Greek creditors to deliver bailout offer today – live updates

Rolling coverage as Greece receives a bailout proposal from its lenders and prime minister Tsipras heads to Brussels for crucial talks

The pound just took a tumble after the latest survey of Britain’s service sector missed forecasts.

GBPUSD timberrrrrrrr pic.twitter.com/WJpQvQ5zPf

It’s official…. Eurogroup chief Jeroen Dijsselbloem is indeed attending tonight’s crunch meeting in Brussels.

That means the eurozone’s finance ministers will have a presence as the leaders of Greece and the EC debate the crisis.

So tonight’s meeting in Brussels will include @J_Dijsselbloem, @JunckerEU, @atsipras and representatives of ECB and IMF.

Officials in Athens are calling the latest developments “the most crucial day” since the anti-austerity government launched negotiations with creditors in February.

“The struggle for an honourable compromise is far from over. There are still red lines. This is about the future of Greece.”

"So, the latest round of talks between #Greece and its creditors is on track?" pic.twitter.com/bljmGNvHhW

Rumour watch: Jeroen Dijsselbloem, the head of the eurogroup (eurozone finance ministers) is planning to meet Alexis Tsipras tonight too, according to Bloomberg.

*DIJSSELBLOEM SAID TO MEET TSIPRAS IN BRUSSELS TONIGHT

Back in Greece, speculation about a snap election is rife.

Dat awkward moment when election-rumors are dominating almost every discussion in TV, cafeterias, workspace & your Facebook inbox. #Greece

Good news from Italy; the unemployment rate fell to 12.4% in April, down from 12.6% in March (which was revised down from 13%).

With Italy now finally returning to growth this year, there are signs that its lacklustre economy is picking up. Still a long way to go, though.

Here comes the first gobbet of economic data….and it shows that growth across Europe’s private sector slowed a little in May.

Markit’s Eurozone Composite Output Index fell to 53.6, down from 53.9 in April, meaning the sector expanded at a slower rate. That suggests the long deadlock over Greece may have sapped confidence.

“The Eurozone recovery lost some of the wind from its sails in May, with growth of output and new orders both slowing to three-month lows.

“The weak euro is boosting manufacturing and households are benefitting from lower inflation, but the region’s high unemployment continues to limit spending on goods and services. Heightened uncertainty surrounding the Greek debt crisis is also acting as a brake on growth.”

If a deal is reached, then Greek public relief could cushion the blow of making painful concessions, argues George Pagoulatos, professor of European politics and economy at the Athens University of Economics and Business.

He told Bloomberg that:

“The need for a deal is so big, after such a prolonged liquidity crunch, that the relief for the wider public will eventually trump the cost of compromise.”

No debt relief for #Greece? Hard to be optimistic after this important story from @nchrysoloras @bjennen1 @corinaruhe http://t.co/bw9Z0LS8jC

We also don’t know much about the rival proposal which Greece has drawn up, and which Alexis Tsipras will take to Brussels today.

But Greek newspaper Kathimerini believes it raises less revenue than lenders demand, and also takes a more gentle approach to pension and labour reform:

According to sources, it proposes a low primary surplus target for this year of between 0.3% and 0.8% of gross domestic product as well as retaining three value-added tax rates – at 6%, 11% and 23% – but varying the goods and services assigned to each rate.

But the Greek proposal for VAT foresees €1bn in revenue being raised, around half of the creditors’ desired target.

We don’t yet know what’s in the creditors’ proposals. But the Financial Times believes it may include more onerous budget targets than Greece would like:

It could require Greece to achieve primary budget surpluses — revenues less expenses when debt interest payments are not included — of as much as 3.5% of gross domestic product in the medium term. Athens has demanded a much lower level.

Another person briefed on the plan said the latest proposals remained closer to the IMF’s stance in several important areas — including requiring Greece to keep its pension fund from running a deficit — than the commission’s more lenient views.

Greek bonds are rallying a little this morning, as the City shows confidence that a deal will be reached.

