Greek Debt Talks

Greek Prime Minister Alexis Tsipras told lawmakers early on Thursday that Athens must conclude the first review of its new international bailout within November, to start talks over a debt relief before the end of the year.

Greece and its creditors were to continue talks today after marathon discussions late into the night, with both sides indicating that the terms of a third bailout were close to being finalised.

Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

German Finance Minister Wolfgang Schaeuble is prepared to resign rather than go against his convictions in negotiations on Greece's debt crisis, he said in an interview published today.

An EU source in Brussels said on Friday that the latest debt proposals from Athens -- which closely resemble the last offer from its creditors before talks stalled -- were "positive" enough to form the basis of a massive new bailout worth 74 billion euros ($82 billion).

President Barack Obama spoke by telephone with German Chancellor Angela Merkel on Tuesday to discuss the Greece debt crisis before his talks with Greek Prime Minister Alexis Tsipras, the White House said.

Germany maintained a hard line today after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

Eurogroup ministers expect fresh reform proposals from the Greek government in talks on Tuesday, a statement said on Monday, a day after Greeks overwhelmingly rejected terms demanded by creditors.

After months of fruitless talks with its creditors, Greece's dramatic bid to place a bailout decision in the hands of its people will have an impact far beyond the heavily-indebted country's borders, analysts warn.

Eurozone finance ministers agreed Wednesday to wait for the result of Greece's controversial bailout referendum before holding any more discussions on Athens's debt crisis, Slovakia said.

Finnish Finance Miniseter Alex Stubb said an extension was "not possible" and said a request for a new rescue programme with the European Stability Mechanism (ESM), the EU's bailout vehicle, "is always dealt with through normal procedures."

Greece submitted a new two-year aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders. Talks between Greece and its creditors broke down over the weekend, causing Greece to close its banks and impose capital controls.

A British shoe-shop employee has raised over 30,000 euros ($33,575) so far through an online crowdfunding project to help Greece meet its IMF debt repayment due today.

By pure chance, Greece will gain fractionally more time to meet a midnight deadline today to pay its IMF debts - thanks to a move by international time arbiters in the Paris Observatory to add one second to the world's clocks.

The outcome of a referendum called by Athens for July 5 on bailout proposals is "of course to do with the future of the euro", Merkel said, stressing it was however up to Greeks to decide how to vote.

Greek Prime Minister Alexis Tsipras told lawmakers early on Thursday that Athens must conclude the first review of its new international bailout within November, to start talks over a debt relief before the end of the year.

Greece and its creditors were to continue talks today after marathon discussions late into the night, with both sides indicating that the terms of a third bailout were close to being finalised.

Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

German Finance Minister Wolfgang Schaeuble is prepared to resign rather than go against his convictions in negotiations on Greece's debt crisis, he said in an interview published today.

An EU source in Brussels said on Friday that the latest debt proposals from Athens -- which closely resemble the last offer from its creditors before talks stalled -- were "positive" enough to form the basis of a massive new bailout worth 74 billion euros ($82 billion).

President Barack Obama spoke by telephone with German Chancellor Angela Merkel on Tuesday to discuss the Greece debt crisis before his talks with Greek Prime Minister Alexis Tsipras, the White House said.

Germany maintained a hard line today after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

Eurogroup ministers expect fresh reform proposals from the Greek government in talks on Tuesday, a statement said on Monday, a day after Greeks overwhelmingly rejected terms demanded by creditors.

After months of fruitless talks with its creditors, Greece's dramatic bid to place a bailout decision in the hands of its people will have an impact far beyond the heavily-indebted country's borders, analysts warn.

Eurozone finance ministers agreed Wednesday to wait for the result of Greece's controversial bailout referendum before holding any more discussions on Athens's debt crisis, Slovakia said.

Finnish Finance Miniseter Alex Stubb said an extension was "not possible" and said a request for a new rescue programme with the European Stability Mechanism (ESM), the EU's bailout vehicle, "is always dealt with through normal procedures."

Greece submitted a new two-year aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders. Talks between Greece and its creditors broke down over the weekend, causing Greece to close its banks and impose capital controls.

A British shoe-shop employee has raised over 30,000 euros ($33,575) so far through an online crowdfunding project to help Greece meet its IMF debt repayment due today.

By pure chance, Greece will gain fractionally more time to meet a midnight deadline today to pay its IMF debts - thanks to a move by international time arbiters in the Paris Observatory to add one second to the world's clocks.

The outcome of a referendum called by Athens for July 5 on bailout proposals is "of course to do with the future of the euro", Merkel said, stressing it was however up to Greeks to decide how to vote.