Eurozone

Finance Minister Yanis Varoufakis and the President of the European Central Bank, Mario Draghi, in Frankfurt have concluded their crucial meeting in Frankfurt shortly after 11.00 am (Greek time) on Wednesday.

By Jeff Black & Georgios Georgiou

There was a time when a Cypriot on a moderate income could take a gamble on foreign real-estate worth more than his life savings.

Finance Minister Yanis Varoufakis has proposed that the Organization for Economic Cooperation and Development (OECD) replace the auditors representing Greece?s so-called troika of international creditors, Kathimerini understands.

As Financial Times report the European Central Bank resists Greek new government’s latest bailout plan.

Greece needs a long-lasting funding agreement to avoid having its credit rating downgraded, a Fitch representative warned on Tuesday.

Press reports on Tuesday fuelled speculation over an extraordinary Eurogroup meeting on Feb. 11 to focus entirely on the Greek issue.

European Central Bank funding to Greek banks rose 47 percent in January from a month earlier, Greek central bank data showed on Tuesday, as deposit flight squeezed liquidity and forced the country?s lenders to increase their borrowing from the ECB.

ECB lending to Greek banks against collateral rose to 82.24 billion euros in January from 56.04 billion euros in December.

Following Greek government's decision to abandon its request for a "haircut", the markets took a breather.

Also opens the way for meetings between the Greek Minister of Finance and the ECB President as well as with his German counterpart.

The decision led to a rally in the Greek stock market and crated declines in yields on Greek bonds.

Greece?s proposal to swap its foreign debt for growth-linked bonds is a disguised form of debt forgiveness, the leader of Germany?s Euroskeptic Alternative for Germany (AfD) party told Reuters on Tuesday.

Fresh talk of a third international bailout for debt-hit Greece spread through European capitals on Tuesday, despite Brussels insisting it was far too soon to start discussing any new rescue package.