• Belgian finance minister admits chiefs discussed capital controls

• Leaders' summit concludes as finance ministers due to meet again on Thursday

• Emergency liquidity extended by ECB as deposit flight tops €1bn

• Reports: Greek plan includes rise to pensions age; reforms to VAT

• Special report:

Why the state of Greek hospitals tell us the drachma could be coming



• Special report: The fight to end Greece's Great Euro Depression

23.00

A Tsipras capitulation?

That's almost it for tonight Grexit fans. I'll leave you with that covering letter from the Greek PM to Jean-Claude Juncker tonight.

It looks like we may finally have a breakthrough in these intractable debt negotiations. The Greeks are now promising to hit their fiscal targets, crucially carrying out pensions reforms of 1pc of GDP and hitting a 1pc surplus target through various changes to VAT and early retirements.

To quote from the letter: "there are no fiscal slippages and the prescibed objectives have been exceeded". That looks like being enough to satisfy creditor powers for now. Any final agreement could now come as soon as Thursday.

Join us again tomorrow morning as we'll bring you the Greek fall-out from events tonight.

22.50

Messrs Tusk and Juncker look pleased with themselves

They've had very little to smile about since February 20, but here's a relieved looking pair of EU chiefs tonight.

22.33

Merkel: not the time for debt relief

The two magic words no creditor wants to utter tonight: debt relief.

Chancellor Merkel is the latest to poo poo the idea, telling reporters tonight: "In 2012 we agreed that potential debt relief could be discussed in the future - but not acute right now."

Hardly music to Greek ears. If, as it looks, Mr Tsipras has been forced to swallow some front-loaded austerity measures, he will need to be seen to be getting something back in return.

Three years ago, as part of its bail-out deal, creditors promise Athens they would have some form of debt write-off if they managed to hit a primary budget surplus. They've promise to do so in 2015 and 2016, but Merkel is saying "nein" to any talk of it tonight.

Others reckon she could just be putting it off for another day in her oh so Merkellian way. With that she sends us "out into the night".

In her typical convoluted way, Merkel hints that OSI is likely. Caving in, ze German way #Greece — wolf piccoli (@wolfpiccoli) June 22, 2015

Brilliant final line from Merkel. Now going to sign off the last e-mail each day using "With that, I send you out into the night.." — Jonathan Algar (@jonathanalgar) June 22, 2015

22.22

Juncker proposes Greek investment plan

"I want ordinary Greeks to know we are offering €35bn to help the economy" says Mr Juncker. My esteemed Brussels colleague Matthew Holehouse says this is in the form of EU structural funds, which the Commission is possibly allow Greece access to earlier than required, should they need them.

In another short answer, he dimissess any notion of capital controls being discussed. He confirms he is convinced a deal has to be done, using a sligtly obscure football analogy which I don't really understand.

Juncker: we cannot say as they say on the football field "prolongation". Don't think anyone's ever said that on a football pitch tbh — Mehreen (@MehreenKhn) June 22, 2015

22.18

Juncker and Tusk press conference starts

Tusk says the proposals will be assessed in the coming hours, to be prepared for eurogroup ministers on Thursday.

Juncker decribes them as a "major step" forward by Greek government. He says "we will finalise the process this week."

But he's less bullish on debt relief: "this is not the time to discuss that issue"

22.14

Greek proposals will see 1pc cut in pensions

Bruno Waterfield of The Times has got hold of the Greek measures. In addition to the VAT hike, there's also a change in the pensions contributions system and a phasing out of early retirement.

Greek pension cuts as tabled in Brussels this morning pic.twitter.com/o6A1P3quUp — Bruno Waterfield (@BrunoBrussels) June 22, 2015

21.56

Tsipras facing domestic battle over reform plans

More details of the deal have been leaked, and it seems Leftist Alexis Tsipras will have a hard time selling the measures at home. The proposals will continue austerity measures worth 8bn a year for the next two years, as well as see VAT on energy rise to 13pc.

The PM only has a 12-seat majority in parliament. A failure to see him pass the measures through his own Syriza central committee and the parliament as a whole could trigger elections.

Appears over 90% Greek fiscal plans comprise tax rises. Remember what ev'one had said since austerity abt fiscal multiplier effects on GDP? — George Magnus (@georgemagnus1) June 22, 2015

#Greece government proposes 8bn euro worth of measures over next 17 months - v top heavy on taxes which won't go down well. — Helena Smith (@HelenaSmithGDN) June 22, 2015

There are also rumours doing the rounds that Tsipras has accepted a 6-month bail-out extension deal. This would help the country get over its hilt of summer debt repayments to the IMF and ECB

"#Greece accepted 6-month bailout program extension" #AFP via state ERT_TV — Keep Talking Greece (@keeptalkingGR) June 22, 2015

21.53

Summit is over

And we're done in Brussels. Press conference from EU Council President Donald Tusk should and Commission chief Juncker should be imminent

20.30

Draghi promises to keep Greek banks alive...

Until at least June 30. After a meeting with the Greek premier, the Italian has hinted ELA support will continue for Greece as long as they remain in a programme.

