All times are London time. Curated by Esther Bintliff and John Aglionby on the world news desk in London, with contributions from FT correspondents around the world.
19.15: What are the chances of Greece being able to meet its commitment to cut the general government deficit from €24.1bn to €17.1bn this year?
It’s an incredibly tough task – equivalent to about 7.5 per cent of gross domestic product.
Kerin Hope, our Athens correspondent, has taken a good look at the numbers:
Greece faces a desperate catch-up effort to achieve this year’s budget targets after reporting the central government deficit widened an annual 22.2 per cent for the first eight months of this year.
Talks with international lenders, which resumed on Thursday, are intended to wrap up details of the 2012 budget and of structural reforms to reduce public sector spending so that Athens can receive its next €8bn slice of bail-out funding, according to Greek officials.
But the current shortfall in this year’s budget indicates new measures may be needed…