

    An ex-pat in Athens

    James Waring

    Live page reader

    Street musician who earns a living by playing the "Laterna" a hand organ, plays in a street in downtown Athens on July 7, 2015

    It's very difficult living in Athens at the moment. Even as an expat who wasn't here during most of the crisis I feel an element of solidarity.

    It is assumed that every Greek has lived beyond his means for the last 20 years and yet every day there are more smartly dressed people, the kinds you would see with good jobs in other Western countries, outside supermarkets begging for money.

    For every person who received a bloated public services pension at the age of 50 there are 10 who are seeing their dignity eroded by the damaging austerity cuts in place for years, and seemingly all in vain.

  36. Via Email

    Grexit is inevitable

    Michael Davison

    Live page reader

    Many readers have written in to make similar points: "Surely debtors don't get to tell creditors that they are terrorists, and are blackmailing debtors by suggesting that they won't lend any more money unless they have some confidence in getting it back!"

    "Everything I read from Greece sounds like listening to petulant over-indulged children struggling to come to terms with the real world.

    "If I was German I would be incandescent if my leaders gave any more of my money away to people who think they can vote themselves debt relief.

    "I think Grexit is inevitable and in the long term, probably best for Greece and the EU both."

  37. Via Email

    An Australian view

    Peter Charles

    Live page reader

    I am an Australian that has lived in Greece for 10 years. I can only echo the sentiments of many other bizlivepage correspondents in saying that travel warnings about Greece are the worst form of sensationalism imaginable.

    I live in the centre of Athens and I can vouch for the fact that nothing is any different from what it was a month ago. There is no shortage of food, or fuel as many are reporting.

    True, I can only withdraw 60 euros a day, but many Greeks do not even have 60 euros to withdraw. It is time for Greece to get out of the EU and start again. It cannot be any worse than what the EU wants impose.

  38. Via Blog

    "Keep the show on the road"

    European Council President Donald Tusk (L), German Chancellor Angela Merkel (2nd R) and French President Francois Hollande (R) take part in a euro zone EU leaders emergency summit on the situation in Greece, in Brussels, Belgium, July 7, 2015

    In his latest blog, BBC Europe correspondent Chris Morris says that the EU (and the eurozone) often makes their biggest decisions in times of crisis at the 11th hour and that France seems determined to keep the show on the road one way or another.

  39. Via Email

    A currency you can control

    Adam Seymour

    Live page reader

    Even if Greece had the intent or desire to repay its debts, it simply does not have the economic engine to cover its current costs, even with austerity far beyond what is being asked. The idea that it could, in the next century even break even, let alone repay what is already owed, is without any mathematical foundation.

    Throwing good money after bad on the pretence that "hope" and "desire" are viable credit risks is unprecedented economic theory. The only economic recourse for Greece is a currency they can control and devalue.

  40. Tax collection improves

    Euro notes

    Mr Mardas, the deputy Finance Minister has had more interesting things to say on state television. According to the AP news agency, he said Greek tax revenues had not suffered as much as expected during the recent bank closures, allowing the state to cover domestic spending this month.

    "It was a positive surprise... taxes are doing well, not at the level we had expected before all this happened, but not far off," he said.

    Mr Mardas said the government was "not currently considering"' raiding private bank deposits to raise money, and hoped to "gradually'' restore bank operations and services.

  41. Via Email

    Cancel the debt

    Pete Sinclair

    Live page reader

    It's absurd to talk about the eurozone giving Greece "a sum of money which is €32.000 for every Greek man, woman and child". 90% of the money loaned to Greece has gone straight back to the banks! These are the same banks who encouraged reckless borrowing and whose short-sighted greed was the cause of the financial crash that led to the current situation. Even the IMF accepts that Greece needs some form of debt release. Cancel the debt and stop making ordinary Greek people pay the price for the flaws inherent in the money markets.

  42. Via Email

    Procrastination and obfuscation

    Rosemary Hill

    Live page reader

    I thought the Greeks made their opinion clear over the weekend. No to Europe. I can't believe Europe still wants them.

    Procrastination, obfuscation... it would be laughable if it weren't so serious. For goodness' sake show them the door. Dress it up however you want so as not to trample on injured 'pride', let them flounce out of it if it goes down better in Athens.

    But for heaven's sake keep that "open door" that you keep talking about open, until the Greek government has walked through it. Then close it, lock it, and let them put their chaotic house in order while you deal with yours.

  43. Salaries will be "paid normally"

    Flags on top of the Greek finance ministry

    There are no issues in being able to pay public sector salaries in July, Deputy Finance Minister Dimitris Mardas said on Tuesday. "We are not facing any particular problem in paying public sector salaries (on 13 July)," Mr Mardas is quoted by Reuters as telling ERT state TV. "Based on what we know so far, they can be paid normally."

  44. Via Email

    A view from Finland

    Kevin Rustill

    Live page reader

    As a British expat living in Finland I have read various stories in the local media here telling tales of tourists returning from Greece.

    Many had issues such as demands for additional "taxes" or "surcharges" that had never been disclosed previously, credit card payment machines at cafes and restaurants were nearly always "broken" so staff demanded cash payments, and many other tales of receipts (when they were even supplied) being a lot less than the fee paid for the car hire/excursion/etc.

    Expats I know here from other countries have recounted similar tales from their own press reports. If this is how the normal population are behaving there is no chance Greece will ever be able to get the taxes in to repay the debt they owe. I have lived in Cyprus too, and remember a similar culture there.

  45. Via Email

    A view from Skopelos

    Tony Askew

    Live page reader

    I live on the small island of Skopelos, in the village of Glossa. I've lived here six years and also own a rental property.

    There is no real panic here, although people are unsure of the future of course. Today I have seen the local supermarkets taking deliveries as usual, as was the petrol station, and I even saw the security van restocking the local cash machine.

    I'm no economist, but sensationalist media reporting will only exacerbate the issue, not help to solve it. Varoufakis is a good man and should have been allowed back to the negotiating table.

