Greece needs further debt relief after third bailout deal in five years, says IMF chief

Christine Lagarde insists burden is unsustainable and warns fund will not participate without ‘concrete agreement’ on debt relief Greece needs more significant debt relief from its creditors, the head of the International Monetary Fund said, after the bankrupt country accepted tough conditions to secure its third bailout deal in five years. The first €26bn of a package worth more than three times that will be disbursed within days after the government in Athens grudgingly approved the agreement at the end of a marathon debate, and Germany backed down on its opposition to rescuing Greece

Greek rescue package expected to pass through parliament

Deal must still be approved by the other other eurozone member states at a meeing of finance ministers in Brussels on Friday afternoon Greece’s parliament is meeting in emergency session on Thursday to ratify a new bailout deal, but it is unclear whether the multibillion-euro agreement had the vital backing of Germany .

Alexis Tsipras must be stopped: the underlying message of Europe’s leaders

Germany’s vice-chancellor has become the first senior EU politician to voice the private views of many – that the Greek PM is a threat to the European order One day before Greece’s bailout ends and the country’s financial lifeline melts away, Europe’s big guns have lined up one after another to tell the Greeks unequivocally that voting no in Sunday’s referendum means saying goodbye to the euro.

Italy will not follow Greek downturn, promises finance minister

Pier Carlo Padoan assures nation they are in a stronger position than their eurozone counterparts thanks to their ‘huge but sustainable public debt’ Italy’s finance minister sought on Monday to reassure Italians that they would not be following in Greece’s footsteps, saying that the European Central Bank (ECB) would stop any contagion in its tracks.

Tourists in Greece warned by Foreign Office banking services may be limited

Warning about potential bank closures echoes similar advice issued in the US and Australia as European Central Bank caps emergency funds to country The Foreign Office has updated its advice for those travelling to Greece with a warning that access to banking services in the country may become limited at short notice. The change in advice comes as Greece teeters on the brink of defaulting on its debts, which could trigger an exit from the euro or the closure of the banking system.