The International Monetary Fund has backed down on its calls for Greek debt-relief, saying that debt restructuring rather than debt forgiveness should be used to help the country to cope with the strain of repaying its international creditors.
It is still unclear whether the IMF will participate in Greece's third bailout, it had previously said that it would not contribute without Greece being given some form of debt relief.
Speaking to a Swiss newspaper, IMF managing director Christine Lagarde said, "The debate on cancelling the debt has never been open, I don't think it is necessary to open it if things go well."
"We are talking about extending maturities, reducing rates, (making) exemptions for a certain period of time. We are not speaking about cancelling debt."
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Asia-Pacific markets remain volatile, the Shanghai and Shenzhen indexes fell by 2.6% and 2.3% overnight, while the Hang Seng in Hong Kong also fell by 1%.
Over the weekend Stanley Fischer, the Federal Reserve's vice-chairman said that the bank's officials are monitoring the situation in China as the US considers an interest rate increase.
He said that other economies are being followed “even more closely than usual,” but there is still reason for the bank to consider an interest rate hike to help the bank to meet its 2 percent inflation target.
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New rules to cut down on tax avoidance by high earners raised €60m for the Irish exchequer in extra taxes paid by more than 900 individuals earning six figure incomes in 2013.
This was mainly facilitated by tax rules which were introduced eight years ago, and broadened in recent years.
The Irish Times reports that 270 of these individuals could have completely avoided paying tax in the past.
The most popular reliefs used include capital allowances for property-based incentive schemes for hotel developments, nursing homes and urban renewal projects.
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Pretax profits at Zara's Irish outlets increased by 33 percent to €4.79m in 2014.
The Inditex high street brand hopes to grow its Irish presence, the directors' report says that the company "plans to open further stores as soon as opportunities arise" in Ireland.
Meanwhile its Pull and Bear stores recorded a 43% increase in its pre-tax loss, rising from €596,000 to €852,000.