ECB Pres Draghi tells Greek PM Tsipras: Greek banking system is safe as long as Greece remains on a programme --Greek Off'l — Live Squawk (@livesquawk) June 22, 2015

19.15

Lithuanian president: Greeks just want to party

Just when everyone seemed to be getting on so well, an incredible Twitter intervention from Lithuania's Dalia Grybauskaitė

The Greek government still wants to party but the bills have to be paid by somebody else #EUCO — Dalia Grybauskaitė (@Grybauskaite_LT) June 22, 2015

18.25

Greek proposals leaked

A paper version of the Greek plans have emerged. It looks like the bulk of the fiscal measures will come through VAT reforms - amounting to €1.36bn - in 2016. The other big change is in the contribution system for pensions, which would raise €800m next year.

Here is the Greek proposal ('final solution') for EU deal #Greece pic.twitter.com/P717JvaCip — Joost de Vries (@devriesjoost) June 22, 2015

17.50

Invariably, following Germany we have the French.

Francois Hollande arrives and tells reporters the new Greek proposals are "bolder and clearer" and that progress has been made "over the past few days and hours."

Hollande: Greek gov't has taken its responsibilities, we need to look into new proposals. #Greece — Open Europe (@OpenEurope) June 22, 2015

Hollande hopes tonight's meeting can "pave the way for an agreement as quickly as possible". Compare with Merkel's statement. #Greece — Vincenzo Scarpetta (@LondonerVince) June 22, 2015

Meanwhile, Commission president Juncker comes in and out, without speaking to reporters.

In less positive news, it looks like leaders will not be making a statement after tonight's summit, which is a meeting for discussion rather than negotiations, according to Ms Merkel.

No statement expected tonight after the Eurosummit — Pablo Rodríguez (@Suanzes) June 22, 2015

17.40

Ang is in the buildling

Arguably the most important person in the room tonight, Angela Merkel has arrived for tonight's summit. She makes a very short statement to reporters saying: "This is only a summit for discussion - ground work is not ready for a deal."

Meanwhile, Matthew Holehouse in Brussels sees Estonia's youthful PM Taavi Roivas driving in. He tells reporters he wants to hear "reassurance and full commitment" from Mr Tsipras.

"We are running out of time. Everyone knows what the commitments are and the reforms are. Agreement is possible, but we are running out of time."

"We are hear to speak about the deal and I hope its possible."

Our people need this committment very much He does not sound happy.

17.28

What's in the Greek deal?

Paul Mason of Channel 4 news, is a man with the inside track on all things Syriza. He's in Athens, and has been briefed on what exactly the Greeks have put on the table. From the looks of things, Mr Tsipras has managed to preserve his "red lines" on VAT on electricity and medicines, in return for changing the nature of the employment contributions made to pensions.

I will tweet now the #Greece side’s version of the deal: 1) €8bn less austerity in this deal than in Troika programme over next 2 years — Paul Mason (@paulmasonnews) June 22, 2015

Greek briefing: 2) No increase in VAT on electricity or medicines 3) No public sector layoffs 4) EKAS - pension supplement - kept... — Paul Mason (@paulmasonnews) June 22, 2015

5) "Fiscal targets high and we question their necessity. However for the first time we hit them by making those who have, pay their share" — Paul Mason (@paulmasonnews) June 22, 2015

6) Zero-deficit clause on pensions not implemened 7) €800m raised by restoring “employment contribution” to 2014 level — Paul Mason (@paulmasonnews) June 22, 2015

Finally - 3.5% and 4% surplus reduced to 1% and 2%. That’s the argument Syriza will use to sell this. No mention of debt yet. — Paul Mason (@paulmasonnews) June 22, 2015

17.18

Tusk: We can't have an "uncontrollable, chaotic" Grexident

EU council chief Donald Tusk has left his meeting with Mr Tsipras and given a short statement to reporters.

Here's what he had to say:

"I have called this summit because time is running out, not only for Greece but all of us. We only have one week before the current programme expires. This means the lets-wait-and-see strategy must end.

"It is my responsibility to ensure we respect all taxpayers in all a countries. If they hadn't borne the burden of austerity, they wouldn't be able to help Greece today.

" I am absolutely convinced that the blame game leads nowhere. I want all cards on the table. This doesn't mean negotiating technical details, but to end the political gambling. Since I called this informal meeting, some promising things have happened, including today's talks. And the latest Greek prosposals are the first real proposals in many weeks, although they still need an assessment from the institutions.

"We must avoid the worst case scenario, which means an incontrollable, chaotic Greixdent."

Tusk: "Time is running out - not only for Greece, but for all of us." — Matthew Holehouse (@mattholehouse) June 22, 2015

17.00

Summitry in motion

European leaders are heading to tonight's emergency meeting which starts at 6pm London time (7pm local).

Belgium's Charles Michel has said it's possibe, but not certain that a deal will be done this week, while Luxembourg's Xavier Battel has described a Grexit as a "lose lose" situation for Europe.

Luxembourg's PM Xavier Bettel never disappoints me. Best dressed EU leader. pic.twitter.com/UzFCxNkh5O — Vincenzo Scarpetta (@LondonerVince) June 22, 2015

Meanwhile, Mr Tsipras and his delegation are hold up with EU Council president Donald Tusk. The Greek PM is also due to have a chat with Mario Draghi later this evening.

16.55

US want deal done

Another day, and another warning from Washington's treasury secretary Jacob Lew who has told both parties to get a deal done. Mr Lew has consistently cautioned against a "Graccident" and said Europe's leaders should be ready to "do their part" to keep Greece in the euro.

Sec Lew underscored to Greek PM the need for an agreement ASAP, and that European leaders should be ready to do their part in response — Katerina Sokou (@KaterinaSokou) June 22, 2015

16.30

A Troika divided?

