Greece holds tense meeting with eurozone finance chief - live updates

• Greek PM meets eurozone finance boss Jeroen Dijsselbloem


• Eurozone inflation drops to -0.6% in January


• US growth slows in fourth quarter


• Greek finance minister angered over Russian sanctions debate


• Eurozone unemployment falls unexpectedly


• Spanish recovery accelerates

3.33pm GMT

Heading into the close for the Athens market, and it is now down around 1.86%, lower than before the meeting between Dijsselbloem and Varoufakis.

3.11pm GMT

Here’s the Reuters report on the meeting between Dijsselbloem and Varoufakis:

Greece’s government will not cooperate with the EU and IMF mission bankrolling the country and will not seek an extension to the bailout programme, its finance minister said on Friday.

Jeroen Dijsselbloem, head of the eurozone finance ministers’ group who is in Athens for talks with the new government, said the two sides would decide what would happen next before the programme ends on February 28.

3.07pm GMT

Back to the press conference between eurogroup President Jeroen Dijsselbloem and Greek finance minister Yanis Varoufakis, and Helena Smith says it was a tense affair:

Send off for Joren Dijsselbloem ended with incredible stand-off as Varoufakis socked him one over the troika. The Dutchman looked enraged, bending forward to whisper something in Varoufakis’ ear to which the Greek finance minister did not respond. Greek finance ministry staff standing behind me said “Oh my God.”

One said “I wonder if this is the time to pack my bags.”

3.03pm GMT

Meanwhile there has been reaction to the comments earlier from German finance minister Wolfgang Schäuble who said Germany was open for talks with the new Greek government – but would not be blackmailed. Reuters again:

The positions of German Finance Minister Wolfgang Schaeuble and his team are well known, Greek government spokesman Gavriil Sakellaridis said in an announcement issued on Friday.

“Also known throughout the world now is the Greek people’s verdict for an exit from the mire of toxic austerity. The Greek government will continue consultations to find a mutually beneficial solution. The real negotiation has begun and it does not concern only Greece or Germany, it concerns the European Union as a whole,” he said.

2.59pm GMT

Here’s Reuters key points from the press conference:

2.54pm GMT

The Greek bank index has now turned negative, down 1.2% following the press conference, reports Reuters.

2.53pm GMT

The seeming standoff between Greece and the rest of the EU – no talks with the troika versus unilateralism is not the way and progress made must not be lost – is hitting Greek bonds.

Greece 3.375% 3-Year Bond Yields 18.8%

*GREEK THREE-YEAR NOTES EXTEND DROP; YIELD CLIMBS ABOVE 19%

2.44pm GMT

Eurogroup Dijsselbloem says no to European debt conference. “There is already the Eurogroup,” he says #Greece

And that appears to be that.

2.43pm GMT

VAROUFAKIS: GREECE WILL WORK WITH EU INSTITUTIONS, NOT TROIKA

Greek FinMin Varoufakis: “We will try to convince partners that it is in Europe’s interest to design a new agreement” #Greece

2.42pm GMT

Varoufakis confirms this standpoint by saying we don’t have any plans to co-operate with the troika mission.

2.40pm GMT

Would you accept the troika as interlocutor? (the new Greek government is reluctant to deal with the creditor representatives of the EU, ECB and IMF).

2.39pm GMT

Their statements have been made, reports Helena, and they are taking two questions only.

2.37pm GMT

* Athens-eurogroup head Dijsselbloem says we agreed programme has been extended – RTRS

He says it is up to the Greek government to determine its position, then we can move jointly forward.

2.37pm GMT

Dijsselbloem says we want Greece to regain economic independence, it is important not to lose the progress made these years in Greece (quote from Reuters).

#Greece Dijsselbloem: Unilateral actions aren’t progressive steps

2.34pm GMT

Varoufakis says:

We have just had get to know you talks that I am sure will form a productive and effective for the interests of Greece and the eurozone.

I impressed upon him our determination to forge ahead with reforms without fear or passions, reforms that have been needed for years.

2.31pm GMT

The press conference between eurogroup President Jeroen Dijsselbloem and Greek finance minister Yanis Varoufakis is underway.

Slight delay while Dijsselbloem sorts out translation problems, says Helena Smith who is there. Varoufakis offers to translate.

2.15pm GMT

European markets are down.

Investors are weighing up weaker-than-expected US GDP and deeper eurozone deflation, and await the outcome of talks between the Greek finance minister and Eurogroup chief.

1.55pm GMT

Cheese sandwich anyone? Croissant?

1.53pm GMT

Paul Ashworth, chief US economist, at Capital Economics, says the slowing US economy in the fourth quarter is nothing to worry about.

The 2.6% annualised gain in fourth-quarter GDP was slightly below the 3% consensus forecast but, following the breakneck 5% gain in the third quarter of last year, this slowdown is nothing to worry about.

The fourth-quarter gain was driven by a very strong 4.3% annualised increase in consumption. With the collapse in energy prices increasing households’ purchasing power, we expect strong consumption growth to continue driving GDP growth in the first half of this year. We expect GDP growth for 2015 as a whole to be 3%.

1.49pm GMT

The US economy grew at an annual rate of 2.6% between October and December, following growth of 5% in the third quarter.

That was below expectations of a 3% increase in gross domestic product.

1.26pm GMT

Dijsselbloem has also been posing for the cameras in Athens with the Greek finance minister Yanis Varoufakis. Still looking cheery.

The press conference is scheduled to begin at 14.30 UK time.

1.16pm GMT

The first pictures of the meeting between the eurogroup President Jeroen Dijsselbloem and Greek PM Alexis Tsipras have emerged on Greek television.

They’re looking fairly cheerful in front of the cameras.

1.10pm GMT

Russia has taken markets by surprise, cutting interest rates a month after raising them.

The central bank cut the main rate by two points to 15% as fears of a deep recession mount following the oil price slump and western sanctions over Ukraine.

12.49pm GMT

Back in Greece…

Eurogroup president @J_Dijsselbloem arrives at Finance …read more

Greece holds tense meeting with eurozone finance chief - live updates