5.37pm BST

The European Commission has said it believes a deal on a third Greek bailout in time for 20 August, when the country has to pay €3.2bn to the European Central Bank, is possible.

Reuters has received a statement from EC spokeswoman Mina Andreeva in response to earlier comments from Greek finance minister Euclid Tsakalotos that the talks could be concluded this week.

The European Commission is encouraged by the progress made so far. We are moving in the right direction and intense work is continuing.

The constructive collaboration with the Greek authorities should allow the negotiations on a new three-year programme to progress rapidly.

5.30pm BST

A day after the Athens market recorded a 16.2% collapse, the first day it had opened for five weeks, it fell back again but only by 1.22% as some signs of normality returned.

Returned everywhere, that is, except to the Greek banking sector, which saw leading banks lose around 30% for the second day running on the prospect of the banks being recapitalised after savers withdrew their cash in waves this year before the introduction of capital controls.

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Source: The Guardian Circular Economy RSS