A summation of what we know so far going into tonight's 6pm leaders' summit.

So far, the European Commission have come out quite positively on Greece's revamped proposals for a deal. Finance ministers said they "broadly welcomed" the blueprint which is thought to include reforms to Greece's pensions age and some changes to VAT.

They've said they need more time before they can comb through and work out whether the plans all add up to Greece hitting a 1pc primary surplus target at the end of the year.

So far, so positive. But crucially, we've yet to hear anything from the other big player in today's events: the IMF. Christine Lagarde failed to turn up at today's press conference, and the last time we heard from her, she complained there weren't enough "adults" sitting around the table to get a breakthrough.

The third institution, but the one that stays pretty quiet on matters, is the ECB. They decided to keep banks alive for another day this morning, by providing their third liquidity boost in five days this morning. The ECB will likely have to do the same tomorrow morning, as cash is bleeding out of the banks.

15.59

Athens markets close up on the day on deal hopes

Concilliatory language from Eurogroup chief Dijsselbloem has helped Athens stock exchange rise 9pc on the day, with banks stocks up a whopping 20.8pc. What a day - as you can see below.

(Bloomberg)

The Eurogroup has issued this statement:

The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process.

The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week.

The Eurogroup might hold another meeting this week.

#Greece Tsipras to meet Tusk at 6.30, Draghi at 7 pm — Keep Talking Greece (@keeptalkingGR) June 22, 2015

15.38

If walls could talk... they would probably say very little, as there's not much hope of anything being done at tonight's Eurozone leaders' emergency summit.

15.32

Some euro finance ministers want capital controls

An intriguing development courtesy of the Belgian finance minister, who claims that some participants of the earlier Eurogroup meeting were arguing for the imposition of capital controls now.

Belgian finmin breaks the first rule of Capital Controls Club pic.twitter.com/upT3zT0To1 — MARK GILBERT (@ScouseView) June 22, 2015

I *think* he was meant to keep that detail under his hat.

15.27

A plan without crossing the red lines

BBC's Robert Peston reports that Greece's economy minister Giorgos Stathakis says he believes Greece's new proposals have broken the deadlock with its creditors - without breaking any of the 'red lines'.

Exclusive: Greek econ minister Stathakis tells me government heads communique to say outline of Greek deal agreed, subject to technical work — Robert Peston (@Peston) June 22, 2015

He said that the new proposals include:

• A new tax on businesses

• A new tax on the wealthy

• Some increases in the VAT rate on selected items.

• No agreement to cut the debt burden

• The targeted budget surplus would be 1% of GDP or national income this year, 2% next year and 3% the year after.

He added that there would be no further reductions in pensions or public-sector wages, and no increase in VAT on electricity.

The changes, while not crossing any red lines, will anger many in Syriza, and Mr Stathakis reportedly said that the government can ride this out.

15.20

Developments...

Jean-Claude Juncker has said "My aim is a deal by the end of the week. We are working day and night for this", adding "I reckon there will be a deal with Greece this week."

What's going on here? From an earlier, less tense time (EPA)

Greek PM Tsipras to meet the ECB's Mario Draghi at 6pm, and Bloomberg is reporting that the ECB is planning a review into emergency liquidity assistance within the next 24 hours.

And our burning questions - where was Mme Lagarde at the press briefing? - has been answered:

Official insists that @Lagarde absence from #Eurogroup presser only out of desire to keep it short. #Greece — Peter Spiegel (@SpiegelPeter) June 22, 2015

15.01

Who are the five key players in the Greek financial crisis?

We break it down in this handy video.

14.54

Greek banks impose an unofficial ceiling of €3,000 on walk-in withdrawals

The FT is reporting that although capital controls have not been imposed by the Greek government, there is unofficial activity at a local level which resembles it. They write:

A commercial banker said about €400m had been withdrawn from ATMs over the weekend, bringing total outflows to €2bn between Friday and Sunday, a number confirmed by a central bank official.

Greek banks have imposed an unofficial ceiling of €3,000 on walk-in withdrawals, the commercial banker added. Advance orders for withdrawals of at least €1bn placed on Friday will leave Greek bank accounts today.

14.35

Athens stock market remains upbeat despite the remaining uncertainty, up 6.2pc, with banks up 16.7pc.

Greek markets today pic.twitter.com/eF92yJjA8M — Mike Bird (@Birdyword) June 22, 2015

The Dax was on track this morning to make its biggest gain in three years on optimistic talk of a Greek deal. Those gains have tapered off and so will not hit that target. It's still in the green, up 3.06pc.

14.27

Yanis Varoufakis's Question Time appearence in doubt

Having said that, if the meeting is as short as today's, he could well make it to Southampton for this week's BBC Question Time

Greece's Fin Min Varoufakis on @bbcquestiontime this Thursday, same day Eurogroup of fin mins now reconvenes. Wonder which he'll got to? — Andrew Neil (@afneil) June 22, 2015

14.22

Radio silence from Varoufakis

There's one finance minister who has been eerily quiet today - Greece's Yanis Varoufakis. As is usually the protocol with these things, Mr Varoufakis holds a press conference of his own, separate from the Troika bods.

But with the country's bail-out future looking no close to being decided, he seems to have left without a word.

