Emergency Economic Stabilization Act

The coalition’s search for a finance minister to replace Yannis Stournaras continued but it appears that the drawn-out cabinet reshuffle has put paid to Greece’s chances of receiving the next 1-billion-euro installment of its bailout package from the eurozone later this month.

Former Finance Minister Giorgos Papaconstantinou issued a statement on Tuesday denying claims that the International Monetary Fund’s ex-Managing Director Dominique Strauss-Kahn had insisted that the Greek debt be restructured as part of the bailout deal signed in May 2010.

 'Anyone who wants to stay in the eurozone must follow the rules,' German finance minister says German Finance Minister Wolfgang Schaeuble pictured at Zappeio Hall.

By Xenia Kounalaki

Additional bailout funding on the way to Greece

By Corina Ruhe, Nikos Chrysoloras & Rebecca Christie

Euro area finance chiefs will decide tomorrow on the amount and pace of Greece’s next aid payments, Dutch Finance Minister Jeroen Dijsselbloem said.

Moody's, one of leading rating agencies, has reassessed the outlook of Cyprus to positive.

The agency cited an unexpected fiscal and economic performance over the past year as a reason, Deutsche Welle has reported.

By Emelia Sithole-Matarise

Greek yields fell sharply on Tuesday after Athens and international lenders struck a deal to unlock the next tranche of emergency loans following protracted negotiations.

Germany is considering giving Greece more leeway to decide itself which reforms to take if it requires a third bailout package, a German daily reported on Tuesday, citing government sources.