  46. Support from Castro

    Support for embattled Greek Prime Minister Alexis Tsipras has come from former Cuban President Fidel Castro. He has written a letter to Mr Tsipras congratulating him for his his "brilliant political victory'" - an apparent reference to the overwhelming victory of the "no" campaign in Sunday's Greek referendum on creditor proposals. The former Cuban leader also praises Greece's historical contributions to philosophy, art, science and politics, as well as its resistance to the Axis military powers during World War II.

    Former Cuban President Fidel Castro (03 July 2015)
  47. Via Email

    The Acropolis is open

    Mark Hazelwood

    Live page reader

    I was at the Acropolis all afternoon last Friday - the email you quote, about it being closed in the afternoon, is plain wrong - pandering to cheap stereotypes.

  48. Via Email

    Mea culpa

    James Halandri

    Live page reader

    As a British person living here in Athens throughout the crisis I have found that in the city centre ATMs still have Euros and there are small queues. I have been, just once, to the city centre to withdraw money to pay for medicines.

    The lines are much longer in the suburbs where I live. After queuing for a few minutes it was my turn. I wanted the maximum of 300 euros allowed on a British debit card. After pushing the buttons, I encountered an existential problem. The wretched ATM made those whirring noises indicative of lots of money being withdrawn.

    Straight away, I was aware that the sum I withdrew would supply the five or six Greek people behind me. And, mea culpa, that I could have caused that particular machine to run out at that moment.

    Now, it's credit cards for pretty well everything. I'm short of cash but it's preferable to that whirring ATM!

  49. Via Email

    Tips in jars

    Crystal Bellaby

    Live page reader

    As a tourist, in Athens and in Mykronos, over the past few days things have been smooth with hints of trouble. Businesses are requesting no credit cards for small transactions, and request exact change because they can only use what is in circulation.

    Most of the ATMs I have been to had cash midday. When an ATM did not have cash another one was accessible within a few minutes.

    Places are very welcoming of tips, and as my trip progresses I'm seeing tip jars in places that did not have one before.

  50. Via Email

    Get on with it

    Terry Cook

    Live page reader

    Mark Rutte seems to be being extremely thick doesn't he? The proposals submitted last week for a third bailout were not discussed by the finance ministers at that time (they were still sulking about the referendum) saying they would wait to see what the Greek people said, and some could not even be bothered to read them!

    Well, the Greek people have spoken loud and clear - so get on with it Brussels.

  51. "Progress made"

    Finance Minister Mr Tsakalotos tells reporters that there has been "progress" in meetings with his 18 counterparts from the single currency, AFP reports.

    Greek Finance Minister Euclid Tsakalotos
  52. A "new chance"

    The eurozone has shown "political will" to give Greece a new chance, Greek finance minister Euclid Tsakalotos is quoted by AFP as saying.

  53. Presidential guard carries on regardless

    As the the talks between Greece and its creditors took place, the presidential guard in Athens continued with its duties as normal.

    Greek Presidential Guards in Athens
    Image caption: Greek presidential guards carried on their duties in Athens
  54. Tentative plan for another summit

    Senior EU sources quoted by the Reuters news agency say that a tentative plan is in place for another eurozone summit on Sunday to approve any initiative to aid Greece.

  55. Obama talks to Merkel and Tsipras

    President Barack Obama spoke by telephone to German Chancellor Angela Merkel on Tuesday about the Greece debt crisis before talks with Greek Prime Minister Alexis Tsipras, the White House said. "We continue to encourage all sides to participate constructively in those conversations," White House spokesman Josh Earnest said, renewing calls for an agreement between Greece and its creditors.

    US President Barack Obama on Wednesday
  56. Via Email

    More money?

    David Slyman

    Live page reader in Germany

    The eurozone has given Greece a sum of money which is beyond precedent - €32.000 for every Greek man, woman and child. Greece obtained that money through fraud and false pretences. Now that it has been spent (or wasted) the demand is that more should follow so that a nation which has gone bankrupt six times in 180 years can continue living beyond its means! And since when did a debtor get to vote on whether a creditor should be repaid? We should organise a referendum in the rest of Europe with the question: "Should we give yet more money on unsecured terms to Greece?" I would anticipate 90% would vote NO.

  57. "Interim funding solution"

    Greece is asking its eurozone partners for an interim solution to its funding requirements that will cover the rest of July while a long-term deal is sought, a Greek government official quoted by the Reuters news agency said on Monday. "The proposal of the Greek side is for a settlement until the end of the month... in order to prepare the big, viable deal during this brief period," the official said.

  58. The talks begin in earnest

    (Left to right) German Chancellor Angela Merkel, European Commission President Jean Claude Juncker, European Central Bank President Mario Draghi, French President Francois Hollande, Spanish Prime Minister Mariano Rajoy, Greek Prime Minister Alexis Tsipras and Italian Prime Minister Matteo Renzi take part in a eurozone EU leaders emergency summit on the situation in Greece, in Brussels, Belgium.

    (Left to right) German Chancellor Angela Merkel, European Commission President Jean Claude Juncker, European Central Bank President Mario Draghi, French President Francois Hollande, Spanish Prime Minister Mariano Rajoy, Greek Prime Minister Alexis Tsipras and Italian Prime Minister Matteo Renzi take part in a euro zone EU leaders emergency summit on the situation in Greece, in Brussels, Belgium
  59. Next 48 hours "are crucial"

    "The next 48 hours will be crucial," economist James Nixon tells the Reuters news agency. He says that there is a "narrow trajectory from here that sees an emboldened Greek parliament accepting the need for reform in return for a debt write-down".

  60. The Athens spice vendor

    Lucy Burton

    BBC business reporter, Athens

    Marius

    A street away Marius runs a herb and spice shop. He said business was good as people started to stockpile food. But he said as capital controls continue to bite he might have to buy a card machine. In a city where cash is king - that's more radical than it sounds.

  61. Banks "unlikely to open this week"

    Banks are unlikely to reopen this week despite an earlier pledge to do so, Greek minister for administrative reform George Katrougalos is quoted by the AP news agency as telling an Athens radio station.

  62. "Very worried"

    Italian Prime Minister Matteo Renzi

    "I am not very worried about a technical solution for Greece, I think a solution can be found, even quite easily, to solve Greece's emergency," the Italian Prime Matteo Renzi Minister says.

