Greece Economy News

The International Monetary Fund will not join the Greek bailout programme but will likely accept a special advisory status with limited powers that keeps it at the table, two senior sources with direct knowledge of the proposals said.

In a campaign speech in the northern town of Thessaloniki, Tsipras offered no new policy ideas but pledged thousands of new jobs and an attack on corruption.

The figures showed second quarter growth up 1.4 per cent compared to the same period the previous year.

"The political system must be responsive to the feelings of society," Tsipras told ministers according to a government note. 

"Of course, I personally gave the order to prepare a team to prepare a defence plan in case of emergency," Tsipras told parliament. without elaborating.

A first set of reforms that focused largely on tax hikes and budget reforms triggered a rebellion in his party last week and passed only thanks to votes from pro-EU opposition parties. 

Queues formed outside bank branches in central Athens as people waited to take care of business frozen during the three week-long bank holiday.

The increase corresponded to the amount requested by the Bank of Greece, Draghi said. 

"I am prime minister because I have a parliamentary group that supports me. If I do not have its support, it will be difficult to be prime minister the day after," he told the lawmakers, according to the official.

Having staved off financial meltdown with a new agreement from Greece`s international creditors, Tsipras now faces the anger of lawmakers and the public for agreeing to measures much tougher than those rejected in a referendum on July 5. 

Ongoing developments in Greece have only indirect implications for India and their impact, if any, is difficult to quantify, Finance Secretary Rajiv Mehrishi said on Monday.

Britain will do "whatever is necessary to protect its economic security", a government spokesman said Monday after Greeks voted overwhelmingly against austerity in a referendum that could send them crashing out of the eurozone with unknown consequences.

Supporters of Greece`s bailout terms have taken a wafer-thin lead over the "No" vote backed by the leftist government, 48 hours before a referendum that may determine the country`s future in the euro zone, a poll showed.

Greek Prime Minister Alexis Tsipras has written to creditors saying he is ready to accept bailout terms but has insisted on several further conditions, European sources said Wednesday.

She said that this applied regardless of whether new offers were made on Tuesday, suggesting it was now too late to vet them. Merkel placed the blame on the Greek government for allowing its bailout programme to expire tonight.

India Inc on Tuesday said the country's economy is comfortably placed to deal with risks that might arise in case Greece defaults on the debt repayment due to the International Monetary Fund.

Eurogroup ministers cut short an emergency meeting summoned to approve an agreement after little more than an hour because there was no deal ready for them to discuss.

Greek Prime Minister Alexis Tsipras was summoned to Brussels for a decisive meeting with key EU-IMF creditors Wednesday as eurozone finance ministers try to finalise a debt deal and avoid a default by Athens.

Crisis-hit Greece is in the "final stretch" of negotiations with creditors and could reach agreement shortly, Finance Minister Yanis Varoufakis indicated Wednesday.

Euro zone finance ministers will discuss how to hand a looming Greek default at a meeting on Monday unless Athens submits new proposals in the loans-for-reforms talks, EU officials said.