Summary

  • All EU leaders - including those outside the eurozone - are to hold an emergency summit on Sunday to resolve the Greek debt crisis

  • Greece is given until Thursday to present new proposals to find a solution

  • The move comes after no progress on Tuesday during eurozone crisis talks

  • Greek banks are unlikely to reopen this week, the government in Athens says

Live Reporting

Alastair Lawson, Yaroslav Lukov and Ian Pollock

  1. Meeting delayed

    Business correspondent Joe Lynam tweets:

  2. 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:

    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.

    Graham Wood, telecoms worker

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

    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...

  3. 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:

    "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."

    Sigmar Gabiel, Vice chancellor, Germany

    Sigmar Gagriel, German vice chancellorAP

  4. 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:

  5. Finance ministers meet

    BBC business correspondent Joe Lynam tweets from Athens:

  6. 'Mrs Merkel's buttons'

    Former finance minister Yanis Varoufakis tweets:

  7. 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.

    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.

    Hayley Reading, Athens resident

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

    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.

    Hayley Reading, Athens resident

  8. 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

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

    Manuel Valls, French Prime MinisterGet

    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.

    "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"

    Manuel Valls, French Prime Minister

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

  10. Greek 'growth'

    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.

    Terry Cook, Live page reader

  11. Greek businesses suffer from cash shortage

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

  12. 'Euro not a gift from the gods'

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