Late-2000s financial crisis

Former US Treasury Secretary Henry Paulson said he expects Greece and other euro-area nations to reach a deal on the country?s bailout that will keep it in the currency bloc.

The European Central Bank on Wednesday approved an additional 2.0 billion euros in liquidity for Greece’s systemic banks via the Emergency Liquidity Assistance (ELA) mechanism, raising the mechanism’s ceiling to 78.9 billion euros from the previous figure of 76.9 billion euros last week.

Greece was to submit Thursday to its creditors a list of reforms order to unblock critically-needed bailout funds, a government source said.

But the hard-left government of Prime Minister Alexis Tsipras insisted it would not back down from 'red lines' on labour protection and wage cuts.

Greece says it will discuss with its creditors on Thursday a draft bill of reforms it hopes will earn their approval and pave the way for the unlocking of vitally needed bailout funds.

By Nikos Chrysoloras

Greece's cash-strapped government may get a brief respite in yet another looming debt payment next week thanks to a public holiday.

As Prime Minister Alexis Tsipras's government struggles to pay pensions and salaries at the end of the month, the May 1st public holiday may give its depleted coffers a break.

By Yiannis Papadoyiannis

The governing council of the European Central Bank on Thursday stuck to the pattern established in previous weeks as it marginally expanded ? by 1.2 billion euros ? the cash available to Greek lenders in emergency liquidity assistance (ELA) via the Bank of Greece, as they struggle to cope with the continued deposits outflow.

A senior member of German Chancellor Angela Merkel's conservative bloc announced Tuesday he was stepping down in a dispute over the government's response to Greece's debt woes.

Peter Gauweiler, a well-known euroskeptic and outspoken critic of euro bailout funds, said he was quitting both his seat in parliament and his position as his Bavaria-based party's deputy leader.

By Yiannis Papadoyiannis

Pressures on Greek bank deposits have continued in March, with sector officials estimating that households and enterprises have withdrawn a net 3 billion euros in the first weeks of this month.

Greece and the European Union could reach a deal as early as this week to allow the release of badly needed aid funds for Athens, European Parliament President Martin Schulz said Tuesday.

By Manoj Kumar

Greece needs to implement structural reforms, International Monetary Fund Managing Director Christine Lagarde said on Monday, echoing other international creditors who have urged Athens to implement reforms to secure urgently needed funds.