The yield on Greece’s benchmark 10-year debt has fallen to 11.2%, from 11.35% last night. That shows the bonds are seen as less risky (although still unsuitable for widows and orphans).

#Greece will not pay #IMF on Fri w/o prospect of a deal. Mkts more confident, 2yr yield drops. http://t.co/P83qJ3uy5I pic.twitter.com/IJhdHC3tyD

France’s economy minister, Emmanuel Macron, has predicted success in the talks between Greece and the creditors:

Greek government spokesman Nikos Filis has raised the states this morning, warning that Greece won’t repay €305m to the IMF on Friday unless it believes a deal is close.

“If there is no prospect of a deal by Friday or Monday, I don’t know by when exactly, we will not pay.”

If after two weeks the debt still hasn’t been repaid, IMF’s management make a direct appeal to Greek finance minister Yanis Varoufakis or his alternate, Yannis Stournaras, making it clear how serious the situation is.

Good morning. It’s going to be a big day for Greece, and the eurozone.

Efforts to agree a package of economic reforms will step up another gear, as Greece’s three main creditors submit their proposal to break the deadlock.

The Greek prime minister, Alexis Tsipras, will be presented with what is expected to be a take-it-or-leave-it plan on Wednesday after five months of drama-filled negotiations to keep his debt-stricken country afloat.

“It covers all key policy areas and reflects the discussions of recent weeks,” a senior EU official said on Tuesday. “It will be discussed with Tsipras tomorrow.”

“The prime minister will be in Brussels tomorrow with the Greek proposal in his luggage.”

Related: Alexis Tsipras to face take-it-or-leave-it ultimatum from lenders over debt offer

Not sure everyone in Athens agrees #Greece pic.twitter.com/g0lIbINc7z

Today sees the release of Eurozone, UK, US Services PMI, ECB Rate Decision, US ADP Employment Change, Trade Balance, ISM Non-Manf., DoEs!

Continue reading…







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UK services slow sharply in May, raising concerns about recovery

Visitors admire St. Paul's Cathedral from the restaurant floor of the Tate Modern gallery in LondonGrowth in Britain's service sector suffered its sharpest slowdown in nearly four years in May, according to a survey which suggested a recent cooling of the economy might last longer than previously thought. Combined with a weak manufacturing figure and a bounce in construction, growth across the three sectors in May was the slowest since December and the second-weakest for two years, Markit said. Britain's economy was probably growing at a quarterly pace of 0.4 percent in May, Markit said, up only slightly from a surprisingly weak 0.3 percent expansion in the first quarter of 2015.

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An Look at the Second Colorway of the Ronnie Fieg x Diamond Supply Co. x ASICS GEL Saga “Tiffany”

We can bring you an exclusive first look at the second colorway of the three way collaboration between Ronnie Fieg, Diamond Supply Co and ASICS. Following the unveiling of the first colorway and a set of advertising billboards throughout Los Angeles, the second model looks set to feature Diamond’s signature “Tiffany” blue set on a perforated upper, offset against a grey heel counter and a crisp white sole, tongue and laces.

Keep an eye out for further release info as it is made available.

The post An Look at the Second Colorway of the Ronnie Fieg x Diamond Supply Co. x ASICS GEL Saga “Tiffany” appeared first on Highsnobiety.

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Rafael Benitez Named Real Madrid Manager: Latest Details, Comments and Reaction

Real Madrid have finally named Rafael Benitez as the clubs new manager on a three-year deal.

Los Blancos tweeted confirmation of Benitez’s unveiling:

Madrid provided an official statement, confirming the incoming boss will speak to the press on Wednesday:

Real Madrid C. F. will present Rafa Benitez as the new first team coach for the next three seasons today, Wednesday 3 June.

The ceremony will take place at 1pm CEST in the presidential box of the Santiago Bernabeu. Following his unveiling, Rafa Benitez will hold a press conference in the press room.

Madrid recently parted company with Carlo Ancelotti after a two-season spell in charge, during which he delivered a Copa del Rey win and the club’s 10th European Cup success.

