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A new dawn for Greece? Photo AP

Welcome to our rolling coverage of the eurozone, following  a narrow victory for parties supporting the bailout in Greece’s election. By Tom Burgis and John Aglionby in London and Shannon Bond in New York, with contributions from FT correspondents around the world. All times are London time.

23.40 Alright folks, we’re wrapping up for the night, but you can keep up with the latest developments on Here are some of our top stories from Monday:

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It was as if a magician’s wand had waved away the crisis. Shortly after
midnight, central Athens erupted in joy. Car horns blared and strangers
embraced in the darkness. Over the past 24 months of debt-driven
disaster, I’ve never seen Greeks so happy.

At the Euro 2012 football tournament, Greece had just defied the odds and
beaten Russia 1-0 in Warsaw’s national stadium. Amazingly, they’ve made
it to the quarter-finals and the nation is celebrating. Read more

Daniel Garrahan reports from Athens on whether Sunday’s poll will produce a leader that can keep the country in the euro.

A family beg on the street on June 13 in Athens. Oli Scarff/Getty Images

A family beg on a street on in Athens, June 13, 2012. Oli Scarff/Getty Images

On Sunday, Greeks will go to the polls for the second time in two months. The inconclusive election of May 6, in which no single party gained more than 20 per cent of the vote, reflected the views of an electorate deeply disillusioned with the two political parties that had taken turns to govern Greece since the end of military dictatorship in 1974 – New Democracy on the centre-right, and Pasok on the centre-left.

The far-left Syriza coalition, led by a young firebrand called Alexis Tsipras, surged into second-place, striking fear into the heart of Brussels with a promise to challenge the consensus that Greece had to stick to stringent austerity in order to please its European paymasters.

Billed as the election that could decide Greece’s fate in the eurozone, voters face an almost impossible choice this weekend – between the parties of an old, inept political order, and something new but untested. Here is some of the best news, analysis and comment on the subject from the FT and elsewhere: Read more

Another tumultuous week for the eurozone

Spain reluctantly accepted a bailout for its struggling banks last weekend but it has not restored market confidence – the government’s borrowing costs have soared to their highest level since the birth of the euro. Meanwhile Greece is holding a general election this weekend. No party is likely to win an overall majority, the country’s exit from the eurozone is a distinct possibility and as much as €500 million is leaving its banks each day. Gideon Rachman is joined by Victor Mallet in Madrid, Kerin Hope in Athens and Chris Giles in the studio to discuss the crisis. Read more

Tony answers a selection of questions about Greece’s upcoming rerun election that were submitted by our readers on Facebook, Twitter and Google+.  Read more

Cypriot and EU flags in the city of Nicosia. PATRICK BAZ/AFP/GettyImages

Cypriot and EU flags in the city of Nicosia. Patrick Baz /AFP/GettyImages

Sometimes it’s easy to forget that the Greek crisis is not just financial in nature. It has geopolitical implications that extend beyond whether or not Greece remains in the eurozone.

There is, for example, the potential impact on one of Europe’s longest-running territorial disputes: Cyprus. Whatever events unfold in Greece after next Sunday’s election, the Greek Cypriot-controlled state of Cyprus will continue to be vulnerable because of its financial system’s massive exposure to Greece and because of its decision last year to turn to Russia for a €2.5bn loan. Read more

Well, when I say ‘We’, I mean the Financial Times, and to be more specific, a group of Europe specialists who work at the Financial Times. Yes. The FT has published its very first ebook [drum roll here], which means that even when you are lying on a beach in the middle of nowhere with nothing but a Kindle, Nook, iPad or other branded e-reader in your sandy hands, you can still tickle your braincells with FT content and feel yourself grow more knowledgeable about a multitude of things. Read more

It’s EUROPE’S SCARIEST CHART (against some pretty stiff competition): Spanish youth unemployment above 50 per cent! One in two young Spaniards on the scrapheap! Packs of ravening wolves roaming the streets of Madrid!

Prepare to be terrified:

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Costas Mitropoulos, chief executive of the Hellenic Republic Asset Development Fund, otherwise known as Greece’s privatisation agency, is the most eloquent advocate of selling off state property I have ever met. Once he actually starts doing it, he will be an unchallenged master of his craft. Read more

By Tony Barber, Europe Editor

Greece, teetering on the precipice of the eurozone, is to hold a parliamentary election on June 17. This will be its second such vote in 43 days. A depressing insight into the country’s political paralysis was provided by transcripts of discussions that President Karolos Papoulias, Greece’s head of state, held with party political leaders on May 13 in an attempt to resolve the impasse.

