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Summary

  1. Greece reaches interim deal with eurozone
  2. UK finances show £8.8bn surplus
  3. UK retail sales fall 0.3% in January

Live Reporting

By Rebecca Marston

All times stated are UK

Get involved

Rebecca Marston

Business reporter, BBC News

We have a deal - for now. Business Live is also off - for now. Back Monday when we'll again have all the developments

on the Greek story, and the pick of the rest. We're here from 06:00. Have a good weekend.

Greece deal

Yanis Varoufakis
Reuters

The Eurogroup's joint statement says: "The Greek authorities will present a first list of reform measures, based on the current arrangement, by the end of Monday February 23. The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. This list will be further specified and then agreed with the institutions by the end of April." Plenty more work for Greece's energetic Mr Varoufakis ahead.

Via Twitter

Linda Yueh

Chief business correspondent

tweets: Primary budget surplus target for this year now can be adjusted to econ conditions but #Greece can't just decide

Greece deal shares rise

Dow Jones is up -.83% at 18,134.63 and the
S&P 500 is up 0.58% at 2,109.53. OK, they've not gone wild, but it is a sign of welcome from investors.

Greece deal

They all seem happy. A Greek government official says "Greece today has turned a page - we have avoided recession."

Greece deal

The Greeks must of course take the deal back to their voters. There is "flexibility" in the agreement so some of the conditions may be made easier for Greece. Although the four months deal is shorter than the six months extension Greece wanted. Greece must provide a list of reforms by Monday before the plan is actually rubber-stamped.

Greece deal

The outcome of today's meeting is being described as a "very positive outcome". The speakers so far have indeed looked very chuffed.

Greece deal

Christine Lagarde, the IMF boss, urges us to view the agreement carefully and measure every paragraph as the document has been put together very carefully. She says work can now begin.

Via Twitter

Robert Peston

Economics editor

tweets: Greece will present reform programme on Monday - so eurogroup, IMF and ECB can decide whether this comprehensive enough

Greece deal

The Eurogroup head, Jeroen Dijsselbloem said Greece repeated its commitment to honour all debt "in a timely manner".

Greece deal

"Strong commitment to a broader and deeper reform process," says Eurogroup head Jeroen Dijsselbloem.

Greece deal

"There is flexibility in the programme and we will make the best use of it."

Greece deal

"Tonight was a first step in the process of rebuilding trust," says Eurogroup head, Jeroen Dijsselbloem.

Via Twitter

Business Live is not playing #Eurogroupmovies. But the rest of the pack seem to be. Business editor Peston

tweets: "Oh my god #EurogroupMovies is trending. The whole world must be close to losing the will to live". We're back doing real work now. Press conference starting.

Greece deal

You can watch the press conference

here. It's scheduled for 19:50 UK time - in a few minutes.

Via Twitter

EU Council Press Office

tweets: #Eurogroup meeting: press conference starting soon. Watch live on http://video.consilium.europa.eu . #Greece

Greece deal

Reuters says: "Greece and eurozone finance ministers reached deal on Friday to extend the Greek bailout by four months, euro zone officials said. It's done. For four months," one official said.

Via Twitter

Robert Peston

Economics editor

tweets: I know we hacks have a cushy life, but waiting like a lemon for a draft EU or eurozone communique is so TEDIOUS #Greece

Greece debt talks

Wall Street is up in afternoon trading following reports that Greece and its creditors were close to an agreement on extending the country's bailout. The

Dow Jones industrial average rose 98 points, or 0.6%, to 18,084 points, while the
S&P 500 was up 0.4%. Eurozone finance ministers are expected to hold a press conference after ending their meeting.

Greece debt talks

The European Union economics commissioner, Pierre Moscovici, tweeted from an emergency meeting of eurozone finance ministers on the Greek bailout negotiations that they were making progress: "On avance, on avance, on avance".

Greece debt talks

Reuters is reporting the president of the European Council, Donald Tusk, has ruled out a eurozone summit on Sunday. Does that mean there's going to be a deal tonight? No idea. Reuters goes on to say he's ready to convene one in due course if necessary.

Greece debt talks

A lot is coming out now about these talks. Unnamed officials are being quoted. One as saying Greece appears to have given in completely. The BBC's Mark Lowen says a "Greece government source tells me 'There is no agreement so far. There is only the clear message of the Greek Prime Minister to Donald Tusk [EUCO chair] that if no agreement tonight, he will ask for an extraordinary summit'".

