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GREECE LATEST-Tsipras in telephone diplomacy with ECB and IMF
July 6, 2015 / 5:28 PM / 2 years ago

GREECE LATEST-Tsipras in telephone diplomacy with ECB and IMF

July 6 (Reuters) - Following is the latest news on Greece's debt crisis following its overwhelming rejection of a bailout offer from creditors. All times GMT.

2055 - A member of the European Central Bank's Governing Council, Ewald Nowotny, tells Austrian state television that bridge funding is a possibility for Greece while a new bailout programme is being negotiated.

1958 - Greek Prime Minister Alexis Tsipras spoke to ECB chief Mario Draghi by phone, a government official says, and told him there was an immediate need to lift capital controls. They also discussed the liquidity of Greek banks.

1951 - Dutch Prime Minister Mark Rutte says Greece will have to accept deep reforms if it wants to remain in the euro zone. "They must make a decision, this evening or tonight, what they are going to do. Whether they are going to come with a serious plan ... or not."

1947 - International Monetary Fund chief Christine Lagarde has spoken to Greek PM Tsipras and told him the institution cannot provide funds to countries that have missed payments to it, an IMF representative says.

1927 - Spanish Prime Minister Mariano Rajoy says: "We must accelerate things, clearly set how negotiations must take place because we can't go on this way. We have negotiated, we will keep negotiating but we must now conclude the negotiations quickly."

1912 - The ECB demanded an increase of around 10 percent on some Greek bank collateral offered for emergency funding although the overall impact of the change is set to be limited, a Greek banking source says.

1822 - Euro zone countries are open to discussing a new programme for Greece, Italy's economy minister says.

1745 - The European Central Bank says it will keep emergency liquidity assistance to Greek banks steady and vows to use all instruments in its mandate to preserve financial stability. The ECB's adjustment to the discount on Greek banks' collateral for emergency funding will not impact their regular business, a person familiar with the situation says.

1729 - German Chancellor Angela Merkel and French President Francois Hollande, meeting in Paris, urge Greece to quickly make "serious" proposals to reach a cash-for-reform deal. "We say very clearly that the door for talks remains open and the meeting of euro zone leaders tomorrow should be understood in this sense," Merkel said.

1714 - The White House says Greek and European leaders should seek a compromise that allows Greece to remain in the euro zone.

1706 - Russian President Vladimir Putin and IMF chief Christine Lagarde discussed the Greek crisis by phone, a Kremlin spokesman says, adding that the call was not linked to any potential Russian help for Greece.

1634 - Greece's vote raises the chances it may leave the euro zone, but Athens and its creditors could still reach a deal, Russ Koesterich, global chief investment strategist at BlackRock Inc, the world's largest asset manager, tells Reuters.

1627 - Any new emergency funding programme for Greece would have "strict conditions" similar to previous packages, even after the country rejected those terms in a referendum, Dutch Finance Minister Jeroen Dijsselbloem says.

1619 - French Finance Minister Michel Sapin says that after the referendum, Greece's government is in a position to make realistic proposals that would "allow us to move forward". He says Greece has to take the initiative.

1611 - Rating agency Fitch says the Greek "No" vote dramatically increases the risk of a slide toward a disorderly Greek exit from the eurozone. An agreement remains possible, but time is short and the risk of failure is high.

1608 - Greek banks will remain closed on Tuesday and Wednesday and a daily limit on cash withdrawals will stay at 60 euros, the head of the Greek banking association says.

1531 - German Finance Minister Wolfgang Schaeuble expresses respect for Greeks' democratic decision and says things will not be easy for the new finance minister.

1525 - Greece's top negotiator in aid talks with creditors, Euclid Tsakalotos, will be sworn in as finance minister on Monday after the resignation of Yanis Varoufakis, the Greek presidency says.

1521 - Greece's main opposition and ruling parties issue a joint declaration backing the government's efforts to clinch a new deal with creditors.

1511 - UK finance minister George Osborne says Greece's financial situation will worsen rapidly if there is no sign of agreement in Tuesday's euro zone talks.

1423 - IMF Managing Director Christine Lagarde says: "We are monitoring the situation closely and stand ready to assist Greece if requested to do so." U.S. stocks trim losses after her statement.