    "I am a bit more worried about the situation of Europe. In its current state Europe is not good.

    "A technical solution for Greece can be found. What is more important is to find a political solution for Europe and on this there is still a lot to do."

  63. Via Email

    "Carrying on regardless"

    Ben Pike in Lefkada, Greece

    Live page reader

    I have been sailing around here for the past four weeks. The signs of austerity are indeed everywhere, with unfinished development projects and closed down businesses seeming to take up a third of urban premises.

    Tourist hotspots have come off a lot better, and Lefkada and the surrounding area are positively thriving. No sign of the queues that I witnessed in Athens. There is an air of complacency in these parts, combined with an anti-Merkel sentiment, frequently voiced buy employees in the stores and restaurants.

    Still, this little bit of the country is carrying on regardless, and it's clear that most places that rely on the tourists are actually doing very well.

  64. The Athens cobbler

    Lucy Burton

    BBC business reporter, Athens

    Gabriel

    Gabriel owns a shoe menders in central Athens. He showed me a line of bags waiting to be picked up. I asked him if that meant business is good. No he told me. "They've been here for months. No-one can afford to pick them up". He opened his till to show me the three ten euro notes he had in there. "That's all for today" He said. "I'll be closed within the month".

  65. Via Blog

    Robert Peston says he has obtained a private Greek government briefing showing that it is not optimistic about reaching a deal with its creditors.

  66. Via Email

    A view from Spain

    Justine

    Live page reader

    Although it's sad to read about the hardship Greeks are going through from those who live there do they really think it's any different anywhere else? I have lived in Spain for the last 10 years and have seen it go from being a land of milk and honey to one where entire families (three generations) are living off the income of just one person.

    And by income I don't mean a nice fat paycheck coming in each month but rather a measly little benefit of around 400 euros a month. These people would not survive were it not for charity. Many young Spaniards do not even know what it is like to have a job and many have left for other countries.

    So my heart does not exactly bleed for the Greeks going through the same thing. Yes, it's tough and I hope in 20 years time these young people will be able to look back and reminisce about the "bad old days". But right now we have to understand that we are living in times of economic crisis.

  67. "Heavy responsibility"

    Charles Michel

    The Belgian Prime Minister Charles Michel says that if "there is nothing on the table and there continues to be nothing on the table" and if Greek Prime Minister Tsipras is not able to honour the demand of the Greek people to stay in the euro zone, then Mr Tsipras "bears a heavy responsibility towards his own people".

    "We can't do it with a gun to our head or a knife at our throats. A prime minister has to face up to his responsibilities," Mr Michel said.

  68. Post update

    Is a deal still on? The Greeks think so.

    The Greek government has reiterated its desire for a deal with its eurozone creditors. An official spokesman has said that last week's proposals still stand. "Greek proposals will be discussed Tuesday and Wednesday aimed at having a deal" the spokesman said. "These proposals include reforms, funding, investment program and debt settlement," added the official.

  69. Via Email

    Duncan Gardiner

    Live page reader

    Tourists walk on a pedestrian road outside Acropolis museum in Athens, Tuesday, July 7, 2015.

    Greece relies heavily on tourism yet so many attractions close in the middle of the afternoon, even the Acropolis. That says a lot.

  70. "We need speed"

    Speaking before Tuesday's meeting of eurozone heads, French President Francois Hollande said that Greece would get immediate help but it needed to deliver credible reform proposals. He said a decision on how to deal with Greece's financial crisis needed to be taken this week: "What do we want? For Greece to stay in the euro. [But] the onus is on Greece to make some proposals. It's up to Europe to show solidarity by giving them a medium-term outlook, with immediate aid. We are not going to speak about Greece every three months. Finally we need speed. It's this week that the decisions have to be taken."

    French President Francois Hollande
  71. Via Email

    Trevor Burgess

    Live page reader

    Many live page readers share this view: "If I borrow money from a Greek bank or individual they would expect me to repay that money. What then possesses the Greeks to think that they can borrow huge amounts of money from the EU and not have to repay that sum? "

  72. "Follow our lead"

    Michael Noonan

    Irish Finance Minister Michael Noonan said earlier on Tuesday that Greece should follow his country's example in tackling its financial crisis. He said that Ireland was able to work with its debt load to make it more manageable. He suggested Greece should also come forward with debt proposals.

    "There is not a one-size-fits-all that we are looking at,'' he said. For many, Ireland is an example of how austerity measures demanded by bailout creditors over the past few years have worked. The country is forecast to post the strongest economic growth in the 28-nation EU this year.

  73. Help from Brics countries is "premature"

    The Russian Economic Development Minister, Alexei Ulyukaev, told Russian media that the idea of providing any financial help to a non-Brics members, such as Greece, is "premature and, it seems to me, not current". The leaders of the Brics countries - Brazil, Russia, India, China and South Africa - are due to meet in Russia this week.

  74. Via Email

    Silly smirks

    Nick and Helen Potinger

    Live page readers

    Germany"s Finance Minister Wolfgang Schauble (R), Finland Finance Minister Alexander Stubb (2nd L), Italian Finance Minister Pier Carlo Padoan (L), Belgian Finance Minister Johan Van Overtveldt (C), and Malta"s Finance Minister Edward Scicluna (2nd R), are pictured during a Eurogroup meeting ahead of a Eurozone Summit meeting at the EU headquarters in Brussels on July 7, 2015

    Looking at some of the photos coming out, it would be a good idea if the politicians wiped those silly smirks off their faces and got down to work.

  75. Via Email

    Paul McMahon

    Live page reader

    I live (and have done for the last 35 years) on the relatively unknown Island of Evia, and trust me, our supermarkets, even the local ones are full. Car pools are under way to take pensioners and others the 45 minute journey to the nearest bank or cash point.

    I am sorry for sensational journalism, but there is no panic here or in Athens where my lady lives.

  76. Via Email

    Paul Barrett-Brown

    Live page reader

    Everyone blaming everyone else while no-one is prepared to admit the screamingly obvious truth. No matter how you re-structure the Greek debt, no matter how low the interest rate is set, no matter what austerity measures are put in place, Greece will never ever be able to repay even half their liabilities, let alone the full sum. Additional loans will just add to the principal and the interest to be paid. Time to recognise the inevitable, accept the losses and let Greece go.

