LIVE: Greece euro fate could be decided today - Scicluna sees different levels of skepticism
Eurozone leaders and finance ministers are meeting in Brussels today as Greece's euro fate rests on a knife edge. The European Council meeting with all 28 EU leaders scheduled for this afternoon has been called off to give enough time for eurzone leaders to discuss Greece's debt crisis.
On Friday, Greek MPs backed Prime Minister Alexis Tsipras's tough new proposals to secure a third bailout.
The proposals are aimed at staving off financial collapse and preventing a possible exit from the eurozone. Surprisingly, Mr Tsipras's new plan contains many elements rejected in a referendum last Sunday.
However, eurozone finance ministers have raised issues of trust and questioned whether Greece can indeed deliver on its pledges.
Greece is asking creditors for €53.5bn to cover its debts until 2018. However, the amount of the new bailout could reach €74bn as Greece seeks a restructuring of its massive debt, which it says is unsustainable.
Herman Grech is in Brussels giving constant updates:
11.40am - Let's just recall what Greece's latest measures include:
- Standard VAT rate of 23%, including restaurants and catering.
- Phase out solidarity grant for pensioners by 2016.
- Srapping 30% tax break for wealthiest islands.
- Cut defence spending cuts by €300m by 2016.
- Privatise ports and sell-off remaining shares in telecoms giant OTE.
11am - Maltese Finance Minister Edward Scicluna says Greek figures just keep going up and are not credible. He says ministers of different countries, including Malta, are exploring ways of extending the present agreement but could not favour a debt haircut. He says it doesn't make sense for Greece to leave the eurozone in a haphazard manner.
10.50am - Italian Finance Minister Padoan tells reporters that the main obstacle to moving forward is lack of trust. Wants Greek Parliament to start taking steps tomorrow.
10.40am - Prime Minister Joseph Muscat says Malta wants a solution but not at any price.
10.13am - Christine Lagarde, the head of the International Monetary Fund, arrives for meeting without giving any comments to the press.
9.55am - EU Council President Donald Tusk says he has cancelled EU leaders summit for this afternoon to give space for eurozone leaders to discuss the Greek debt crisis.