New Greek PM sworn in

The leader of Greece's conservative New Democracy party, which narrowly won Sunday's election, has been sworn in as Prime Minister after agreeing a coalition government with parties on the left.

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Obama: Greek election results 'positive outcome'

The US president has said today that the Greek election results shows a "positive outcome" for forming a government that will "work constructively with partners"

Obama tells G20 leaders to work to 'stabilise' world's financial system Credit: Reuters/Kevin Lamarque

President Obama said at the G20 that leaders must "work to stabilise the world's financial system" and avoid protectionism.

Leaders at the G20 summit have been discussing how to tackle the debt crisis facing the eurozone today.

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German Chancellor: 'No loosening of agreed bailout terms in Greece'

German Chancellor Angela Merkel has said today that they cannot accept any loosening of agreed reform pledges in Greece after this weekend's elections. Ms Merkel said that she expected a quick formation of a stable new government in the country.

Angela Merkel rejects any changes to Greece's bailout terms Credit: Reuters/Fabrizio Bensch

At the G20 summit today, Ms Merkel said that the new Greek government has to "fulfil the commitments Greece has made to its international lenders".

She said that she does not see any reason to speak about a new aid package for the country on top of the two "already agreed".

Ms Merkel then went onto say that she expects a "common position" of Europeans on sustainable growth.

Fitch: Greece and Europe 'back from the brink, but crisis unresolved'

Global ratings agency Fitch Ratings have said today that the narrow victory of Greece's New Democracy Party means the "near-term risk of a Greek disorderly debt default" and exit from the euro has now fallen.

Fitch have said that it will not place all eurozone sovereigns on Rating Watch Negative, as it had indicated if a Greek euro exit were a probable 'near-term' event. The agency said:

While the risks from Greece have fallen for now, the severity of the systemic crisis engulfing the eurozone is unlikely to diminish until European leaders articulate a credible road-map that would complete monetary union with much greater fiscal and financial integration.

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