Biggest news from #Eurogroup's doorstep is that #Greece's FinMin left without making a comment — Nektaria Stamouli (@nstamouli) June 22, 2015

14.15

Dijsselbloem: we still want a deal this week

A summary of that very short press conference featuring Mr Dijsselbloem and Pierre Moscovici of the European Commission, from Matthew Holehouse in Brussels.

Mr Dijsselbloem described the Greek proposals submitted today as a "welcome step in a positive direction."

But given the very little time the institutions were unable to give a full view. It is a "first impression", he said.

The institutions will now work with Greece to go through the specifics to get a list of actions they need to carry out to meet their bail-out targets. The work will start immediately, ahead of another Eurogroup meeting again this week which will decide whether the specifics are good enough for a final agreement.

Mr Dijsselbloem described the package as "broad and comprehensive" but work needed to be done to see if it all "adds up". Nonetheless, it is a "basis to restart the talks".

As for the Greeks managing to send the wrong douments last night, he said t was "no big problem" and the new document required only "minor changes."

The eurozone leaders will still meet tonight and are welcome to "come to different conclusions".

14.10

Short and sweet

And with that, the eurogroup is over. Ms Lagarde was not present, but tonight's summit will go ahead.

14.09

Why are we having a meeting, Mr Dijsselbloem is asked.

"Leaders are always free to have a different opinion". The job of the eurogroup is to prepare for the summit, he says.

14.06

Proposals are "basis for an agreement"

The Greek reforms are "broad and comprehensive but the institutions need to look to see if they add up in fiscal terms and if the reforms are enough for the recovery to kick off again" says Mr Dijsselbloem.

"It is a basis to restart talks in the next couple of days."

He says there were two different Greek proposals, but that was not a problem for the Troika, adds the eurogroup president.

14.05

Another Eurogroup on Thursday

Mr Dijsselbloem says the institutions had "very little" time to discuss the Greek proposals and will need more time to do calculations to see if they add up. This is with a "view to reach a possible deal later this week".

Finance ministers will meet again on Thursday he adds.

Pierre Moscovici of the European Commission confirms they only looked at the Greek plans "quickly" and "work needs to be done."

The Troika have now been given the "mandate" to reach an agreement, adds the former French finance minister.

14.02

Summit still on!

This evening's meeting of Eurozone leaders will go ahead as scheduled, Tusk's spokesman confirms. (via @CSpillmann) #Greece — Open Europe (@OpenEurope) June 22, 2015

14.00

Troika to deliver their verdict after aborted eurogroup meeting

Eurogroup presser is filling up. We expect president Dijsselbloem, Christine Lagarde of the IMF, Pierre Moscovici of the Commission and Klaus Regling of the EFSF up shortly.

13.53

Summit still on?

EU official tells me summit is still on. They'll play Jenga (remove one piece,without entire structure collapsing) instead of talking Greece — Matthew Dalton (@DJMatthewDalton) June 22, 2015

Brussels is of course known for Magritte and surrealism. How many fin mins now feel they are living in some sort of surrealist work? — Todd Buell (@ToddBuell) June 22, 2015

13.44

What will the ECB do now?

Deal hopes have all but diminished for today. That's likely to put the ECB in a bind tonight. Earlier we bought you the thoughts of a Deutsche Bank analyst, saying another ELA extension would be conditional on some positive news from today's summit. That summit may well be cancelled. Greeks banks are teetering on the brink of capital controls and insolvency without more funds.

ECB will have to take a decision on ELA tonight. Tomorrow would be too late https://t.co/7gJyen8oNt — wolf piccoli (@wolfpiccoli) June 22, 2015

Thus far, president Mario Draghi has been loath to push the trigger on a Grexit. The Italian has maintained his is a "rules-based" institution. ELA is conditional on Greece staying in a bail-out and the banks remaining solvent. That latter condition is becoming more and more shaky as deposit withdrawals are topping €1bn a day at the very least.

13.41

From the man inside the meeting - Finland's Alexander Stubb has said "work will continue" after today's aborted meeting.

#Eurogroup ends. Work continues. Institutions assess proposals. — Alexander Stubb (@alexstubb) June 22, 2015

Commission Vice-President Dombrovskis was also there and has urged more work is needed.

#Greece proposals a welcome step but more work together with institutions needed. @EG to reconvene this week. We need a deal in coming days. — Valdis Dombrovskis (@VDombrovskis) June 22, 2015

Spain's PM is less hopeful. He says today's Greek deal doens't provide creditors with anything new to discuss

*ECB, EU DON'T HAVE ENOUGH INFO ON GREECE PROPOSAL: RAJOY — Dealingroom (@Dealingroom_EN) June 22, 2015

13.34

Eurogroup meeting over

And... it's over. The Eurogroup meeting has finished, and there will be a press conference, estimated to start at 1.40pm BST. You can livestream it here.

13.25

Eurogroup statement imminent

We may be hearing from finance ministers very soon. If true, this would be probably be the shortest emergency summit of the Eurogroup in history - much shorter than the infamous Riga meeting last month.

New time, iin half an hour press briefing of #Eurogroup — Eleni Varvitsiotis (@Elbarbie) June 22, 2015

Finance ministers gloom

Today's meeting has kicked off. The atmosphere seems to be as bad as the Brussels weather

13.10

Emergency summit could be cancelled

If indications from finance ministers are anything to go by, European leaders won't have much to talk about later tonight. Our man in Brussels, Matthew Holehouse, is hearing that the summit may well be called off. It's due to start at 6pm London time. Before then, we'll have a press conference coming out of the finance ministers meeting, with Christine Lagarde in attendance.

