Greece crisis updates on 11 July: Eurozone faces bailout decision

Summary

Eurozone ministers speak of 'difficult issue of trust' over Greek promises to implement reform
They are assessing Greek proposals similar to those rejected in last Sunday's referendum
Athens aiming to secure a new bailout and avoid exiting the euro
One option reportedly suggested by Germany would see Greece temporarily leave the eurozone

Live Reporting

Dominic Howell, Lauren Turner, Claire Brennan and Thom Poole

Grexit planpublished at 17:05
All sides say they want Greece to remain in the euro, but if it were to leave, The Economist, external has some suggestions as to how to handle the move.
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One task is to clarify the legal uncertainties. (Is Greece permanently out of the euro or just temporarily issuing IOUs? Can it remain in the EU if it is not in the euro?) The second is to ensure that an exiting Greece has both the policies to stabilise its economy and avoid high inflation and the cash to pay for critical imports.
Postpublished at 16:51
Efi Koutsokosta, a journalist with Euronews, tweets:
Postpublished at 16:44 British Summer Time 11 July 2015
BBC Chief Correspondent tweets
Livin' it uppublished at 16:33
Former Greek Finance Minister Yanis Varoufakis once quipped that the euro was like the Hotel California of the Eagles' famous song: "You can check out any time you like, but you can never leave." Journalist Elodie Lamer in Brussels continues the joke.
EU future at stake - Sachspublished at 16:11
Strong criticism, external from US economist Jeffrey Sachs of how the EU has dealt with Greek - Europe's system of crisis management is fraught with "ineptitude, extreme politicisation, gamesmanship, and unprofessionalism". He concludes:
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We are now truly at the endgame. Greece’s banks have closed, its debt has been acknowledged as unsustainable, and yet the future of both the banks and the debt remains uncertain. The decisions taken by Europe in the next several days will determine Greece’s fate; wittingly or not, they will determine the EU’s fate as well.
Syriza voter feels 'betrayed'published at 16:04
Sophia Zachariadi voted for Syriza in the election and 'No' in the referendum on creditors reform plans for Greece.
Many of the proposals have now been adopted by Greek Prime Minister Alexis Tsipras - and Ms Zachariadi is not happy. She told BBC Newshour:
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How can a left-wing party decide this and take austerity measures? I don't think that this society can stand another three years of austerity measures, not only economically but psychologically. I feel betrayed because I know what I wanted.
Crisis in numberspublished at 15:52
Image source, Reuters
What exactly is happening in Greece and why has the country found itself in the current crisis?
Here are the key numbers you need to understand what's going on.
New government?published at 15:47 British Summer Time 11 July 2015
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Future of integration at stakepublished at 15:33 British Summer Time 11 July 2015
University of Cambridge lecturer in international political economy tweets...
'Austerity doesn't work'published at 15:25 British Summer Time 11 July 2015
BBC journalist tweets...
Who's saying what...published at 15:21
Image source, AP
Some pretty mixed messages from eurozone leaders ahead of the meeting. Looks like it's going to be a long day...
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I think we are here to make a lot more progress.
Christine Lagarde, IMF managing director
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Our problem is that a situation has developed, where trust and hope created in the last years was destroyed in a very short time. We've seen a referendum in which a clear majority voted against conditionality. Now we see the exact opposite of that.
Wolfgang Schaeuble, German finance minister
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There is still a lot of criticism on the proposal, reform side, fiscal side, and there is of course a major issue of trust. Can the Greek government be trusted to do what they are promising?
Jeroen Dijsselbloem, Dutch finance minister and Eurogroup chairman
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I expect a long finance ministers' meeting on Greece. It is not very easy but we will do all we can.
Pier Carol Padoan, Italian economy and finance minister
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I think the trust is now being rebuilt in the relationship with Greece. I would hope that trust would continue to be rebuilt today.
Michael Noonan, Irish finance minister
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France has always said there is no taboo about the debt. We have the right to talk about the debt.
Michel Sapin, French finance minister
Cabinet shuffle due?published at 15:16
Image source, Reuters
Greek Prime Minister Alexis Tsipras is expected to reshuffle his cabinet next week after members of his own party rebelled against his proposals, ekathimerini.com reports, external. The site quotes him as saying:
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The priority now is to secure a positive outcome in the negotiations. All the rest will be dealt with in time
The site also mentions speculation in the Greek media that early elections could be called.
No laughing matterpublished at 14:59
Image source, Getty Images
There are plenty of serious faces in Brussels today, but in Athens many people are turning to humour to get themselves through the crisis. Here's a selection of jokes doing the rounds online - and on the streets.
Q: "What is the capital of Greece?"
A: "About 20 euros."
Q: "What's a Grecian urn?"
A: "A lot less than he did two years ago."
Q: Nice tan. Did you spend the weekend at Psarou beach (a VIP spot on Mykonos island)?"
A: No. I got it from waiting in line for the cash machine."
Politicians have been trading jokes too.
At an event in Frankfurt on Thursday, German Finance Minister Wolfgang Schaeuble, reportedly joked with his US counterpart Jack Lew that the two should swap their respective debt problems: Greece for Puerto Rico.
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I offered my friend Jack Lew... we could take Puerto Rico into the eurozone if the US were willing to take Greece into the dollar union."
Wolfgang Schaeuble
Mediating role for Francepublished at 14:58 British Summer Time 11 July 2015
BBC chief correspondent tweets...
Merkel under pressure?published at 14:51
Image source, AFP/Getty
Of all of its creditors, Greece owes Germany the most - €68bn (£49bn; $75bn) - writes BBC Berlin correspondent Jenny Hill. So the German opinion matters.
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If and when Greece puts a bailout deal on the negotiating table, German MPs will vote - first on whether they are prepared to let negotiations go ahead and then, later, to approve any deal. A 'no' from Germany could railroad any third bailout for Greece.
'Go as far as possible'published at 14:49 British Summer Time 11 July 2015
AFP news agency's deputy bureau chief for Brussels tweets...
'60/40 chance'published at 14:28
More from Austrian Finance Minister Hans Joerg Schelling.
He told Austrian radio station ORF that he believes there's a 60/40 chance of a deal.
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"If the guarantees don't come, this will reverse."
Hans Joerg Schelling
Bailout oppositionpublished at 14:27
BBC Berlin correspondent Jenny Hill says some ministers from smaller countries - including Lithuania, Slovakia and Latvia - are facing "fierce opposition" domestically to any kind of third bailout agreement.
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"That said, the feeling here is that as long as Germany says yes, those countries will fall into line."
Will leaders choose Grexit?published at 14:22
Image source, Getty Images
Greece's exit from the eurozone - a "Grexit" - has become a genuine possibility, as European Union leaders prepare for a final decision at a summit on Sunday, writes the BBC's Paul Kirby.
What are the different possible scenarios? Read morehere.
'Green light'published at 13:58 British Summer Time 11 July 2015
The Italian finance minister arrives...