Tom Burgis

Tom Burgis became the FT's West Africa correspondent, based in Lagos, in June 2009, having previously covered southern Africa from Johannesburg. He has reported for the paper from London, Brussels, South America and Africa.

Tom Burgis

Nicolas Sarkozy, French president and G20 host, blows a kiss to someone – presumably not the Greek prime minister (AFP/Getty)

  • Welcome back to the FT’s live coverage of the eurozone crisis. By Tom Burgis and John Aglionby on the news desk in London, with contributions from correspondents around the world. All times are GMT.

One issue dominates the agenda for as the Group of 20 leading economies enters its second and final: the fate of the eurozone amid the turmoil in Greece.

16.41: That’s it for the live blog for today. See FT.com over the coming hours for news and analysis on the G20 summit, Berlusconi’s woes and the outcome of tonight’s Greek vote.

16.31: Before we wind up the live blog, a brief re-cap of the day’s developments

  • The IMF is to monitor Italy’s progress on promises to reform its economy
  • Italian bond yields rose to fresh euro-era highs as Berlusconi said he was going nowhere
  • The Italian PM insisted his majority at home was “solid”, though it looks anything but
  • The G20 summit in Cannes ended with plenty of rhetoric urging the euorzone to get its house in order but no actual cash to help it do so
  • Any decision on boosting the IMF’s resources to help tackle the crisis was put of until when G20 finance ministers meet in February
  • Greek MPs are debating a vote of confidence in the government and will vote at midnight Athens time, 10pm London

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Tom Burgis

 

Getty

Welcome back to the FT’s live coverage of the eurozone crisis. By Tom Burgis and John Aglionby on the news desk in London, with contributions from correspondents around the world. All times are GMT.

One issue dominates the agenda for today and tomorrow’s summit of the Group of 20 leading economies: the fate of the eurozone amid the turmoil in Greece.

This post should update automatically every few minutes, although it may take longer on mobile devices.

19.30: And what will tomorrow bring? Who knows. It’s day two of the G20 summit, the confidence vote in the Greek parliament and the US non-farm payrolls (monthly unemployment data) are announced.

Thanks for all your comments and tweets today – especially the song suggestions! For further updates from the late-night meetings in Cannes follow ft.com Read more

Tom Burgis

Welcome back to our continuing coverage of the eurozone crisis. In the early hours of the morning, eurozone leaders emerged from their summit in Brussels with a deal designed to stem the sovereign debt crisis. The markets seem pleased but big questions on the details remain. We’ll bring you reactions, news and commentary as we get it throughout the day.

All times are London time. By Tom Burgis on the news desk in London, with contributions from FT correspondents around the world.

18.34: It’s time to wrap up the live blog for today. But keep reading FT.com through the evening for:

18.13: Der Spiegel has a nice tale about whether or not Angela Merkel did in fact apologise to Silvio Berlusconi for appearing to smirk when asked publicly if she still had faith in his leadership.

18.07: Chatham House has just published a paper arguing that international debt bailout systems are ill-equipped to handle any further instability.

“As the problems in the eurozone deepen and threaten to spread globally, action is required to strengthen financial safety nets beyond what was agreed by EU Heads of State on 27 October 2011.”

Read the full report by Stephen Pickford, former managing director at the UK Treasury and former executive director at the IMF.

18.00: An evening update of the day’s developments:

  • At the end of trading in Europe, the FTSE Eurofirst 300 finished 3.69 per cent higher for the day at 1,020. US stocks rose too, with GDP numbers that matched expectations adding to a positive reception for the EU’s moves
  • Despite the ebullience in equities markets, concerns remained over soveriegn debt in the eurozone. Italian government bond yields first sank to 5.7 per cent, before rebounding to 5.9 per cent, near their euro-era highs
  • Questions remain over the details of the eurozone deal, notably over the terms of the new bonds that will replace existing Greek debt as part of the agreed 50 per cent “haircut” (see 13.17), how banks will go about raising new capital and where the cash to fund the various eurozone plans will come from
  • European officials are keen to involve China and other Bric nations in a fund to buy eurozone debt, though here too there are no firm plans yet

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Tom Burgis

Welcome back to our continuing coverage of the eurozone crisis as we head into the evening. Europe’s leaders have gathered in Brussels to try to deliver a solution to the sovereign debt crisis. It has been a nervy day in the markets and national capitals – all of which you can read about on our live coverage from earlier on. Tonight we should discover whether Europe’s leaders can overcome their differences and chart a course towards recovery or whether they will once again fail to reach a deal. We’ll bring you news and commentary as we get it.

All times are London time. By Tom Burgis on the news desk in London, with contributions from FT correspondents around the world.

22.38: We’re going to wrap up our live coverage from London now. But fear not, the FT reporters at the summit will not rest until we have an outcome from the evening’s second summit, of all 17 eurozone leaders. See ft.com for all the latest news.

It seems only right to give the final word on today’s developments to Justin Timberlake, whose new film, In Time, has the strap line: “Tomorrow is a luxury you can’t afford.” Over the coming hours we’ll discover whether European leaders – and the markets – share that sentiment.

22.35: A quick recap on what we know so far

  • The 27 EU leaders agreed a statement as per a leaked draft, fleshing out some headline details of how the bank recapitalisation will work
  • Silvio Berlusconi’s letter to his fellow eurozone leaders included a commitment to raise the Italian retirement age to 67
  • Nicolas Sarkozy will call his Chinese counterpart tomorrow in what seems to be part of efforts to win Chinese investment for a fund to buy eurozone debt
  • US markets dealt with all of this pretty calmly, finishing the day in the black

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