Everything's suddenly taken a turn for the worse very quickly...

Quite a lot of chatter here in Brussels that there may not be a leaders’ summit at all tonight given how little progress there is to discuss — Ed Conway (@EdConwaySky) June 22, 2015

12.55

Deutsche: ECB will need to keep propping up banks on daily basis

George Saravelos of Deutsche Bank highlights that the only thing keeping Greece in the euro is the ECB.

The central bank moved to raise its ceiling on emergency funds today by a further €1.3bn as the country is in the throes of a bank run. Saravelos now thinks the ECB will now be called upon every day to hike its liquidity limit to prevent a banking collapse. But, in order for that to happen, European leaders need to provide some positive signs out of tonight's series of meetings.

Some insights:

Written acknowledgment of progress is likely to be required to maintain ongoing ECB financing of Greek banks, with the central bank approving an additional increase in ELA provision to the Greek banking system this morning given accelerating deposit outflows. Given the scale of deposit outflows and ECB discomfort with rising exposure, ELA approval is likely to take place on a daily basis over the course of the week depending on the evolution of talks.

If progress is achieved over the course of the day, the Euro leaders summit is likely to open discussions for post-programme arrangements, though press reports that a parallel discussion around a "plan B" of a breakdown in talks is also possible.

The Euro leaders summit is likely to address some of the parameters for a third programme, inclusive of the potential for debt relief. We would expect a re-affirmation of the November Eurogroup 2012 commitments on the latter to be the most likely outcome.

Nothing is likely to be finalized unless a full staff-level agreement has been reached between Greece and its creditors over the next few days. There will be a second (and likely last) opportunity for Greece to be discussed at the Euro-area leaders level in Thursday/Friday’s EU leaders’ summit.

There isn't a visible bank run in Greece - no queues. But money is leaving the banks, the ECB has increased support 3 times in 5 days. — Duncan Weldon (@DuncanWeldon) June 22, 2015

12.50

Schaeuble: there's nothing new for us here

12.43

Late... for a very important date

The finmins are tucked up in their meeting - behind schedule, I might add.

And Yanis Varoufakis is not helping matters.

#grexit @yanisvaroufakis 45 mins late for eurogroup - eurozone source — Ian Traynor (@traynorbrussels) June 22, 2015

So what's the situation? This sums it up rather nicely.

There are/aren't new Greek proposals, they do/don't form basis for a deal & there is/isn't a point to tonight's summit. All clear? #Greece — Nick Malkoutzis (@NickMalkoutzis) June 22, 2015

Vicky Pryce earlier talked about the impact of Grexit - and what might happen to us.

12.23

No smiles among the finmins

Master of the understatement, Austrian finance minister Schelling appears unamused by Greece's misdelivery of its proposal last night.

Austrian Fin Min #Schelling: I'm not optimistic. The documents have not been received - could have been done more professionally #Eurogroup — Open Europe (@OpenEurope) June 22, 2015

#Schelling: I don't think we can come to a final deal today. Expect another #Eurogroup this week. #Greece — Open Europe (@OpenEurope) June 22, 2015

EU commissioner Pierre Moscovici said that "progress" has been made, "but there's still a lot of work to do".

Everyone's favourite eurogroup finance minister, Malta's Edward Scicluna takes a poetic turn on what is likely to be another fruitless round of discussions: "the story does not end here".

de Guindos: "we still have time, but less and less" #Greece #eurogroup — Famke Krumbmüller (@FKrumbmuller) June 22, 2015

Meanwhile...

Tsipras and dep PM Dragasakis have met the institution heads of the ex-Troika. In understand the Greek proposal now basis for discussion — Paul Mason (@paulmasonnews) June 22, 2015

12.15

Varoufakis has nothing to say

A first in these five month debt negotiations. Greece's finance ministers jumps out of his car and straight in to today's eurogroup meeting, with nothing to say to reports.

Earlier finance minister arrivals have struck a very pessimistic tone. These meetings usually don't go very well for the often outspoken Mr Varoufakis. The last three have ended in acrimony, recriminations, and name calling. Today's not likely to be much different if early indicators are anything to go by.

12.10

Oh dear

Finnish finmin is not a happy bunny.

#Eurogroup about to begin. Do not expect a breakthrough. — Alexander Stubb (@alexstubb) June 22, 2015

12.07

Peter Kazimir of Slovakia said that he wants a complex agreement rather than a simple extension of the current bailout, adding "it could be the plastic surgery of Europe. Or it would not help Greece or other members of the Eurozone."

He said that the leaders should "use the momentum" created by the Greece's new proposal.

hmmm, the mood in brussels beginning to match the weather #grexit #euco — Ian Traynor (@traynorbrussels) June 22, 2015

12.01

Pessimism from Dijsselbloem and Germany's Schaeuble

German FinMin Schaeuble said, with lots of nichts and neins, that they haven’t received "substantial proposals from Greece yet", and that without them they cannot prepare for the summit.

He added that the status is the same as last Thursday, and that the IMF has not received any proposals from Greece.

Eurogroup's Dijsselbloem said he had constructive talks with Greek PM, but it is "impossible" to have a final assessment on the proposals today.