Greece debt talks

Reuters is now reporting that eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens' bailout package. Officials stressed that there was as yet no formal agreement in the full meeting of the Eurogroup of 19 finance ministers.

Greece debt talks

Reuters is reporting the Greek prime minister has asked the European Council president to convene an EU summit on Sunday if they can't get anything sorted out this evening. The agency cites the sourece as a Greek government official.

Market update

US shares are as lacking in bounce as Europe's. The

S&P 500 was flat at 2,095. The
Dow Jones - change not worth mentioning - stands at 17,993 and the
Nasdaq equally unmoved at 4,926.

Via Twitter

Yanis Varoufakis

tweets: One must believe @BILD's tall stories (about us Greeks) at one's peril.

Market update

Modest moves for the leading European indexes. The

FTSE 100 rose 0.34% to 6,912.66. Germany's
Dax was also higher by 0.43% to 11,049.38 and France's
Cac 40 was down by a whisper - 0.04% lower at 4,831.11.
Lufthansa shares were whacked by the news it wouldn't pay a dividend this year - closing down 4.2%. The
pound lost 0.2% against the euro to €1.3534, and was also down 0.24% against the dollar at $1.5378.

Greek slip up?

Nigel Cassidy

BBC News

Analysis from our Brussels veteran: "This is a fascinating new twist if it turns out to be true. If Greece is saying it is actually prepared to go along with more of the existing tough terms of its loan extension, then there could be some hope of a deal in this evening's talks if Germany were also to give more concessions. But the very idea that an entire previous meeting was based on discussions of the wrong document does appear, on the face of it, rather unlikely."

Greek slip up?

Bild's report says it was the Greek finance minister Yanis Varoufakis who sent an altered version of the letter in which - against previous agreements - omitted assurances that Greece will accept bailout conditions agreed to by the previous government. Prime minister Alexis Tsipras described the letter as an "administrative mistake". The proposal that had been sent was the one ditched on Thursday by Germany as insufficient.

Via Twitter

Joe Lynam

BBC Business Reporter

Patrick Duffy
PA

tweets: Is Greece seriously using the Bobby Ewing solution by saying it might have sent the wrong letter yesterday to #Eurogroup? (Guidance for younger readers: It was a soap opera plot line that implied the bad stuff - Bobby's death - had all been a dream.)

Via Twitter

The Economist Intelligence Unit

tweets: Well, it's one way of executing a U-turn. Greek government reportedly saying it sent the wrong letter on Thursday; willing to offer more.

Greek slip up?

Oh my. The Greek government accidentally sent the wrong letter to Brussels on Thursday with the intended version going a step further, accepting conditions agreed to by the previous government, Germany's Bild Zeitung reported Friday citing government sources.

Takata air bag fine

Almost eight million cars are potentially affected by those defective air bags made by Takata. US safety officials are asking owners of certain types of Toyota, Mazda, Nissan, Mitsubishi, Subaru, Chrysler, Ford, and General Motors vehicles are well as Hondas, to replace the air bags as soon as possible.

Greece debt talks

Are proving "very difficult", but there is still room for some optimism, the top euro zone official Jeroen Dijsselbloem. There're bilateral talks between the Germans and the Greeks and then there's the full pow-wow between the 19 euro zone finance ministers.

Danish krone

Euro Krone chart
BBC

The Danish krone is getting a bashing. Relatively speaking. It's been down 0.2% against the euro, but the long-running peg to the European currency has been so tight, the movement is the biggest since 1999, when the euro was launched, reports Reuters.

Takata airbag fine

The US government is fining Japanese air bag maker Takata $14,000 a day for failing to cooperate fully in an investigation. The bags are widely used in Honda cars. As AP puts its they "can explode with too much force, spewing shrapnel into drivers and passengers". At least six people have been killed worldwide because of the problem.

Lufthansa dividend

Lufthansa share price graph
BBC

Lufthansa shareholders are not happy with the news there'll be no dividend payout for last year. Shares are down 3.5%.

Markets update

The US markets have opened a touch edgy with the Greece talks under way. The

Dow Jones is down 0.23% at 17,943.83, while the
S&P 500 is down 0.1% at 2,095.36 and the
Nasdaq is up 0.03% at 4,926.35. London's up a bit and Paris and Frankfurt are down a bit.

Greece debt talks

Yanis Varoufakis
AP

Greece's finance minister Yanis Varoufakis remains eloquent on this crucial day: "The Greek government has not gone the extra mile... but the extra 10 miles. Hopefully by the end of this we will see white smoke."