Eurozone finance ministers will discuss new proposals from the Greek government today in an attempt to agree new bailout terms after the country failed to make yesterday's €1.6bn repayment to the IMF.
The Greeks are the first Western economy to default on an IMF loan, the body's managing director, Christine Lagarde will report to the global lender’s board that Greece is "in arrears."
Yesterday Greece submitted a plan to its creditors for a two-year deal to spread-out its repayments just hours before it failed to make the loan repayment.
The proposal was announced in a statement released by the office of Greece's Prime Minister Alexis Tsipras.
"The Greek government proposed today a two-year deal with the ESM (European Stability Mechanism) to fully cover its financial needs and with parallel debt restructuring," it said.
The statement added that Greece "remains at the negotiating table" and that Athens will always seek "a viable solution to stay in the euro."
______________________________________________________________
A new report from property agent CBRE has predicted that Irish companies will lead the next phase of office lettings in Ireland.
To this point Ireland's economic recovery has seen international tech and financial firms buying up major developments in the capital - the report notes that "much of the larger requirements in the market have been satisfied."
It continues, "As a result, tenant demand has weakened a little over recent months with most current active requirements relatively small in size."
______________________________________________________________
China's manufacturing sector has stalled according to the HSBC/Markit purchasing managers’ index, it rose marginally from 49.2 to 49.4 in June.
Any number under 50 means contraction, the reading comes as consumer demand weakens across the economy.
The report suggests that further "stimulus measures" will be required to return to growth and to create new jobs.
______________________________________________________________
Ladbrokes Ireland’s examiner has backed its parent company's rescue plan - saying that it trumped alternative proposals by other companies, including Boylesport.
Kenneth Fennell, the examiner appointed by the High Court told creditors that he favours the UK company's plan which will see 60 of the company's 196 betting shops close across the 26 counties.
Boylesport's offer was reported to be valued at €25m, and it is believed that it involved less shop closures and fewer job cuts.
The examiner will finalise a rescue plan by July 29th.