Eurogroup Chairman Dijsselbloem: Impossible to have final assessment on new Greek proposals, they've come in very late. #Greece — Open Europe (@OpenEurope) June 22, 2015

11.45

Greek confusion angers finance ministers

Ireland's finance minister Michael Noonan has repeated his pessimism about a deal being struck today. At the doorstep before today's eurogroup, he also hinted at some of the mess the Greeks have managed to make of their proposals.

"There was much confusion over night as alternative Greek proposals were coming in," said Mr Noonan.

"My expectation is that we will be meeting again on Thursday".

He added the Greeks has made "some movement" on their reforms "but it is not clear the movement is sufficient"

Sounds like last night's mix-up in #Greece submissions may scupper changes of deal today. Both @alexstubb & @NoonanLive say deal unchievable — Peter Spiegel (@SpiegelPeter) June 22, 2015

11.41

Finally, someone is thinking constructively:

BREAKING: German chancellor recruits Taylor Swift in hopes she can get Greece to start paying — Mark Dow (@mark_dow) June 22, 2015

11.36

Finland: We have very low expectations for today

Finland's new finance minister Alexander Stubb has just dampened any deal optimism in a rainy Brussels. He told reporters before today's eurogroup that he has "very low expectations" for talks.

"This day is going to be a non-entity. It seems like a Monday where we have wasted airmiles - I don't forsee a breakthrough today."

The Finns are the uber-hawks of the eurozone. They have previously blocked extensions to Greece's rescue programs, and Mr Stubb, a former prime minister, is not for turning today it seems.

#Finnish FinMin Stubb: not optimistic for a deal today, we got the proposal very late at night #Greece — Nektaria Stamouli (@nstamouli) June 22, 2015

11.30

Greek banks stocks in biggest 2-year daily rise

Greece's banking system was given another reprieve today, with a further €1.3bn injected in to them as deposits flee the financial system. Bank stocks are up 20pc on the news - their highest daily jump for two years

11.33

Mme Lagarde arrives at the Eurogroup meeting and is not taking any questions - in fact, very few are due to the pouring rain outside.

Down to business: Christine Lagarde (AFP/Getty)

The Athens stock market is currently up 8.6pc, with bank stocks up a massive 21pc. There's also good news on the bond front:

Gap between #Germany and #Greece is shrinking, at least in the bond market. 10y Bund yields rise while Greek 10y drop pic.twitter.com/T8FjMNnfvt — Holger Zschaepitz (@Schuldensuehner) June 22, 2015

11.19

Bild me up Buttercup

German tabloid Bild has come out in favour of Grexit.

Meanwhile, finmins are arriving for a special Eurogroup meeting.

Not a great start to talks on Greece's proposals. Belgium's finance minister says bit confusing exactly what was on the table. — Jennifer Rankin (@JenniferMerode) June 22, 2015

So it might not be Saved by the Bell-gians? Thanks, we'll be here all night.

11.05

Greek proposals leaked - what do they mean?

According to various leaks doing the rounds, the new Greek blueprint include some of the following:

- Reforms to early retirement plans from 2017; phasing out of supplementary pensions (EKAS) by 2018 and replaced

- VAT bands of 6pc (medicine); 13pc (electricity) and 23pc - (main VAT on all other goods)

How much these measures add to the fiscal gap between the parties remains to be seen. The three-tier VAT structure seems to be unchanged, with rates on electricity remaining as they are. The Troika are thought to be demanding a more simplified two-rate structure which will hike the lowest band. However, the abolition of supplementary pensions by 2018 does seem to be a significant move from the Leftist government.

From what we know so far, the fiscal gap between Greek and creditor plans are currently around €2bn. The Greeks seem to have submitted to a 1pc primary surplus target, but how they get there will be the all important thing.

Gk props easily most detailed/credible from @atsipras - eu official. 'Don't know if will fly but good basis for discussion' — Ian Traynor (@traynorbrussels) June 22, 2015

In other news, we have two briefings about to kick off. The Commission's daily briefing is HERE.

While finance ministers doorstepping should be happening around about now HERE.

11.00

Tsipras in Brussels

Here's a clip of Greek PM Alexis Tsipras making a brief statement before meeting with Commission chief Jean-Claude Juncker about an hour ago.

10.45

Merkel warning

German Chancellor Angela Merkel has said European leaders will only move towards making real progress on a deal tonight, if the new Greek plan first gets the stamp of approval from technical bodies of the IMF, EC, and ECB this morning.

Merkel working her Angles (Reuters)

If not, then tonight will merely be a forum for further "discussions". Dampening the sense of urgency, she added that "there are still a lot of days in the week in which decisions can be taken". Emergency summit on June 30 anyone??

Merkel - still time to take definitive decisions on Greece later in the week - Great, was worried we'd have to live without this "drama" — Craig Erlam (@craig_forex) June 22, 2015

10.44

ELA increased by €1.3bn

We've learnt that the increase in ELA to Greek banks is around €1.3bn. On Friday, the ECB increased the amount by €1.8bn - which was to last two days. This is the third increase in less than a week.

#ECB approves ELA increase of around €1.3bn to €87.2bn for #Greece, MNI reports. — Holger Zschaepitz (@Schuldensuehner) June 22, 2015

10.38

Pensions breakthrough?

The Wall Street Journal are reporting Greece's new reform plans include measures which will reduce pensions spending by 1pc of GDP. If true, that's likely to be highly significant to today's talks.

