Greece blinks first: Broke nation finally bows to EU demands for austerity measures

In a showdown over the fate of Greece, Europe’s most powerful figures have descended on Brussels to make a long overdue decision over a bailout package for Athens in crisis talks this evening.

The move raised hopes that an imminent Greek exit from the euro could be averted by an agreement to continue international bailout funding for a further six months.

In a statement the Eurogroup said: “The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process.”

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