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“Negotiations on a memorandum of understanding should now progress as swiftly as possible”.

The Greek parliament approved the measures in a vote, that fractured Mr. Tsipras’s ruling Syriza party, which was elected in January on an anti-austerity platform, only to betray it this week. He suggested, that Greece might be better off, leaving the euro, which would...

The European Central Bank plans to make a decision Thursday on whether to increase the level of so-called emergency liquidity assistance it provides to Greek lenders.

As for Greece, as Ambrose Evans-Pritchard noted in The Daily Telegraph, we may have reached “a cataclysmic end that nobody planned, nobody seems able to escape, and that threatens to shatter the great European order in the process”. However it’s unlikely to...

The ECB is now keeping Greek banks – and by extension the Greek economy – afloat via its Emergency Liquidity Assistance, or ELA, facility.

The finance ministers would then hold a conference call to discuss whether the request was viable.

“In this context, the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA“.