Pensions spending has emerged as the immovable red line for the Syriza government. Last week, the Commission hit out at Athens for only reducing their outlay by 71m euros, or 0.04pc. Creditors want 1.8bn, or 1pc of GDP in order to release the bail-out cash the country needs to avoid a debt default in just eight days.

Other news agencies however have the figure at 0.4pc. Watch this space.

New #Greek bailout proposals see savings of 1% of GDP from pensions from 2016 #Greece via @WSJ — Nektaria Stamouli (@nstamouli) June 22, 2015

New Greek bailout proposals see savings of 0.4% of GDP from pensions in 2015. (DJ) — Holger Zschaepitz (@Schuldensuehner) June 22, 2015

10.32

Greeks deny they send the wrong document (again)

As per 09.08 - a government spokesman has now denied the Greeks sent over the wrong document to finance ministers this morning. Groundhog day for the euro-crisis fax machines.

Last time this happened, back in February, Yanis Varoufakis' office also denied they had missent their proposals, to only later confirm that they had in fact made a booboo.

Anyway, no matter. The new set of proposals have been sent over to Brussels as of this morning (we think).

10.20

Meanwhile, back in euroland...

You have to admire the EU's ability to plough on manfully in the face of full-blown crisis. Ignorance is bliss it seems in Brussels.

In that veine, the European Commission have today released their "ambitious plans" to strengthen and reform the eurozone ahead of the regular scheduled EU summit later this week.

The Five Presidents report (Commission, Council, ECB, Parliament, and Eurogroup for the uninitiated) have set out three stages of integration for the single currency.

ECB chief Mario Draghi has been the driving force behind what he calls a "quantum leap forward" for the euro. These include filling the gaps in the structure of the EMU to prevent divergences between economies, setting up a joint treasury and completing the nascent banking union.

Stregthening euro report suggests process of “integration by doing”. Now might be good time to start guys — Mehreen (@MehreenKhn) June 22, 2015

10.16

Despite reports that €1bn of withdrawals is on order from Greek banks today, Athens' banks and ATMs appear calm. In fact, it's the journalists that seem to be doing the panicking.

@DuncanWeldon I thought I saw a bank run, but there was a bus stop next to the cash point — Jess Brammar (@jessbrammar) June 22, 2015

ASTONISHING queues in front of greek ATMs to withdraw some money pic.twitter.com/PN2KCcii2y — Oscar Valero (@oscarvalero_) June 22, 2015

10.03

Alexis is in the building

And he's already dodging embraces from Juncker. No kissing, but Tsipras got a cheeky slap from the EC president.

Young love... <3 (Photo: EbS)

Juncker said: "We've made some progress over the last two days, but I don't know if there will be an agreement today."

Tsipras, looking cheerful, said that it is time for a substantial and viable solution "to allow Greece to come back to growth with social justice".

Tsipras's tone seems quite conciliatory. It's the first time I hear him and feel a tad bit confident. #Greece — The Greek Analyst (@GreekAnalyst) June 22, 2015

Low key Juncker: "I don't know if we'll have an agreement today" pic.twitter.com/bnkB89fkrD — Mehreen (@MehreenKhn) June 22, 2015

Meanwhile, there's a veritable sea of green on the markets.

It's not every day you see this... pic.twitter.com/VY20wKBQDU — Mark Barton (@markbartontv) June 22, 2015

09.49

Paperology in full flow

The European Commission have coined the quite wonderful phrase 'paperology' to decribe the back and forth of documents that has littered this five-month negotiating brouhaha.

Today is likely to be Peak Paperology. Having reportedly send some proposals to EU leaders last night, the Greeks have now apparently send a revised version of their plans to Brussels this morning.

Whether or not this is actually the *right* document, remains to be seen. Viva paperology!

New #Greek proposal sent just now with slight differences — Eleni Varvitsiotis (@Elbarbie) June 22, 2015

09.46

Hold your horses, says Brenda Kelly, head analyst at London Capital Group.

"European indices are forging higher this morning buoyed by some strange sense of optimism that today will be the day we get some clarity on a Greek deal. The ECB have, as expected raised the ELA ceiling to furnish liquidity to the ailing Hellenic banks. This is little more than a sticking plaster but seems to be keeping markets contented for now.

"At this stage, it’s difficult if not impossible to find a single market participant who isn’t completely jaded by the ongoing Greek negotiations. The feeling of déjà vu continues today and as it’s not the first time that Greek officials have submitted the wrong documentation. These hours are critical and finding a mutually beneficial outcome at the moment seems something of a fairy-tale."

09.40

So apparently Greek PM Alexis Tsipras is going to try and compete with this liveblog. You can try, Alexis... but surely you have better things to be doing?

#Tsipras will make statements from minute to minute from Brussels clarifying the situation before #Eurogroup — Thanasis Koukakis (@nasoskook) June 22, 2015

09.16

ELA extended for Greek banks

Reuters is reporting that the ECB has extended the emergency liquidity assistance (ELA) for Greek banks.

They also say that the ECB's governing council will convene again any time it is needed. No word on how much that extension has been for.

The meeting on Friday extended the ELA just to the end of business today, so that takes a tiny amount of pressure off the negotiations tonight.

Dat awkward moment when #ELA extensions have become more frequent than #Varoufakis's op-eds, blogposts and interviews combined. #Greece — The Greek Analyst (@GreekAnalyst) June 22, 2015

09.08

Sorry, miss...

The FT is reporting that there's been a mix-up with the documents the Greeks sent to the Eurogroup. They sent the wrong documents at midnight last night, and have promised a revised version. And this happened back in February, too.

