Summary

  • Greece presents proposals for reform on Thursday in the hope of getting a third bailout

  • Banks are to remain closed until Monday with withdrawals still capped at €60

  • Eurozone finance ministers to meet on Saturday to discuss proposals

  • All times BST (one hour ahead of GMT)

  1. Bad for the Balkans?published at 15.29

    Would a eurozone exit fling Greece into the arms of Russia and upend the geopolitical chessboard? An analysis by Dimitar Bechev for Foreign Policy, external suggests the implications of Grexit - for Europe, Russia and the US - may not be as dramatic as many imagine. Rather, its impact will be strongest in its immediate neighbourhood - the Balkans.

    Quote Message

    If the crisis and the possibility of a Grexit have created a geopolitical problem, it is in Greece’s diminishing capacity to serve as an example to neighbors and a driver of positive change ... Today’s Greece in crisis will not become a rogue state - but it will be one deeply absorbed in its own depression and its own affairs, with little to offer to its allies and neighbors.

    MapImage source, Google
  2. Schaeuble: chances of deal "rather limited"published at 15.19

    German finance minister Wolfgang Schaeuble has taken a couple of potshots at Greece and its unconventional former finance minister.

    Speaking at a press conference in Frankfurt, Mr Schaeuble said that for a deal "there need to be prior actions, actions meant to build trust".

    "I don't see any prior actions," he said.

    Mr Schaeuble apparently remains doubtful of an agreement, telling reporters the chances of seeing those prior actions before Sunday "rather limited".

    In a sideways shot at the casually attired, motorbike-riding former Greek finance minister Yanis Varoufakis, Mr Schaeuble called Mr Varoufakis' successor Euclid Tsakalotos "more conventional than his predecessor".

    Messrs Tsakalotos and Vaoufakis were snapped at the Greek parliament this afternoon, chatting away on the back benches...

    The Finance Minister of Greece, Euclid Tsakalotos (L), and his predecessor, former Finance Minister Yanis VaroufakisImage source, EPA
    The Finance Minister of Greece, Euclid Tsakalotos (L), and his predecessor, former Finance Minister Yanis VaroufakisImage source, EPA
  3. From Greferendum to Breferendumpublished at 14.56

    The Greek referendum last weekend holds many lessons for the UK,  according to Richard Rose, external of the University of Strathclyde, writing for the LSE. 

    Britain will hold its own referendum in 2017 on its membership of the European Union. So what should the UK avoid? 

    Quote Message

    "An unclear question, a rushed campaign, the tendency to downplay the influence of other EU states over the outcome, and an inconclusive result."

  4. Imports pile up at Piraeuspublished at 14.31

    With no money to pay shippers, imported goods are getting stuck at Athens seaport Piraeus. The New York Times, external reports:

    Quote Message

    With banks closed and the government virtually out of money, Greece has become isolated from the international economy — a big problem for a country that relies on imports for 65 percent of its goods. Cargo containers of food, some medicines and other daily necessities are beginning to pile up on the docks at Piraeus, the international seaport outside Athens, because capital controls make it difficult or impossible to pay the shippers.

    Cargo containers pile up at Piraeus seaportImage source, Getty Images
    Image caption,

    Cargo containers pile up at Piraeus seaport

  5. Drachmas, anyone?published at 14:17

    BBC producer Sarah Holmes, in Athens with presenter Tim Willcox, just tweeted this:

  6. A helping handpublished at 14:13

    Greek pensioner outside bankImage source, AFP

    An Australian man is flying to Greece to help out a pensioner who was photographed crying outside a bank, the AFP news agency says.

    James Koufos, the head of a finance firm in Sydney, said he recognised 77-year-old Giorgios Chatzifotiadis as a friend of his late father, after seeing pictures in the news of the distraught pensioner. 

    The BBC's Newsbeat has the full story.

    And we reported last week on the original photograph, and on the plight of Greek pensioners.

  7. Light at the end of the tunnel?published at 13.43

    This just in from the Twitter account of BBC news comedy show Have I Got News For You. It goes without saying that this is not the view of the BBC, anyone working at the BBC or anyone related to anyone working at the BBC.

  8. Tusk commentspublished at 13:27

    Earlier, we brought you comments from the European Council chief Donald Tusk, where he said he was hoping Greece would make concrete proposals before tonight's deadline.

    Here's more of what he had to say:

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  9. China stock crash dwarfs Greece's debtpublished at 12.53

    Over on our business live blog is coverage of today's other major financial story - the drop in value of stocks in China.

    (They've actually risen a bit today - here's the very latest.)

    But how does the value wiped off China's stocks compare with the crisis in Greece?

    graphic showing China shares value
  10. Russia 'not rubbing its hands'published at 12.47

    Russian Foreign Minister Sergei Lavrov speaks during a meeting with Secretary General of the Organization of Islamic Cooperation (OIC) Iyad Amin Madani in Moscow, Russia, June 11, 2015.Image source, Reuters

    Russia's foreign minister, Sergei Lavrov, said this morning that his country is not enjoying the spectacle of Europe struggling to find a solution to Greece's problems.

