eu

Senior European Union (EU) officials are set to meet later on Monday to discuss the eurozone's continuing debt woes.

Ignis' chief economist Stuart Thomson has said it is a "virtual certainty" Greece will default despite its move to implement the latest austerity plan.

European banks and finance officials are discussing a proposal to replace existing Greek debt with a different type of bond to get around ratings agencies' reservations about a planned rollover, Reuters reports.

The FTSE 100 jumped 1.5% this morning, reversing the losses of yesterday afternoon's session.

The European Union said Greece will not be allowed to default because of the weak state of the region's banking system.

The European Union (EU) is preparing to restructure Greece's rescue package after ministers publicly acknowledged it would need further assistance.

Portugal's finance minister said its €78bn EU rescue package will push the country into recession this year.

Portugal has become the third nation to ask the European Union for financial assistance.

The Treasury and the FSA are proposing to extend the regulator's powers to discipline firms who flout EU regulations or decisions made under UCITS IV.

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