This is all a bit "the dog at my homework", isn't it.

"Should we make sure this is absolutely the right document first?", "Nah, I'm sure it'll be fine". *clicks send* — Duncan Weldon (@DuncanWeldon) June 22, 2015

09.04

Greece's 'last chance deal' is not really that: EU leaders have another summit on Friday.

High expectations for today's last-minute #Greece summit. The only way Europe knows. Remember there's another one Friday if no deal tonight. — Maxime Sbaihi (@MxSba) June 22, 2015

But let's keep up the drama...

The most dangerous currency in the world. pic.twitter.com/C2yVn7901s — John Aziz (@azizonomics) June 22, 2015

#Greece's big day. Keeping count of how many times I read: "eleventh hour", "pull back from brink", "blink first" and "on edge of abyss" — Mark Lowen (@marklowen) June 22, 2015

08.50

Get ready to break out the ouzo?

Happy days! Optimism really is catching. Athens stock market has opened high: with the general index up 6.25pc, and banks up a whopping 15.20pc.

Yields on Greek bonds have dived, indicating that traders see them as less of a risk. 10-year Greek bond yields are down from 12.6pc to 11.6pc.

Greek 10y yield today! Somoeone knows something!!! pic.twitter.com/1O4SDYRqSi — Dealingroom (@Dealingroom_EN) June 22, 2015

Hmmm... it is only 9.50am in Brussels, so let's stick to a coffee for now.

Hey Eurozone, markets: we've been v confident and hopeful *many* times before, and look where we are now. Hold your horses (for now) #Greece — The Greek Analyst (@GreekAnalyst) June 22, 2015

08.40

It's a busy, busy day in the EU today - not only is there Greece, but they have also extended economic sanctions on Russia until Jnauary 2016, and launched a Mediterranean Sea operation to fight people smuggling gangs.

We can also expect the publication of the Five Presidents report - which is available now - here.

The report has been planned for a long time - and makes no mention of Greece. Instead, it has long-term plans for the future of the Eurozone. European Commission President Jean-Claude Juncker wants the euro area to move toward creating a common treasury by 2025

08.15

Markets jump on Greek optimism

French finance minister Michel Sapin told French radio this morning: "I see the work that has been done. It is quality work," Michel Sapin told French radio. "A deal requires both sides to evolve. This work is underway and is being undertaken in good conditions."

Markets are reacting to this optimism, with the FTSE 100 up 1.09pc this morning, the Paris CAC 2.2pc and the DAX up 2.5pc. The Stoxx Europe 600 Index rallied 1.5 pc.

07.57

Good vibrations?

There have been positive sounds from leaders so far today. EU commissioner for economics Pierre Moscovici said on Europe 1 radio that he was optimistic a deal would be made today.

"We’ll be having meetings with [Greek PM Alexis] Tsipras which, I hope and I am convinced, will allow us to reach an agreement this evening”.

“We are moving in the right direction, we have solid ground for a deal, we just have to consolidate that today ...

I think that the political will of everyone to preserve the euro, this common good, to ensure that this single currency is irreversible, will win the day.”

EU Economics Commissioner Moscovici: "#Greece's counterproposals go in right direction, are basis for discussion". https://t.co/aW5ys5dKNQ — Open Europe (@OpenEurope) June 22, 2015

Last night, Greek finance minister Yanis Varoufakis said, when asked by reporters if he was confident of reaching an agreement, "Always. We're heading toward a deal."

Louka Katseli, chair of the National Bank of Greece, said last night: "I think sanity will prevail and an agreement will be made because I really cannot see any reason why our partners and creditors of the Greek government cannot forge an agreement.

"To enter into such unchartered waters and take up all the risk both for the eurozone and for Greece for two or three billion difference, I think it's insane."

You know the struggle is real, when #Varoufakis comes out of a Cabinet meeting like this. #Greece pic.twitter.com/sADZnNH2ju — The Greek Analyst (@GreekAnalyst) June 22, 2015

07.45

Good morning

There have been many days termed as Greece's 'last chance' - but this very well may be it.

Greece has nine days to pay their debt - and have said that they don't have the money. They must make a deal for bailout funds to pay for its €1.6bn debt to the IMF by June 30 or face being the only developed country to ever default on such a loan.

The liquidity being pumped into Greek banks through the ELA ends this evening, as bank runs have increased all through last week. Reuters reports that about €1bn of orders have been placed over the weekend to be carried out today, as well as the €4.2bn withdrawn last week.

Last night, a new Greek proposal was submitted - described as "a good basis for progress", and "eine Zangengeburt", which in case you were wondering means "birth using forceps".

New Greek proposal received by @JunckerEU, @Lagarde, @ecb. Good basis for progress at tomorrow's EuroSummit. In German: "eine Zangengeburt". — Martin Selmayr (@MartinSelmayr) June 21, 2015

Yesterday, the governor of the Bank of Greece warned that ""If there is no deal, Tuesday will be a difficult day".

The timetable for today (all times BST):

9.30am - ECB's ELA review - to decide whether to pump more money into Greek banks

10am - Greek PM Alexis Tsipras meets with IMF chief Christine Lagarde, ECB president Mario Draghi, EC president Jean-Claude Juncker, and Eurogroup president Jeroen Dijsselbloem

11.30am - Eurogroup meeting of eurozone finance ministers