These transcripts (made public by the president’s office) would make you roar with laughter – if you weren’t weeping in despair at the petty-mindedness, stupidity and shamelessness of some of Greece’s politicians. Read more

Dr Jan Fidrmuc, Department of Economics and Finance and Centre for Economic Development and Institutions, Brunel University

Anti-austerity protestors take to the streets in central Athens earlier this year. Getty Images

Anti-austerity protestors take to the streets in central Athens earlier this year. Getty Images

Following the rejection of EU imposed austerity measures by the overwhelming majority of Greek voters, eurozone finance ministers have once again come to Brussels to try and save the single currency in what is being described as a ‘crucial 48 hours’.

Two thirds of the Greek electorate voted for parties opposed to the austerity measures required by the European Commission, ECB and IMF as a precondition of a further bailout; despite the outgoing government pledging to adhere to these measures.

Without compromise either by the Greeks accepting austerity measures or the EU offering concessions on the proposed package, another election is inevitable. In this case the bailout package will be suspended, Greece will default on its debt and an exit from the eurozone may follow. None of this will offer much respite for the struggling Greek economy.

In the past the EU offered concessions to voters having rejected EU treaties, however this time there is little political will, and not only in Germany, to offer sweeteners to the Greeks to help them swallow the bitter pill of fiscal adjustment.

Why then are the Greeks fighting against the support from the EU? And should the rest of the EU let them resist or should they be offered a sweeter deal after all?

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REUTERS/Kai Pfaffenbach

REUTERS/Kai Pfaffenbach

Today we’re looking at Greece. Yup, again. But over the last week, the possibility that the Mediterranean country of 11 million people might actually leave the eurozone – a scenario long considered taboo – has become increasingly plausible. European policymakers and central bankers have gone from repeated assurances that a ‘Grexit’ would never, EVER happen, to a gradual admission that, yes, it’s possible. And if that’s the case, then the threat of contagion to the larger eurozone economies of Spain and Italy – and thus the broader single currency project – is magnified. Much will rest on the outcome of fresh elections in Greece on June 17. In the meantime: Read more

The eurozone crisis is back with a vengeance. In a Bloomberg poll published on Thursday, 57% of 1,253 Bloomberg subscribers said they believed at least one country would abandon the euro by year-end. No prizes for guessing which country they might be thinking of.

Greece’s political landscape shifted drastically after support for its two biggest parties collapsed in the general election, propelling the far left Syriza party into the spotlight. Spain, meanwhile, is set to miss its budget deficit target for this year and the next. The government also had to part-nationalise the troubled Bankia.

We rounded up the best reads on Spain for you last week. Now we take a look at one of the other countries currently at the centre of the crisis – Greece – and give you the top analysis and comment from the FT and elsewhere. Read more

So says, well, the IMF in the staff report produced as fodder for the executive board to OK a €28bn loan to Athens on Thursday.

Not only is the Greek programme itself on a knife-edge – super-sensitive to yet more growth shortfalls, doubts over political commitment to implementation, the usual – but the Fund is close to the limits of its own flexibility on how much it can lend to a single country, under its snappily-named “exceptional access” criteria. Read more

Angelos Tzortzinis/Bloomberg

Welcome back to our continuing coverage of the eurozone crisis. By Esther Bintliff on the world news desk in London, with contributions from FT correspondents around the world. All times GMT.


18.45 That’s all from the live blog for tonight, but you can keep up to date with all the latest news and analysis on We’ll leave you with a summary of events today:

  • Investors holding 85.8 per cent of Greece’s private debt agreed to participate in the country’s €206bn debt restructuring
  • The Greek cabinet approved the use of collective action clauses (CACs), to force recalcitrant investors who own bonds under Greek law to take part in the swap
  • Once the CACs are activated, participation will rise to 95.7 per cent, the level that Greece’s troika of lenders say is necessary if the country is to cut its debt to 120 per cent of GDP by 2020
  • Eurozone finance ministers held a conference call, in which they agreed to release up to €35.5bn ($47bn) in bailout funds to help fund the debt swap
  • Spanish trade unions voted for industrial action at the end of March
  • And finally, the International Swaps and Derivatives Association began their meeting at 13.00 to discuss whether the debt swap constitutes a credit event, which would trigger credit default swaps. At the time of writing, we still didn’t know the answer.

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Welcome to our live coverage of the eurozone crisis.

By Tom Burgis and Esther Bintliff on the news desk in London, with contributions from FT correspondents around the world.

All times are GMT. This post should update automatically every few minutes, but it may take longer on mobile devices.

19.15: That’s it for the liveblog for today. Follow through the evening for analysis of the day’s developments and more news of the deal as we get it. A few top stories from today to keep you going in the meantime:

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