  77. Financial markets

    Chart of the euro against the dollar

    So, how have the various financial markets reacted to today's developments?

    On the foreign exchanges, the euro is little changed against the pound at 1 euro 40.9. But the euro has fallen against the US dollar to 1.10 dollars.

    The pound has also weakened against the US currency, to 1 dollar 54.3.

    In London the FTSE 100 share index dropped 103 points to 6,432.

    In Paris the Cac-40 index fell too, down 107 points to 4,604.

    And in Frankfurt the Dax index also fell heavily, down 214 points to 10,677.

  78. "Softened stance" from Germany?

    German Chancellor Angela Merkel appears to have softened her stance on the Greek financial crisis. Arriving at the emergency summit of eurozone leaders in Brussels, Mrs Merkel said that an agreement with Athens could be reached within days. But she said that Greece must commit to reforms to secure new loans: "Without solidarity there is no possibility to help, without solidarity and reforms it's not possible to go where we want to go.... I'm of the view that this won't be a matter of weeks but of a few days."

    German Chancellor Angela Merkel speaks to the media as she arrives for a eurozone Summit at the EU Council headquarters in Brussels
  79. Via Email

    A view from Cyprus

    Apostolos Apostolou

    Live page reader

    Being a Cypriot citizen let me remind all the BBC live readers that we had a similar issue back in 2013. Closed banks. Minimum withdrawal of 300 euros per day. Miserable faces. Uncertainty. Anger against local and European politicians. Twenty-seven months after the crisis in Cyprus we see today all the basic economic sectors to improve and getting better.

  80. Via Email

    A view from Greece

    Antonios Vlavianos, Cyclades

    Live page reader

    What needs to be done to bring the Greek economy on track is this: its past politicians and government officials (some still in office) who mismanaged billions (after recklessly borrowing billions), as well as letting millions go untaxed to pamper cronies, should be brought to justice so that some of that cash gets back where it belongs and other officials get to understand that they will be held accountable when dealing with public money. Euro partners should help the current government in Greece achieve this and they will definitely save their tax payers' money. Tax hikes or more public spending cuts will not save Greece or euro taxpayers' money.

  81. "Very cheerless"

    Mark Rutte

    "I'm very cheerless about this summit and I'm very cheerless about the fact whether Greece wants to come with proposals at all," trhe Netherlands Prime Minister Mark Rutte is quoted by Reuters as saying in Brussels. "It seems they have put the old proposals on the table again, if we can believe the reports."

  82. Latest state of play

    Newly appointed Greek Finance Minister Euclid Tsakalotos attends a euro zone finance ministers meeting on the situation in Greece in Brussels, Belgium, July 7, 2015.
    Image caption: Euclid Tsakalotos

    European Union officials in Brussels have said that the new Greek finance minister has come up with no new proposals on securing a financial deal with Greece's international creditors. After a meeting of eurozone finance ministers in Brussels, the head of the eurogroup, Jeroen Dijsselbloem, told reporters that Euclid Tsakalotos had presented "no concrete measures". Mr Dijsselbloem said Greece plans imminently to make an official request for assistance from the European Stability Mechanism - a fund set up in 2012 to help eurozone members in financial difficulties.

  83. Via Twitter

    "If we remain immobile, prisoners to regulation and bureaucracy, Europe is finished," Italian Prime Minister Matteo Renzi tweets while lamenting the situation the eurozone now finds itself in.

  84. Via Email

    Jonathan Clark, Athens

    Live page reader

    I've been here since 2007, and one of the most unnecessary and sad side-effects are the cancellations by tourists who are concerned that it might not be safe or wise to come. I bought ferry tickets yesterday and the travel agent was giving me alarming insights into how many people are cancelling, or not booking as they might be expected to do, at this time of year. Greece is safe, lovely and could do without the alarmist press putting people off just when they are most needed here.

  85. "Formal request for a new bailout programme"

    Greece is due to make a formal request for a new bailout programme imminently, eurogroup chief and Netherlands finance minister Jeroen Dijsselbloem is quoted by the AFP news agency as saying. He was speaking after eurozone finance ministers met to discuss the next moves after the Greek referendum.

    Eurogroup chief Jeroen Dijsselbloem
  86. Vital olive oil industry "in crisis"

    Olive tree

    The cash economy that has emerged after the closure of Greece's banks is beginning to cripple the country's vital olive oil industry, as farmers demand cash for supplies that distributors are unable to pay for, Reuters reports.

  87. Via Email

    Third world country?

    Michael Cooper

    Live page reader

    As a Brit living in Greece for 10 years I agree tax avoidance has been national sport, but they've learnt well from decades of politicians and oligarchs who have seen the state not as an entity for the citizens, but as a body for financial and political gain, favouring interest groups, cliques, friends and family.

    Greeks recognise their responsibilities, but with nothing left for many, many lives destroyed, and no hope for the current lost generation of under 30's what they want now is a sense pride, a sense of fairness, and a healthy dose of economic reality. They have nothing left to lose, so nothing to risk in saying enough is enough. I travel in Africa and the Middle East for work, and right now, Greece feels and looks like a third world country.

  88. Attack by "pro-government cyber bullies"

    One of Greece's most popular cartoonists temporarily pulled down his Facebook page after what appeared to be a concerted attack by pro-government cyber bullies, Reuters reports.

    A woman browses the official Facebook page of Greek cartoonist Arkas
  89. What next?

    The Greek Prime Minister Alexis Tsipras will meet the German Chancellor Angela Merkel and French President Francois Hollande before an emergency summit of euro zone leaders later today. But most of the action seems to be moving to tomorrow (and maybe the day after...). On Wednesday Mr Tsipras addresses the European Parliament and the Greeks will, so eurogroup President Jeroen Dijsselbloem has just said, submit some revised proposals also tomorrow.

