The Latest: Greece Sticking Points Are IMF, Privatization

Europe Greece Bailout

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


5:30 a.m.

A Greek official says Prime Minister Alexis Tsipras has two issues to settle with European creditors before he's in a position to reach an agreement that would help shore up his country's finances and its future in the euro.

The official, who is speaking on condition of anonymity because the talks are ongoing, says the sticking points are the future involvement of the International Monetary Fund in Greece's bailout program and a proposal that Greece set aside 50 billion euros ($56 billion) worth of state-owned assets in a fund for eventual privatization.

The eurozone's 19 leaders were still meeting at dawn Monday after Tsipras wrapped up his third four-way meeting with German Chancellor Angela Merkel, French President Francois Hollande and Donald Tusk, who chairs meetings of European leaders.

The official said that if there is an agreement, Greek banks may be in a position to get help from the European Central Bank soon. Without it, they risk running out of money this week.

-By Menelaos Hadjicostis.


4:25 a.m.

The 19 European leaders gathered to negotiate another bailout for indebted Greece are considering a compromise proposal.

In a tweet, spokesman Preben Aamann says host Donald Tusk is reconvening the summit, which has paused several times.

The compromise proposal early Monday followed more than 12 hours of deliberations in Brussels, in which Greek Prime Minister Alexis Tsipras sought to persuade his creditors in the eurozone to grant him a bailout deal that will secure Greece's financial future and its place in the euro.


2:20 a.m.

The leaders of the eurozone are a hit on Twitter Sunday night. Unfortunately for them, the trending of #ThisIsACoup is all hostile.

As the eurozone leaders push a list of demands in exchange for giving Greece essential short-term financial aid, many people are taking to social media to back Greek Prime Minister Alexis Tsipras. They say the proposals on everything from pension rules to privatizations amount to a coup.

The term is topping's list of hashtag trends.

Even the Nobel Prize-winning economist Paul Krugman got into the act early Monday: "This Eurogroup list of demands is madness. The trending hashtag #ThisIsACoup is exactly right."


1:25 a.m.

Cyprus government spokesman Nicos Christodoulides says in a tweet that the summit of the eurozone's 19 leaders will not reconvene before 2 a.m. Brussels time "at the earliest."

The summit on Greece has broken up on at least two occasions since the discussions began mid-afternoon Sunday. Among the key meetings have been those involving Greek Prime Minister Alexis Tsipras and the German and French leaders.

European officials, who asked to remain anonymous because the talks were ongoing, said early Monday that difficulties included the privatizations that Athens would have to enact and Greece's problems meeting its short-term debt repayments and the liquidity situation of its cash-starved banks.

---By Raf Casert in Brussels.


11:20 p.m.

European officials said talks between Greece and its European creditors appear to be stuck on several issues and a resolution is not anticipated for a while yet.

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