The Latest: EU's Moscovici Says Greece Needs to Do More

The latest from Greece's financial crisis (all times local):


12:00 p.m.

If the Greek legislators thought they had done enough by approving the tough austerity proposals of Prime Minister Alexis Tsipras, they had better think again.

Pierre Moscovici, the European Union's top economy official says the Greek government has to "do more — in the short- and the mid-term."

The Greek government is coming under pressure to enact legislation swiftly, possibly within the next few days, on economic reforms to assuage concerns of creditors that it can't be trusted to deliver what it says in return for billions of euros of bailout cash.

"The deal needs to be ambitious at an economic level and realistic at a political level," Moscovici said.

The meeting of the eurozone's 19 finance ministers will be followed one of the leaders.


11:50 a.m.

Finnish Prime Minister Juha Sipila denied his government had been on the verge of collapse over disagreements on a Greek bailout among coalition members.

On Saturday, when finance ministers from across the 19-country eurozone, there were reports coming out of Finland that the government was being pressured by the Finns Party which has previously advocated a Greek exit from the euro.

"Absolutely not, no way. You're living in a world of rumors," Sipila told reporters in Helsinki on Sunday. "The government took a totally united stand."

Finland has refused to reveal its position on Greece publicly for tactical reasons.

The head of the Finns Party, Foreign Minister Timo Soini, refused to comment on the Greek question saying that the pledge of secrecy made by government members will stand.


11:30 a.m.

Italian Finance Minister Pier Carlo Padoan said Greece's European creditors just don't trust the Greek government enough to do what it says it will do on the economic reform front.

As a result, he said a deal that would secure Greece's future in the euro won't be clinched at Sunday's meetings in Brussels, first of the eurozone's 19 finance ministers and then of its leaders.

"We continue to work to establish the conditions to start negotiations, which is the real target," Padoan said as he arrived for talks. "It is not about closing a deal."

"Let's face it, the main obstacle to moving forward is lack of trust," Padoan added.


11:20 a.m.

Greece's banks, according to many accounts, have barely enough cash in their vaults to see the country through the week.

Greece's banks have been shuttered for the best part of two weeks and daily withdrawals from ATMs have been limited to a paltry 60 euros ($67). The economy is in a freefall and the country faces big debt repayments in coming weeks.

Greece has already defaulted on a 1.6 billion euro ($1.8 billion) payment to the International Monetary Fund last month. It has another 4.2 billion-euro payment on July 20 due to the European Central Bank.

Greece has asked Europe's bailout fund for a 53.5 billion-euro 3-year financial package but many EU officials believe that won't be enough.


10:55 a.m.

The finance minister of Cyprus, a traditional ally of Greece, says a way can be found to secure Greece's place in the euro.

However, Harris Georgiades warned that choices based on "populism, slogans and extremes" won't lead to a deal.

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