  90. "Struggle for recognition"

    Any move by Greece to introduce a new drachma - if it is called that - could struggle just for recognition, Hargreaves Landown's financial analyst Richard Hunter tells Reuters. "Computer codes, access to international settlements systems and legal issues relating to financial contracts are all potential obstacles," he says.

  91. Via Email

    Rubbish posturing?

    Maria Ashot

    Live page reader

    The "unspecific Greek letter" is essentially back to square one, dial back to five months ago and attempt a do-over.

    They are insulting their interlocutors by acting as if the words, "final offer, deadline, please sign here for a five-month extension of the talks" were never uttered.

    This is a game of musical chairs. Greece became the odd-state-out the moment [Prime Minister] Tsipras abruptly walked away to begin his referendum campaign with the extensive additional opportunities to insult the people he is trying to come to an agreement with.

    There is no logic in this. It is rubbish posturing, "a tale told by an idiot, full of sound and fury, and signifying nothing."

  92. Via Twitter

    In Germany lots of people genuinely look forward to Grexit, oblivious to €87bn in estimated losses for Germany alone, the FT tweets.

  93. Via Email

    "Accept some accountability"

    Jim Hill

    Live page reader

    Mr Hill's thoughts echo many submitted by other readers.

    "The other Europeans and tax payers involved in financially supporting Greece, want to see Greeks accept some accountability. They also want to see some ambition from Greece to wean herself off ever-increasing loans from other tax payers. We too have known austerity, and still managed to offer the financial support Greece craved. The ungrateful, anti-German bile thrown in the face of lenders by some Greeks, is disgraceful. Is this an example of Greek friendship?

  94. No concrete proposal

    It seems to be official. Greece has provided the eurogroup with no "concrete proposal" to resolve the debt crisis, says the Maltese prime minister. Our correspondent Chris Morris surveys the situation.

  95. Via Email

    Chris Brown

    Live page reader in Cornwall

    Unless I'm missing something obvious, something obvious is really not being faced, especially by the eurozone countries. Greece is not going to be repaying much of its debts, however much it seems morally right that it be made to. Greece's creditors are going to take a massive hit (they should have admitted the situation and acted on it much earlier.) What is left is how orderly and relatively painless the handling of the failed loans can be made to be.

  96. Via Email

    Print more money?

    Ben Sanders

    Live page reader

    A 20-euro note

    No one seems to be suggesting printing more euros to pay off some of the Greek debt. It might be less disruptive than most of the other options.

  97. Euro ministers assemble in Brussels

    The newly appointed Greek Finance Minister Euclid Tsakalotos (right) and Eurogroup President Jeroen Dijsselbloem (left) attend the eurozone finance ministers meeting in Brussels.

    Newly appointed Greek Finance Minister Euclid Tsakalotos (right) and Eurogroup President Jeroen Dijsselbloem (left) attend a euro zone finance ministers meeting on the situation in Greece in Brussels
  98. Via Email

    Partrick Sawers

    Live page reader

    I've been living in Greece's second city, Thessaloniki, for 18 years and for the first time everything's ground to a halt. It really hit home when the capital controls were imposed and you had to queue at ATMs to get 60 euros (although there have never been 20 euro notes left, so I've only ever managed 50 euros every day.) Also, twice in two weeks my salary failed to arrive into my bank account, not because my employer didn't have the money, but because the banking system either failed or didn't allow an internal transfer. Over half the native speakers who were here five years ago have left, maybe more. If we lose the euro then most of us, who still love this country, will probably have no choice but to follow suit.

  99. Tsipras to speak to Euro MPs

    Prime Minister Alexis Tsipras will address the European Parliament on Wednesday, a Greek government official is quoted by Reuters as saying.

    Greek Prime Minister Alexis Tsipras (June 2015)
  100. Via Email

    P Vincent

    Live page reader

    Despite what Jonathan from Kos is saying, I can assure you that Brits should be very wary about Greece being an attractive destination for holidays at this time. We recently took a sailing charter out of Athens where the boat was not as described - poorly maintained and sails well past their use-by-date. And the deposit cheque, although it had been torn up, was illegally cashed in and 2,500 euros were lost. The Greek business community are desperate for cash and anything can happen. My advice, don't go there at the moment if you have a choice.

  101. Greek proposals delayed?

    Man on a bike in Athens

    Reuters in Athens, citing a "senior eurozone official", says a new Greek proposal will now be made on Wednesday. "They say they will submit a new request and outline of proposals maybe tomorrow," the unnamed source said. More procrastination, then.

  102. Western Union

    The money transfer business Western Union has reopened its money transfer service in Greece, allowing customers in the country to receive funds from overseas, Reuters reports. The full amount transferred will be credited to account holders. But users will only be allowed to withdraw up to 60 euros per day, in line with the Greek government's recent capital controls.

  103. Our man in Frankfurt writes...

    Joe Miller

    Business Reporter

    Piraeus bank in Frankfurt

    Frankfurt has one Greek retail bank branch - and this afternoon I watched a steady stream of expats brave the searing summer heat to come and withdraw what cash they can.

    Dennis, who came to Frankfurt to study engineering at 18, and has been here for 45 years, said he is still able to withdraw cash, but is worried that after today it will no longer be possible.

    "They are good people here and they do all they can do," he tells me.

  104. Via Email

    An unspecific Greek letter

    Have the eurozone finance ministers seen the latest Greek proposals? The FT's bureau chief in Brussels said not, a few minutes ago. A reader asks if that is true, citing this letter from the Greek President. It doesn't look very specific to me. You judge.

    "I would like to inform you that following a request by the Prime Minister of Greece Mr. Alexis Tsipras, I called a meeting yesterday of the political leaders of the Parties of the Greek Parliament, in which a common declaration was adopted by all Parties except the Communist Party of Greece stating the following: The recent vote of the Greek people in the referendum does not constitute a mandate to break away from the Euro zone, but a mandate to continue and strengthen the effort for attaining a socially just and economically viable agreement. The Government will assume the responsibility of continuing negotiations, and every political leader will contribute to this effort on the basis of their institutional and political role. The common goal, in this context, is the pursuit of a solution that will ensure: - Covering, sufficiently, the financial needs of the country - Credible reforms, based on a fair distribution of burdens and the promotion of growth, with as few recessionary consequences as possible - A strong, front-loaded developmental program, primarily oriented to confronting unemployment and encouraging entrepreneurship - A commitment to beginning a substantial discussion on confronting the problem of the viability of Greek public debt. The Political Leaders also underlined that the restoration of liquidity in the Greek banking system, in coordination with the ECB, constitutes an immediate priority. The aforementioned consensual decision of most Greek Parliamentary parties constitutes a crucial opportunity for all euro zone partners to reach an economically and politically viable agreement."

