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“The political mandate of the January 25 elections has exhausted its limits and now the Greek people have to have their say”, Tsipras said in a televised address Thursday night.

In Berlin, the government said it expected Athens to press ahead with its reform agenda and the finance ministry said aid disbursements would be delayed should the elections cause any delay in an examination of the programme.

His U-turn in accepting the demands by the country’s creditors led to outrage among hardliners in his Syriza party, with dozens voting against him during the bailout’s ratification in parliament last week.

The new three-year bailout package – Greece’s third bailout in little more than five years – is worth a total of 86 billion euros ($96 billion), and the gradual disbursement of funds depends on the Greek government implementing a series of reforms, including...

The German parliament has approved a third bailout deal for Greece by a large margin.

Mr Schaeuble says he backs the new bailout deal – although he had earlier put forward a plan for Greece to take a “time out” from the euro, in order to stabilise its precarious finances.

The German economy gained modest ground in the second quarter, expanding by 0.4 per cent compared with 0.3 per cent in the first three months of the year, but the French economy ground to halt. Output had been expected to rise by 0.2% following growth of 0.7% (revised up from...

The Athens stock exchange closed down 2.44pc at 643.86 yesterday, after falling by as much as 4.4pc, while an index of the country’s top four banks fell 25pc to 246.50. To avoid defaulting on it, Greece would need money from the bailout program it is negotiating or, short...

Greece’s main stock index plunged over 22 percent as it reopened Monday after a five-week closure, giving investors their first opportunity since June to react to the country’s latest economic crisis.

“I would be the last person to want elections, if I had the secured parliamentary majority to make it through to the end of the four-year term”, he said in an interview with Sto Kokkino radio station.

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