Greece deal News

Greece in July accepted a three-year, 86-billion-euro (USD 93-billion) EU bailout.

Greece is set to receive the first instalment of its third multi-billion-euro bailout Thursday, just as a key repayment to the European Central Bank falls due.

Greece has reached a deal on a multi-billion bailout with its international creditors after marathon talks, a government source said Tuesday.

Greece expects debt reduction from its international creditors after a first assessment of reforms under its new bailout obligations concludes in November, Prime Minister Alexis Tsipras said Wednesday.

The Greek stock market will reopen on Wednesday or Thursday after a month-long shutdown but with restrictions on trading by local investors at the request of the European Central Bank, the Greek securities regulator chairman told Reuters on Tuesday.

The head representatives of Greece's international creditors will return to Athens for the first time in nearly a year to oversee work on the country's new bailout, a finance ministry source said today.

The race is on between the U.S. and British central banks to be the first major economy to raise interest rates after a long period of unprecedented monetary generosity.

Following is a timeline of events in the Greek crisis from the July 5 referendum on austerity to Friday`s thumbs up by German lawmakers to talks on a third bailout.

When Greek leaders began a shift in policy last year to ease themselves out from under the tutelage of foreign creditors, they hoped it would bring economic as well as political gains.

Germany`s parliament prepared to vote on a fresh Greek bailout Friday, a crucial test of support for the deal after ECB boosted emergency aid to the crisis-hit country and eurozone nations agreed to crucial short-term funding.

As dawn broke in Brussels on Monday, Europe's frazzled leaders gazed into an abyss: the looming exit of Greece from a common currency that symbolized European unity.

Speaking in parliament before the vote, Tsipras made clear he was supporting the package against his will but there was no alternative if Greece was to avoid financial collapse.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged Tsipras to abandon promises of ending austerity.

Greeks were bracing Monday for the effects of the tough terms of an agreement that secured the country`s third bailout in five years, with many rejecting them while others said they were necessary to stay in the euro.

Greeks greeted news of a deal with creditors on Monday with a measure of relief mixed with much anger, particularly at Germany, after it became clear Greece will have to swallow more austerity that could fracture the government and spark a backlash.

Indian market gave the Greece deal a big thumbs-up with the Sensex rising 300 points for the second day to 27,961.19 driven by across-the-board buying activity and tracking upbeat global stocks.

French President Francois Hollande on Friday welcomed the latest proposals from Athens on a fresh bailout plan as "serious and credible".

Greece was appealing to its euro zone partners and the European Central Bank on Wednesday to keep it afloat after defaulting on its debt to the International Monetary Fund and losing frozen international bailout money.

Shares of Indian companies with exposure to Europe faced selling pressure on Monday amid worries over the Greek debt crisis.

Greek debt will miss debt targets set out by creditors in 2012 but an analysis prepared for euro zone finance ministers shows its debt burden is still sustainable without writing off principal -- if Greece gets another three-year bailout.