Live updates

Greece agrees £60bn bailout deal after marathon talks

Debt-ridden Greece has agreed a new multi-billion euro bailout deal with international creditors to remain within the eurozone and avoid bankruptcy after a marathon final negotiating session.

"Finally, we have white smoke," a finance ministry official told Reuters. "An agreement has been reached. Some minor details are being discussed right now."

Anger at proposed bailout reforms has led to widespread protests in Greece in recent months. Credit: Sotiriou Dimitrios/ABACA/Press Association Images

Greek finance minister Euclid Tsakalotos confirmed "two or three small details" are still pending in the negotiations, which lasted for 23 hours after beginning on Monday afternoon.

The deal is understood to be worth up to £60.6 billion (86 billion euros) in fresh loans, which has raised hoped of Greece meeting its £2.3 (3.2 billion euro) debt payment deadline to the European Central Bank on August 20.

Greek officials expect the pact to be endorsed by parliament on Wednesday or Thursday and then be vetted by eurozone finance ministers on Friday.


Greek stock market closes 16.2 percent down

People line up outside a National Bank branch in Athens. Credit: REUTERS/Ronen Zvulun

The Greek stock market, the Athex, has closed 16.2 percent down after it re-opened for the first time in five weeks today.

Early trading saw the main index down nearly 23 percent, with it then recovering a little around midday.

Greece's four biggest lenders, National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank fell the furthest, hitting the daily limit of 30 percent down.

Traders had predicted a sharp fall in stock values as a direct result of the index being closed for so long.

Greek shares plunge as stock market reopens after five-weeks shutdown

The Greek stock market has reopened after a five-week shutdown amid the country's financial crisis, with stock prices falling sharply.

The main index was down nearly 23 per cent in early trading.

National Bank of Greece, the country's largest commercial bank, was down 30 percent, which is the daily limit.

Trading on the Athens stock exchange was suspended late in June as part of capital controls imposed to stem the flow of money out of the country.


Greece to consider reopening Athens stock exchange

The stock exchange price rice at the Hellenic Exchange in Athens in January Credit: Michael Kappeler / DPA

The Greek government will decide next week when the Athens stock exchange will reopen, after a four-week break required when capital controls were imposed last month, an official said on Thursday.

Athex has been closed since 29 June, when Greece shut its banks and imposed capital controls to ward of a collapse of its banking system after the country rejected a cash-for-reforms deal in its referendum.

The banks reopened on Monday after the country reluctantly struck a deal to receive emergency ECB funding and a bridge loan from the EU.

The official also confirmed that talks with Greece's international creditors on a third bailout would start in Athens on Friday and that the government wants the talks to be concluded by late August.

Greek MPs approve reforms paving way for bailout talks

Greek MPs have overwhelmingly approved a new batch of reforms demanded by the country's international creditors in return for a third multibillion-euro bailout.

Credit: PA

The vote followed a whirlwind debate that ended at 4am local time.

Prime Minister Alexis Tsipras once again suffered a revolt in his own radical left party, but had no trouble passing the draft legislation with the backing of pro-European opposition parties.

The reforms were the final prerequisite before Greece can start negotiations with creditors on a third bailout worth around 85 billion euro (£59.5 billion).

Government spokeswoman Olga Gerovasili conceded there is a clear rift within Syriza, but would not say whether rebels would be expelled.

"From this point on, party procedures will be followed in order to deal with the problem," she said after the vote.

Greek MPs prepare for second bailout deal vote

Credit: Reuters

The Greek parliament will vote today on a second set of reforms needed to secure its bailout deal.

If MPs approve the financial and judicial reforms, Greece will be able to forge ahead with negotiations for an €86 billion bailout from its creditors.

Prime Minister Alexis Tsipras rallied his Syriza colleagues earlier this week , saying the Greek people had "pinned their hopes" on staying in the euro.

The vote is expected to pass with the support of opposition parties.

Load more updates