    "Any idea that Moscow is rubbing its hands over the crisis ... is wrong," he said. "It is a distortion of our position and our interests."

    Russia is interested is in a "strong, functioning, economically-growing European Union," he added.

    Russia has poured cold water on speculation in recent weeks that it would help Greece out with a cash injection.

  11. Tusk calls for debt reliefpublished at 12:29

    As well as calling for Greece to submit realistic proposals today, an even-handed EC president Donald Tusk echoed IMF chief Christine Lagarde in calling for Greece's creditors make their own credible proposals for Greek debt relief.

    The BBC's chief correspondent Gavin Hewitt tweets:

    The focus of those calls will fall on Germany, most resistant among the Greece's major creditors to offer debt relief.

  12. Kammenos: 'Everything is going well'published at 12.04

    Greece"s Defense Minister Panos Kammenos speaks to the media after a meeting with the Greek political party leaders at the Presidential Palace in Athens, Monday, July 6, 2015.Image source, AP

    Some positive noises appear to be coming from Panos Kammenos, head of Syriza's right-wing, anti-austerity coalition partners, Independent Greeks.

    Nick Malkoutzis, external, deputy editor of Greek newspaper Kathimerini, has just tweeted:

  13. 'Why don't you tell me what's going on?'published at 11.41

    If you're looking for some music to accompany your reading, let us make a suggestion.

    We can't be sure whether the lyrics of 'Tusk' by Fleetwood Mac were directly inspired by Donald Tusk, president of the European Commission, and his eagerness to hear of Alexis Tsipras' plans for Greece's future, but when you read them...

    Why don't you ask him if he's going to stay?

    Why don't you ask him if he's going away?

    Why don't you tell me what's going on?

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  14. Donald Tusk: 'I promised I would be discreet'published at 11:35

    Donald Tusk, president of the European Council, spoke to Mr Tsipras over the phone earlier. 

    Speaking at a press conference now, Mr Tusk refused to be drawn on details of the call but sounded a hopeful note about the deal and called for "loyalty" among eurozone leaders.

    "I promised Mr Tsipras I would be discreet about our phone call," he said.

    "In such a difficult moment you have to be loyal to each other. In some ways we are in a difficult moment because of a lack of loyalty among leaders."

    He added: "We are ready to support only good solutions. Let me talk today about our good efforts and not our possible bad results."

    He did say he was hoping for "concrete and realistic" proposals from Greece today, and an "equally realistic proposal" form creditors.

    That last bit? That's from Cicero. It means "Thrift is a great revenue".

    There's been a lot of fingerpointing over this crisis, but that might be the first of it in Latin.

  15. Emotions run high at bankspublished at 11:14

    Pensioners in AthensImage source, Reuters

    We are becoming accustomed to these scenes: pensioners, some distraught, queuing to withdraw their weekly allowance of €120 (£86; $134).

    Other people can withdraw up to €60 per day.

    These images are from banks in Athens and Thessaloniki today.

    Pensioners in AthensImage source, Reuters
    Pensioners in AthensImage source, AP
    Pensioners in ThessalonikiImage source, Reuters
  16. The view from Greeks - in Germanypublished at 11.10

    Greek cafe in Offenbach, Germany

    Greece's financial troubles have seen a large number of its people move abroad in recent years.

    There are now some 330,000 Greek people living in Germany - where anti-Greek sentiment is high.

    Our business reporter, Joe Miller, has been to Offenbach to speak to Greek people living in a country that is at odds with their homeland. Here's his report.

    You can also follow Joe on Twitter, external.

  17. Greek unemployment fallspublished at 10:50

    A man begs on the street near the Perama Shipyard on July 8, 2015 in Athens, GreeceImage source, AFP/Getty Images

    Unemployment in Greece has actually dropped to its lowest level in three years, according to statistics agency Elstat.

    The figures for April show joblessness is now at 25.6% - down from 25.8% the previous month.

    It's the lowest rate since July 2012 - and down on the record high of 27.9% registered in September 2013.

    Greece does still have one of the highest rates of unemployment in the world though, external.

  18. Hard to swallow?published at 10.28

    If you're the German finance minister, the head of the IMF, or the head of the European Central Bank - you may want to look away now. There's a bakery in Athens that isn't your biggest fan.

    This was spotted by BBC producer Imelda Flattery this morning.

  19. 'Maybe we'll be paid in IOUs...'published at 10.14

    Nikolopolous family, AthensImage source, Mark Lowen

    The BBC's Turkey correspondent Mark Lowen was our man in Greece for some time - and he's been getting re-acquainted with his old patch.

    He went to one Athens suburb to interview the Nikolopolous family and see how they make a living - and how austerity has affected them.

    Dimitra Nikoloplous and her husband are expecting their salaries on Monday, but they're not sure in what form.

    "Maybe we'll be paid in IOUs ... or drachmas," says Dimitra.

    You can listen to the interview here on Soundcloud., external