Greek government-debt crisis

The Greek stock exchange closed down 4.02 percent on Wednesday ahead of an emergency meeting of eurozone finance ministers during which the country will unveil controversial proposals to overhaul its bailout.

A big rally is currently underway in the centre of Athens, where thousands of people have gathered to express their support for the Greek government, ahead of a crucial battle at an extraordinary Eurogroup meeting in Brussels.

A top eurozone official has downplayed expectations that a debt deal with Greece is likely at an emergency meeting Wednesday.

Jeroen Dijsselbloem, who chairs the meetings of eurozone finance ministers, says "we will listen to the plans of the Greek government» and «we will look how we can deal with this over the coming days."

Finance Minister Yanis Varoufakis will reportedly meet with Christine Lagarde, the managing director of the International Monetary Fund immediately after his arrival in Brussels, where the extraordinary meeting of the Eurogroup takes place this evening.

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Greek Finance Minister Yanis Varoufakis headed for a showdown with eurozone finance ministers on Wednesday after his new leftist-led government won a parliamentary confidence vote for its refusal to extend an international bailout.

Greece's new Prime Minister Alexis Tsipras has been invited to visit Chinese Premier Li Keqiang, a government source said Wednesday.

Li Keqiang called Tsipras to congratulate him on his electoral victory and say «he would work to deepen and widen the historic ties between the two countries», the source said.

[AFP]

China's Foreign Ministry stated on Wednesday that it has no knowledge of any financial aid offer made by Beijing to Greece, following relative statements by Greek government officials.

By Nikos Chrysoloras & Rainer Buergin

Germany and Greece are heading into an emergency meeting with official creditors Wednesday with conflicting positions, setting the stage for a clash.

Greek Prime Minister Alexis Tsipras on Feb. 11 announced plans to work with the OECD to draft a programme of reforms to boost growth in the debt-laden country, which is hoping to renegotiate its bailout commitments.