Greek deal in sight as Germany bows to huge global pressure for debt relief

Angela Merkel faces a defining moment in her political career as chorus of voices push for Greek debt relief

Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.

In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight.

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Greek Election: Syriza Party Leads Exit Polls

The straw that could break the EU’s back. Germany, the powerhouse that runs Europe, is no doubt watching this closely.

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Polls have closed in the Greek elections which could see the radical leftist Syriza party take power, that has pledged to ditch painful austerity measures imposed during the economic crisis.

It is leading exit polls ahead of the official election result with between 35.5% and 39.5% of the vote, compared to between 23% and 27% for the New Democracy party, led by incumbent Prime Minister Antonis Samaras. Continue reading