  105. Via Email

    Sensationalist rubbish?

    Dr Glyn Burgess

    Live page reader

    It was interesting to read Jonathan Smith's account of the "real" conditions he is experiencing on Kos. I have long standing personal contacts on Rhodes and they say the same. Why do folks continue to believe the sensationalist rubbish published in the press?

  106. Via Email

    Tom

    Live page reader

    Surely examination of Greek government actions since their application for EU entry until today suggests that they cannot be relied upon to implement agreements? The question of whether or not to lend again is a matter of trust and there is no evidence that such trust is likely to be reciprocated. There can be no justification for further loans unless there is a guarantee that we will rapidly see a reduction in our supporting debt.

  107. Via Email

    Stephen Butler

    Live page reader

    It would be somewhat of an interesting situation if the other 18 members of the eurogroup turned round to Greece today and said: "Thank you very much for your interesting proposals. We'll put them to a referendum and get back to you in six weeks."

  108. Via Email

    The "plan" is not working

    Carol in Crete

    Live page reader

    Trichet, Junker blaming Syriza for fallen growth and not following "the plan". They still don't want to listen to the people of Greece who made their voices heard on Sunday. The "plan" is not working and has brought untold misery to the Greek people over the past five years. My 26-year old (Greek) daughter is one of the "lucky" ones, an Athens University graduate with a teaching degree. She can't get a job in her profession due to austerity cuts, but she has secured an eight month contract working for an international company in Greece, working 8-10 hour days and bringing home the minimum wage of 480 euros per month (540 euros before tax - yes we do have P.A.Y.E. in Greece - and national insurance). The youth are the ones who deserve a future, they don't deserve this blame and punishment. They are not statistics and numbers on paper. They are people saying No! No more, enough, now give us some hope. Why doesn't Europe listen?

  109. No new plans, yet.

    BBC World News

    Peter Spiegel, Brussels bureau chief for the Financial Times, tells BBC World News that eurozone finance ministers assembling for their latest meeting have, rather surprisingly, not yet seen what the Greeks' revised proposals are. He also says that Syriza's apparent equanimity about the huge disruption that might come with leaving the euro and adopting the drachma, is because they are just a bunch of Marxists who don't understand capitalism. Really?

  110. Via Email

    Jonathan Smith in Kos

    Live page reader

    How can the Greek economy, with a huge reliance on tourism not collapse when the British form a huge percentage of the tourists? The UK press have been scaring people with blatant lies for months. Went to Kos town when it was "overrun with migrants". I found three of them. Went to the local supermarket yesterday to see the "food shortages". Fully stocked car park empty, no panic buying! Petrol station on way home, no restrictions at all! Come to Kos, the sun shines, the sea is warm and people welcome you like long lost relatives.

  111. Via Email

    Balloting business

    Jeremy Tuck

    Live page reader

    How are the Greeks who are being vilified at the moment able to organise a referendum in a week and it's taking us until 2017?!!

  112. Via Email

    Taxing times

    Live page reader Georg Walther says, "Not long ago a Greek journalist published a list of Greek tax evaders." He's talking about Costas Vaxevanis, who went on trial in 2012 for breach of privacy after publishing the names of 2,000 Greeks with Swiss bank accounts. "I'd say the Germans are correct demanding serious reform," says Mr Walther.

  113. Meeting delayed

    Business correspondent Joe Lynam tweets:

  114. 'It cannot be excluded'

    The EU wants Greece in the eurozone but it could be forced out if it does not come up with a good reform package to satisfy its creditors, EU Commissioner for the euro Valdis Dombrovskis said. "It is not our aim but if trust is not rebuilt; if (there is) no credible reform package (then) it cannot be excluded," Dombrovskis said when asked if the European Union wanted Greece to leave the single currency zone.

  115. A viewpoint from Athens

    Another Live page reader who's lived in Athens for more than a decade, Graham Wood, tells us of his experiences:

    Quote Message: It has been truly surreal these past two weeks and there’s lots of anxious faces and conversations going on in the office where I work. We were actually some of the ‘lucky’ ones as we were paid a large part of our salary in cash on July 1, but I’ve still been queuing at ATMs every day to get my 60 (and sometimes only 50) euros just in case. My family back home in County Durham are sending me daily messages asking if everything’s OK and asking if I need money. from Graham Wood telecoms worker
    Graham Woodtelecoms worker

    As for the departure of Mr Varoufakis, this is what Mr Wood has to say:

    Quote Message: There’s very much a mixed response to Varoufakis’ departure, with nobody really knowing if he jumped or was pushed. Although he made a clear stand, he took things too far with some of his aggressive comments. Yes he may well be well-educated and charismatic (and clearly NOT a rock star), but sadly the word diplomatic is not on his CV yet...
  116. Germany's Gabriel: Elites 'plundered Greece'

    Germany's outspoken vice chancellor, Sigmar Gabriel, has some ideas about who is to blame for Greece's current predicament. This is what he said during a visit to the city of Magdeburg in eastern Germany:

    Quote Message: "I am also often annoyed by what the current Greek government is doing. But part of the truth is: the misery is not their fault. Rather, it's the previous governments, the economic and political elite which plundered the country. It must be said that Europe stood by and watched for a pretty long time and said nothing and did nothing." from Sigmar Gabiel Vice chancellor, Germany
    Sigmar GabielVice chancellor, Germany
    Sigmar Gagriel, German vice chancellor
  117. Deja vu over latest Greek talks

    Finance ministers made comments as they arrived for their meeting in Brussels. Reacting to that Michael Hewson, chief market analyst at CMC Markets, tweets:

  118. Finance ministers meet

    BBC business correspondent Joe Lynam tweets from Athens:

  119. Dijsselbloem: 'Pressure is on the Greeks'

    urogroup President and Dutch Finance Minister Jeroen Dijsselbloem

    "The pressure is especially on the Greeks, the banks are closed and the situation is difficult. I guess the Greek government has an interest in coming up with serious and credible solutions soon," says Jeroen Dijsselbloem who is a key player in the talks as he is president of the Eurogroup, which comprises finance ministers of the eurozone. They are just starting a meeting in Brussels.

