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  1. Richard Edgar

Greek deal 'satisfactory to Germany' but details unconfirmed

Things are moving quickly at talks between Eurozone ministers in Brussels. In the last hour a European official emerged to say that there is now a text which the Greeks and the rest of the Eurozone ministers are working on - which is a big step, and he said to expect an announcement soon.

What we think is going to happen is that this will buy time for the Greeks, and it will keep the emergency funding flowing, which was due to expire next week. It comes after an afternoon - five hours in fact - of pre-meeting meetings of small groups of ministers assembled here.

Greek Finance Minister Yanis Varoufakis arriving in Brussels today. Credit: Reuters

As he arrived the German finance minister said that everything that needs to be said has been said - he seemed pretty downbeat.

The Greek finance minister radiated optimism as he has done throughout the pass couple of weeks of negotiations. Right now all members of the Eurozone are still in talks, with Christine Lagarde of the IMF -they have to agree to this text. I asked the Greek finance minister a few minutes ago what this would be and he confirmed it would be a six month extension to the loans. In return the Greeks have agreed to keep the tough economic reforms, and this has left the Germans very satisfied, I understand. This is what they think is necessary to keep Greece on a sustainable economic recovery. One thing is for sure - this isn't the end of it - they have to agree the details in the next weeks and months.

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Greece 'to get six month extension on loan agreement'

The Greek ambassador in Brussels told ITV News Economics Editor Richard Edgar he expects the loan deal agreed by Eurozone ministers to translate to an extension of six months.

The details of the deal are still emerging.

Loan extension deal for Greece appears to be within reach

ITV News Economics Editor Richard Edgar is in Brussels as Eurozone ministers meet with Greek officials over the proposed extension to the bail-out agreement.

Greek PM: 'Certain' request for loan extension will be granted

Greece's Prime Minister Alexis Tsipras has said he is 'certain' his country's request for a six-month loan extension, complete with conditions, will be accepted.

Tsipras appeared confident ahead of eurozone crunch talks and told Reuters Greece had "done everything possible" to reach a mutually beneficial solution.

Greek Prime Minister Alexis Tsipras Credit: REUTERS/Alkis Konstantinidis

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Greek request to extend loan agreement 'a good signal'

Greece's request for an extension to its loan agreement has been hailed as a "good signal" which could form the basis for further talks, according to German officials.

A spokeswoman for German Chancellor Angela Merkel told a news conference Germany's government was united in its stance and hopeful of reaching an agreement.

She said: "The letter from the Greek finance minister makes clear that Greece remains interested in support from the European Union.

"This letter is a good signal which allows us to continue to negotiate."

Osborne: Stand-off over Greek bailout poses risk to British economy

Chancellor George Osborne has warned that the ongoing stand-off between eurozone countries and Greece could pose a risk to Britain's economic stability.

George Osborne has warned the Greek debt crisis may impact on Britain Credit: Anthony Devlin/PA Wire/Press Association Images

Speaking ahead of Greece going into third round talks over how to deal with its debt crisis, Britain's chancellor indicated a solution needed to be found soon before other European countries suffered.

He told Sky News: "What you see now in this stand-off between the eurozone and Greece is the risk of a full-blown crisis which would do real damage to the European economy and is a risk to Britain.

"We need the eurozone to find a common solution and here at home we need to go on working through our economic plan, which has kept us safe."

Finnish finance minister 'hopeful' of Greece deal

Finnish finance minister Antti Rinne has said he is "hopeful" that a deal will be reached by eurozone leaders today when they discuss the potential extension of Greece's bailout programme.

In a live streamed interview with the newspaper Helsingin Sanomat he said: "Last night, a spark of hope arose that an understanding could be reached ... so that Greece could continue the underlying programme to strengthen its economy."

Greece set for third round of bailout negotiations

Greece is set for a third round of bailout talks today after making a formal request for a six month extension to its loan agreements yesterday.

The debt-ridden country said it would honour debt obligations and agree to continued supervision from bailout lenders and the European Central Bank if its request is accepted.

Last night German officials branded the Greek's offer as "a Trojan horse" and indicated that Greece could face stiff opposition to a deal being agreed unless changes were made to meet criteria previously discussed by the Eurogroup.

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