July 9, 2015 / 10:52 AM / 4 years ago

GREECE LATEST-Greek govt to seek parliament approval Friday

July 9 (Reuters) - Following is the latest news on Greece’s debt crisis after euro zone leaders set Athens a deadline of the end of the week to come up with convincing reform proposals . All times are in GMT.

2107 - Proposals from Greece to explain how it will meet conditions for a new international bailout loan were received on Thursday by Jeroen Dijsselbloem, who chairs the Eurogroup of euro zone finance ministers, his spokesman said.

1844 - The Greek government will ask for parliament’s approval on Friday to negotiate on the text of “prior actions” that could form the basis of a cash-for-reforms deal with creditors, a government source says.

1645 - Euro zone finance ministers will hold an emergency Eurogroup meeting on Saturday at 3 p.m. (1300 GMT) in Brussels to discuss Greece’s proposals, a spokesman says. Separately, the euro zone’s summit of 19 leaders will start on Sunday at 4 p.m. and will be followed by a full European Council of the bloc’s 28 leaders at 6 p.m.

1604 - Greece will submit its reform proposals to its international lenders shortly, the leader of the country’s junior coalition party says.

1551 - German reinsurer Munich Re says it is considering calling off its planned 90 million euro ($99 million) takeover of Greece’s ATE Insurance if political developments in Greece deteriorate.

1420 - Political talks over Greece must produce a strong outcome on Sunday for the European Central Bank to provide continued support, ECB’s Ewald Nowotny says.

1404 - Only “very low” leeway to reprofile Greece’s debt, German Finance Minister Wolfgang Schaeuble says.

1351 - French Finance Minister Michel Sapin says Greece leaving the euro zone would damage the credibility of the currency bloc but so too would Greece staying while it continuously violates its financial obligations.

1316 - Germany’s Schaeuble says Greece needs to deliver on concrete prior actions to gain European financial support, adding that it is difficult to see such steps being taken before Sunday.

1304 - The IMF’s chief economist, Olivier Blanchard, says Greece is a small part of the world economy and its possible exit from the euro zone should have limited impact on the rest of the world. However, he warns that similar crises could happen in other countries.

1301 - Europe must build common tools to fight crises and needs to strike a balance between fiscal discipline and growth to reduce the risk of future turmoil, French Finance Minister Michel Sapin says.

1203 - German Chancellor Angela Merkel reiterates that a so-called “haircut” on Europe’s loans to Greece is out of the question.

1152 - The chances of Greece leaving the euro zone this year have fallen, according to the betting odds of bookmakers Paddy Power and William Hill, three days before the deadline for a comprehensive deal.

1014 - European Commission President Jean-Claude Juncker will meet members of Greece’s opposition parties on Thursday and Friday in Brussels as all sides seek a weekend deal to avert a Greek bankruptcy, a Commission spokesman says.

1009 - The head of the European Council, Donald Tusk, says the EU’s national parliaments have to be persuaded to vote in favour of helping Greece if European leaders reach a good agreement on Sunday. Tusk says a deal on debt should be part of the agreement.

1005 - Bulgarian Economy Minister Bozhidar Lukarski is quoted as saying Greek-owned banks in the Balkan country are “under controls” to prevent funds being sent to Greece. More than a fifth of Bulgaria’s banks are Greek-owned.

0944 - Irish Finance Minister Michael Noonan says he sees a better than 50 percent chance of Greece reaching a deal with its creditors by a weekend deadline following a “distinct change of mood”

0830 - The chief executive officer of Greece’s natural gas company, DEPA, says the utility can guarantee the unobstructed supply of gas supplies in the country

0745 - Greek Energy Minister Panagiotis Lafazanis, leader of the far-left flank of the ruling Syriza party, says he expects an aid deal with creditors “soon” but he opposes a third bailout with tough austerity measures that would stifle growth

0733 - ECB is ready to implement a range of “non-standard” monetary policy measures if Greece leaves the euro zone, Governing Council member Ardo Hansson tells an Estonian newspaper

0714 - Greece’s stock exchange will remain closed until July 13, the country’s Capital Markets Commission says, after authorities decide to extend a bank holiday and capital controls

0700 - The head of Germany’s Bundesbank, Jens Weidmann, says capital controls in Greece should remain in place until a new bailout programme has been agreed. He also says no further central bank liquidity support should be given to its banks

0634 - Greece is planning a reform package worth 12 billion euros over two years, more than previously planned, to offset a return to recession after months of difficult negotiations with creditors, the Greek daily Kathimerini reports.

0549 - ECB President Mario Draghi says will be “really difficult” to end the Greek crisis and save the country from bankruptcy, in comments made to Italian financial daily Il Sole 24 Ore.

0535 - Greek government spokesman Gabriel Sakellaridis says Athens is confident it can clinch a deal with international creditors which can be approved by the country’s parliament.

0519 - The head of the Greek bank association, Louka Katselii, says Greek banks have enough liquidity in cash machines to serve the public until Monday.

0042 - Japanese Prime Minister Shinzo Abe says will work with Group of Seven countries and other Asian countries to ensure economic and finance market stability as the euro zone grapples with Greece’s debt crisis

2044 - Some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country, European officials tell Reuters

1908 - IMF chief Christine Lagarde reiterates Greece’s massive debt will need restructuring, something Germany is resisting

1903 - Greek banks will remain closed for the rest of the week and a 60-euro per day ATM withdrawal limit will remain in force, Greek state television reported

1841 - Greece’s government will be encouraged to deliver a “precise plan” for its finances to inspire confidence among euro zone currency partners, says French President Francois Hollande

1800 - Fed officials need more signs of strengthening U.S. economy before raising interest rates, according to minutes of June Fed meeting, cite Greece’s debt crisis as serious concern

1610 - The European Stability Mechanism asks EU experts and the IMF to review Greece’s request for a loan

1607 - Luxembourg Finance Minister Pierre Gramegna tells parliament that euro zone finance ministers would ask the European Commission and European Central Bank to review Greece’s bailout request

1553 - European Central Bank policy setters keep the level of emergency assistance to Greek banks steady, a person familiar with the matter says

1436 - French Prime Minister Manuel Valls says basics of a Greek deal have been laid out, a deal is within grasp

1334 - Reuters polling shows for first time economists saying Greece’s exit from euro zone is more likely than not

Compiled by Mark Trevelyan

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