  120. 'Mrs Merkel's buttons'

    Former finance minister Yanis Varoufakis tweets:

  121. Euro 'drifts' lower against the dollar

    Euro vs. dollar

    The euro has lost further ground. It's now trading 0.64% lower against the dollar at $1.0986. "It is a drift lower for the euro," said Jeremy Stretch, from CIBC World Markets. "The markets are reasonably relaxed at this stage because they believe the ECB will step in to take action to contain any contagion, should Greece step out of the union."

  122. A viewpoint from Athens

    Live page reader Hayley Reading lives in Athens. She emailed us with this view on life in Greece at the moment.

    Quote Message: I went to my nearest cash point today at 5:50am (I woke up especially). There was already a queue, but fortunately only a small one with just 2 people in front of me. By the time I reached the cash points I found that one was empty and the other was only dispensing 50 euro notes. It's going to take me around a week to withdraw enough money to pay my rent. There is a lot of uncertainty, but definitely the tension that was running so high before Sunday's referendum has subsided. The Greeks seem to accept that things are going to be difficult for some time to come. from Hayley Reading Athens resident
    Hayley ReadingAthens resident

    Ms Reading says that, judging by reaction in the street, Mr Varoufakis is a popular figure.

    Quote Message: Yesterday, I found myself stood feet away from Mr Varoufakis in Syntagma square, before lots of journalists and Greeks surrounded him. They took plenty of pictures and began chanting 'Varoufakis, Varoufakis, Varoufakis'. Very quickly Mr Varoufakis zoomed off on his motorbike with what seemed to be an army of supporters cheering him on. from Hayley Reading Athens resident
    Hayley ReadingAthens resident
  123. Market update

    London's FTSE 100 index of larger companies is down 0.13% after opening higher. An emergency eurozone summit is to hear new proposals from Greek Prime Minister Alexis Tsipras on a further bailout. Germany's DAX index fell 0.28% and the CAC 40 in Paris fell 0.58%.

  124. The mood in Athens

    Danielle Codd is a BBC producer in Athens.

    She sends us this view of Syntagma square as people queue for their daily cash

    She sends us this view of Syntagma square as people queue for their daily cash
  125. 'Mean Germans' not to blame

    Italian Foreign Minister Paolo Gentiloni has weighed in on the blame game. Greeks have their own leaders to fault for the crisis in their country, and not "mean Germans", he said. The current crisis "...is not the fault of mean Germans, but is the responsibility of the Greek governments which have followed one another these past 15-20 years," he told the Italian daily Corriere della Sera.

  126. French PM: 'Must not risk Greece leaving the eurozone'

    Manuel Valls, French Prime Minister

    French Prime Minister Manuel Valls has been speaking to France's RTL radio and BBC Monitoring has listened in.

    France is "convinced" that we must not "risk Greece leaving the euro zone," which would have consequences for "world growth and the world's economy," Mr Valls said.

    Quote Message: "Both probably for economic reasons ... but also and above all for political reasons. France has done, and will continue to do, everything possible to enable Greece to stay in the euro zone" from Manuel Valls French Prime Minister
    Manuel VallsFrench Prime Minister

    He also said that rescheduling Greece's huge debts is an option. There are "no taboo subjects" he said.

  127. Greek 'growth'

    Quote Message: Reading your blog this morning, I have to say I am fed up with hearing that this current government in Greece has caused the decline in growth. First of all, the reason the previous several months were showing a 'growth' was at the cost of the Samaras government, forced by the Euro creditors, to drastically cut spending in Greece, so vital services from medicine to rubbish collection, let alone pensions etc, have been decimated. Secondly, since Syriza came to power, the Euro creditors have done all they can to stifle Greece in the hope of a regime change, so they could have a more pliable leadership to control their southern 'rebellious' partner. from Terry Cook Live page reader
    Terry CookLive page reader
  128. Greek businesses suffer from cash shortage

    Danielle Codd is a BBC producer in Athens. She tweets:

  129. Athens stock exchange remains closed

    Reception of Athens stock exchange

    The Athens stock exchange will remain closed until Wednesday according to Greek regulators.

  130. Headlines from Greek Newspapers

    "Time runs out for a solution before disaster" - Ethnos

    "The summit that will decide on the Grexit" - Kathimerini

    "Judgment day: Deal or Grexit?" - Eleftheros Typos

    "Ball in creditors' court" - I Avyi

    "Going all out! - Into the tough Brussels poker round with a joint party leaders' policy at last" - Dimokratia

    "With a 'No' from the people and a 'Yes' from party leaders, Alexis Tsipras well armed for the summit in Brussels" - I Efimerida ton Syntakton:

    "The people did not authorise anyone to sign new deals!" - Rizospastis:

    Thanks to Adam Robinson at BBC Monitoring for those.

  131. Trichet: 'Ball in Greece's court'

    BBC Radio 4

    So what should the European Central Bank do now, Mr Trichet is asked? For now they should maintain the €89bn liquidity assistance, he says. "The ball is in the camp of the Greek government... Greece has to rescue itself with a good plan." Mr Trichet says the €89bn is new money in the Greek economy, but presenter John Humphrys disagrees, saying it just replaces deposits withdrawn by Greek savers.

  132. Trichet: Syriza to blame for failing growth

    BBC Radio 4

    More from Jean Claude Trichet former European Central Bank chief, this time on the Today programme. He's blaming Syriza again for a dip in economic growth in Greece. Why is this important? "You have to have a good plan and you have to have growth and job creation... you have the debt issue [but it's] not necessarily the main problem, the main problem is to have a good plan for jobs and growth."