But after toiling in both of the aforementioned competitions this season and falling short in La Liga, the club decided some fresh impetus was required. Benitez, who was Napoli manager for two seasons prior to this appointment, is the man they’ve decided to take them forward.

Here’s a look at what the former Liverpool and Valencia boss has won in his managerial career to date:

For some, this is a peculiar appointment. Stylistically, Benitez is a manager who doesn’t seem like the correct fit for Real. The Spaniard has made his name through shrewd tactical acumen and a pragmatic approach to matches, a modus operandi which certainly doesn’t tie in with Madrid’s own mantra of winning with a swagger.

As noted by Bleacher Report’s Karl Matchett, it means some attacking flair is likely to be sacrificed:

A number of Madrid players are currently linked with departing, but Bleacher Report’s Spanish football expert Guillem Balague expects key names to stay. He suggested Rafa will chase Manchester United goalkeeper David De Gea:

Ian Ladyman of the Daily Mail reports Madrid’s continued interest in the Red Devils stopper.

There have been some turbulent spells during Benitez’s managerial career. He endured volatile relationships with authority figures at Valencia, Liverpool and Inter Milan. His record in the transfer market has also been sketchy at best, and as such, it’s understandable that many are pondering if this is really a step up for Real.

Benitez does have some admirable qualities, too, though. As noted here by Sid Lowe of the Guardian, the Spaniard knows what it takes to win La Liga:

In addition, Benitez has also fashioned a reputation as an expert when it comes to European competition. He won the Champions League with Liverpool in 2005, guided the Reds to another final two years later and lifted the Europa League trophy with Chelsea in 2013, despite being unpopular among the club’s supporters.

There are certain caveats to all of those trophies Benitez has won, but the fact remains that for a club like Real, which lives and breathes by the silverware accrued, they are appointing a manager that has sampled nine trophy wins in the past decade.

However, Daniel Storey of Football365 remains wholly unconvinced by the merits of the Spaniard:

It’s certainly going to make for an intriguing dynamic. Benitez is a man that’s unafraid when it comes to speaking his mind, and at a club like Real, where the minutiae of every move made or word uttered is analysed in forensic detail, that could ruffle a few feathers.

Given the quality of players he will have at his disposal, expect him to deliver silverware. But despite Benitez being a thoroughbred winner, as we’ve seen in the case of so many of his predecessors, that’s not always enough to meet the incomparably high standards of this football club.

Could “brainprints” replace passwords, fingerprints and retinal scans?

The brain waves that result in response to certain words could be used to verify a person's identity

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Passwords are the bane of many a computer user’s existence. Experts recommend long strings of characters containing a mix of upper and lowercase letters, numbers and symbols that may be difficult to crack, but can also be difficult to remember. Despite there being simple techniques for creating difficult-to-crack passwords that are easy to remember and horror stories of identify theft abound, the top two most common passwords remain “12345” and “password”. But a study out of Binghampton University in New York suggests brainwaves could be a promising alternative to verify a user’s identity.

.. Continue Reading Could “brainprints” replace passwords, fingerprints and retinal scans?

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    Jones Hits 3-Run Homer In 11th, Lifts Yankees Over Mariners

    Justin Ruggiano #12 of the Seattle Mariners is tagged out on a steal attempt by shortstop Jose Pirela #38 of the New York Yankees in the third inning at Safeco Field on June 2, 2015 in Seattle, Washington.(Photo by Otto Greule Jr/Getty Images)Garrett Jones hit a three-run homer in the top of the 11th inning and Andrew Miller preserved the lead in the bottom half Tuesday night, as the Yankees beat the Seattle Mariners 5-3. All images and written content is property of the listed RSS FEED if you would like more on this story and images please click the listed feed. http://newyork.cbslocal.com/feed/

    Under-the-Radar Players Liverpool Could Target This Summer

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    Who are some under-the-radar players that could help improve the Reds?

    Bleacher Report’s Andy Brassell joins Ryan Bailey to discuss two players that should make their way to Anfield this transfer window.

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    Letting The Freedom Of Truth Uncover The Value Of Life

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