The Financial Times

With banks in Greece closed since 29 June and cash withdrawals rationed at up to EUR 60 per day, the Bulgarian lev has gained the status of a 'dependable and stable' currency at shops, hotels and restaurants in northern Greece, the Financial Times has said.

According to the Financial Times, Greece’s battered banks are “preparing contingency plans for a possible ‘bail-in’ of bank accounts, in case the country doesn’t enter into a bailout scheme soon.

The Financial Times puts the Greek crisis in perspective with this chart showing how the Greek crisis ranked compared to others in history.

The international press is focused on Greece’s negotiations with the International Monetary Fund, European Commission and European Central Bank. The Guardian focused on the warning issued by Bank of Greece Governor Yiannis Stournaras who wrote a report stating that Greece was on the brink of an “uncontrollable crisis”.

The Financial Times leaked Greece’s new debt restructuring plan, stating that the new agreement to complain its 172-billion-euro bailout program that was presented to Prime Minister Alexis Tsipras on Wednesday night contained no promise of debt relief.

The Financial Times reports that the proposals sent by Athens to creditors have nudged a little closer to the positions of the International Monetary Fund (IMF).

Leaders of the political parties that will run in the June 7 elections have geared up their elections campaigns with consecutive public rallies, as well as media interviews, in order to reach more people and garner more votes, with less than 10 days to go until polls. 

Hopes that some progress has been made in ongoing negotiations between Greece and its creditors were mitigated on Tuesday as Athens indicated that differences between the International Monetary Fund and the European Commission were obstructing progress.

Greek bond yields rose on Tuesday on reports that the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns.

The Financial Times reports that the Greek epic continues in an article titled “Mythology that blocks progress in Greece.” The article states that the Greek drama won’t end well unless “the people involved do not recognize that they are clinging on to myths” and then presents six of these that pose intellectual and emotional obstacles to reaching a solution.