1415 - A spokesman for Belgian retailer Delhaize says its Greek supermarket business has seen a rush of demand as people stock up on basic items. "Because of this demand we can't always manage our inventory as well as we are used to. People are paying much more with credit and debit cards than they used to. It's about 50 percent now, usually it's 15. We are still importing goods into Greece."

A source at a major European transportation company tells Reuters it has seen a significant drop in bookings in the Greek market and ordered its Greek drivers to stock up on fuel.

1332 - Portugal's deputy prime minister, Paulo Portas, says: "Portuguese have made a lot of effort to beat bankruptcy and do not deserve to be associated with the Greek situation."

1326 - Greece plans to keep banks closed beyond Monday by at least a few more days, four banking sources say.

1300 - Greece must present a new offer that goes beyond its previous proposals if it wants to remain in the euro, German Economy Minister Sigmar Gabriel says, adding that Athens soon faces state insolvency.

1257 - Mohamed El-Erian, chief economic adviser at Allianz, says he expects a "shock to risk appetite" given the likelihood of a Greek exit from the euro zone.

1247 - Consultancy Eurasia Group says in a note that "Grexit" is still not its base case, but "this is an extremely close call". It estimates the chances at 45 percent: "If Grexit does occur in these circumstances, Germany will be blamed, something it has always wanted to avoid."

1244 - The leader of Spain's anti-austerity party Podemos, Pablo Iglesias, says the "No" vote has boosted Athens' negotiating position and he expects a deal with creditors in coming days.

1230 - Tsipras spoke by phone with Germany's Angela Merkel and agreed to present an aid proposal on Tuesday, a Greek government official says.

1228 - Outgoing finance minister Varoufakis says he and bailout negotiator Euclid Tsakalotos, strongly tipped to replace him, will meet reporters together on Tuesday.

1148 - Tsipras and Russian President Vladimir Putin spoke by phone on Monday, the Kremlin says. There is no mention of possible Russian financial support.

1145 - The head of Portugal's main opposition Socialist party, Antonio Costa, says Greece must remain in the euro zone and austerity has to stop as means of dealing with the crisis.

1139 - Pharmaceutical companies, owed more than 1.1 billion euros by Greek hospitals and the state-run health insurer, say they will continue supplying medicines to Greece for now.

1115 - The European Central Bank's Governing Council will discuss on Monday the provision of emergency funding to Greece's banks, two sources say.

1115 - European Commission Vice President Valdis Dombrovskis says the "No" vote has widened the gap between Greece and other euro zone states.

1112 - Italian Prime Minister Matteo Renzi says euro zone meetings scheduled for Tuesday must resolve Greece's debt crisis once and for all.

1055 - Latest developments have not made it easier for the European Central Bank to change its stance on emergency funding it has granted to Greek banks, ECB Governing Council member Ewald Nowotny says.

1048 - French President Francois Hollande's office denies remarks from a Greek source that he has spoken by phone on Monday with Tsipras.

1013 - Spain's economy minister, Luis de Guindos, says Greece should remain part of the euro zone and Madrid is open to negotiating a third bailout.

0948 - Germany's government spokesman says the door for negotiations with Greece is open, but conditions for such talks are not yet met.

0928 - Euro zone finance ministers say they expect to hear new proposals from Greece for credit when they meet on Tuesday.

0926 - The head of Germany's BDB banking association says the immediate consequences of any Greek default should be manageable for banks in other euro zone states.

0916 - Russia hopes Greece will quickly reach a compromise deal with creditors, and questions regarding financial help for Greece should be addressed to Athens, a Kremlin spokesman says.

0906 - Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, says the ministers will meet on Tuesday at 1100.

0903 - The European Central Bank's Christian Noyer says the ECB cannot restructure the Greek debt it holds as that would amount to financing a government, which it is banned from doing.

0812 - U.S.-listed shares of National Bank of Greece are down 15 percent in pre-market trading.

0811 - Italy's top official for European Union affairs calls for Greece and its creditors to resume negotiations with an increased willingness to compromise. (Compiled by John Stonestreet, Mark Trevelyan and Leslie Adler)

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