  133. Shares higher, euro lower

    European stock markets are a little higher in early trading. In Frankfurt the Dax is 0.47% higher, in Paris the Cac-40 is 0.24% higher. The euro is a little lower, down 0.25% against the dollar so far. The FTSE 100 index was up 1.15 points at 6536.83. "Greece is in difficult condition. Although there is volatility in the short term and discussion will be rough, I still expect a solution to be found to avoid a very nasty situation in the end," said Alain Bokobza, head of global asset allocation at Societe Generale.

  134. Juncker: 'Today we'll pave the way'

    European Commission president Jean-Claude Juncker

    European Commission President Jean-Claude Juncker has just addressed European Parliament: "The Greek delegation left the negotiating table - you don't do that in Europe. It was a big mistake. We must try and find a solution. It can't be done today - today we'll pave the way, through talks and mutual understanding, to put things in order. … The ball lies in the Greek government's court."

  135. Luxembourg open to debt reduction

    Luxembourg"s Finance Minister Pierre Gramegna, left, speaks with Greek Finance Minister Yanis Varoufakis

    "A haircut is not taboo... in the sense that everything can be talked about," Luxembourg Finance Minister Pierre Gramegna (pictured left) told Luxembourg's 100.7 radio and reported by Reuters. In this case a haircut is shorthand for writing down debt. It is significant as the eurozone appears to be divided over whether Greece should be let off some debt in return for reforms. In particular Germany seems reluctant to offer Greece any debt forgiveness.

  136. 'Euro not a gift from the gods'

    BBC Business reporter Theo Leggett is in Frankfurt, he tweets:

  137. Trichet: 'Very demanding, shaky situation'

    BBC World News

    BBC

    Former European Central Bank (ECB) chief Jean-Claude Trichet says "we are in a very, very demanding and shaky situation" but he thinks the ECB will do what's needed and not play a "political" role. "There is a paradox here... we had an international community and the IMF thought Greece was on the way to growth, before Syriza took power," he says.

  138. Euro 'remarkably resilient'

    BBC Radio 4

    euro dollar

    Eimear Daly, currency strategist at Standard Chartered is the markets guest on Today. "I think the euro has been remarkably resilient. It opened lower and then retraced almost all its losses yesterday," she says. How come? "At the start of the year we saw a lot of investment into euro-area [shares]" which were hedged, with investors selling euros. "Now when you see those equity investments reversed, they actually have to buy euros, and that's why you're seeing this counter-intuitive effect." The euro is down 0.33% lower against the dollar at $1.1020.

  139. The mood in Athens

    BBC Breakfast

    bbc

    BBC business correspondent Joe Lynam is in Athens keeping abreast of events. He says businesses are being "crushed" and the lives of ordinary Greeks are "paused" as they await a deal. Their main worry is the spectre of bail-in - that is the threat that their savings may be raided to help pay of the debts of the state.

  140. Euro sign in Frankfurt dismantled

    Euro sign Frankfurt

    Given the tension in the eurozone at the moment, now might not have been the best time to dismantle the giant illuminated euro sculpture that stands outside the headquarters of the European Central Bank in Frankfurt. Built in 2001, the symbol is undergoing some maintenance. Now, if the ECB could just bring in some contractors to renovate Greece...

  141. Newspaper review - Greece

    Newspaper

    Greece's creditors "are likely to take a very hard line" says the FT's Gideon's Rachman in an opinion piece today. "They are angry and fed up with Greece," he says. Writing in the Wall Street Journal respected economists Kenneth Rogoff and Jeremy Bulow say the Greeks might not have understood that when the europeans pulled their offer last week "they might have really meant it". The Guardian reports that the Greek debt crisis is being seen by some in Germany as the lowest point of Chancellor Merkel's ten-year tenure and "one that could sweep her out of office".

  142. The mood in Athens

    World Service

    On Newsday BBC reporter Mark Lowen speaks to local people in Athens about how they feel about the referendum and the future. "We lost totally this idea of having hope for the future," says one local. "The vote no says there is still hope, which is very important." Her greatest worry is a polarisation of the Greek people, she says. A deal is likely, she thinks. But how long it lasts is another question.

  143. 'Very hard for Greek banks to open again'

    BBC Radio 4

    Queue outside an ATM in Athens

    Raoul Ruparel, co-director at Open Europe, is on Today. He is explaining the European Central Bank's decision to demand more collateral in exchange for cash for Greek banks. : "It's going to be very hard for Greek banks to open again. It will be very hard for banks to post collateral to gain access for liquidity." The collateral they are after is Greek government bonds. "The collateral is increasingly worthless given the lack of a bailout... there needs to be serious progress towards a deal."

  144. Bild newspaper: 'Iron Chancellor needed'

    Bild newspaper

    "Today we need the Iron Chancellor," reads the front page of German mass market newspaper Bild. It offers Chancellor Angela Merkel a five point plan to deal with Greece, including allowing the nation to exit the euro and offering humanitarian aid and investment.

  145. 'Eurozone nations split over Greece'

    BBC World News

    The Eurozone appears to be divided over how to tackle the Greek crisis, reports the BBC's Sally Bundock on World Business Report. She says that France, Italy and Spain are looking for a quick deal that could offer the Greek's debt reduction. However in Germany officials are pessimistic and are already discussing how to help Greece if it leaves the euro area.

  146. Greece: 'Serious and credible' proposals needed

    French President Francois Hollande accompanies German Chancellor Angela Merkel

    French President Francois Hollande says that the Greek government has to make "serious and credible" proposals today to help secure a lasting bailout programme. He was speaking after crisis talks in Paris with German Chancellor Angela Merkel on Monday. It's thought Greek Prime Minister Alexis Tsipras would agree to further reform in return for debt relief. Eurozone leaders meet in Brussels from 16:00.

  147. Post update

    Ben Morris

    Business Reporter

    Good morning. Leaders from the eurozone are due to meet later today and they may have some fresh proposals from Greece to consider. Meanwhile, Greek banks remain closed and continue to run short of funds. We received lots of interesting correspondence yesterday from Greece and elsewhere, so if you want to join in you can email bizlivepage@bbc.co.uk or tweet @bbcbusiness.