Eurozone crisis: Update on Greek bailout deal

Eurozone crisis: Greek government claims EU bailout deal is close

Financial markets in Europe had been unsettled by concerns that the talks would break down completely and by the warning from the credit rating agency Moody's that it was considering downgrading 114 European banks, including HSBC, Barclays and Royal Bank of Scotland.

"... Greece's private sector creditors take losses of about 70% on their investments, but some analysts believe that even this will not be enough to make the debts sustainable. The European Central Bank, it emerged today, will not be required to take losses on its €50bn holdings of Greek government debt."

Well, it is sooner or later, haircuts will go to ECB. And 70% is not enough, so, should it be ... 100%.

Greece is being forced out of eurozone, Venizelos claims

Iran threatened to add to Greece's economics woes when Tehran said it was prepared to cut off oil supplies to six European countries in retaliation for Europe's latest sanctions.

Sir Mervyn King, governor of the Bank of England, identified Europe as the biggest threat to the UK's still- faltering recovery from the 2008-09 recession but added that an oil shock from Iran had the potential to raise inflationary pressure.