The International Monetary Fund’s devastating critique of the terms facing Athens Continue reading...

Latest data shows wages increase by more than 3% but jobless rise causes concern that employers have to shell out more due to dearth of skillsBritain enjoyed a bumper pay rise in spring, with average earnings 3.2% higher in the period from March to May 2015 than a year earlier, highlighting the increasing skills shortages forcing employers to offer higher wages.But the better earnings figures, from the Office for National Statistics, came as unemployment rose for the first time in two years, sparking fears that Britain’s booming labour market has lost some of its momentum. Continue reading...

A brutal assessment of the bailout terms facing Athens by the International Monetary Fund calls for substantial debt relief for a further 30 yearsJust hours before the Greek parliament’s crucial vote to push through fresh austerity measures required by the new bailout plan, the International Monetary Fund released a devastating assessment of the beleagured nation’s finances.Warning that Greece will require far more generous debt relief than is currently on offer from its creditors, it predicted that public debt is likely to peak at 200% of its national income within the next two years.Related: Greek crisis: MPs debate bailout after IMF demands debt relief - live updatesRelated: Why the IMF should not aid a Greek bailoutRelated: Alexis Tsipras: bailout a ‘bad deal’ but the best Greece could get Continue reading...

As well as data, economic deals ultimately depend on the amorphous yet essential qualities of integrity, trustworthiness, and interpersonal chemistryToday’s decision-makers are supposed to embrace the virtues of big data, relentlessly pursue quantitative metrics, and then adhere to the optimal course of action that these powerful tools supposedly indicate. Yet if there is one thing that the Greek crisis has made clear, it is the importance of the human factor in negotiations. People and their personalities, and the way they perceive one another, can make small debts seem unserviceable or large debts disappear with a handshake.

Business secretary Sajid Javid to criminalise unlawful picketing, and make it harder for workers to strike legally and for Labour to get union fundingThe biggest crackdown on trade union rights for 30 years will be unveiled on Wednesday, including new plans to criminalise picketing, permit employers to hire strike-breaking agency staff and choke off the flow of union funds to the Labour party.It is clear the Tory ​​party ​high ​command intend to make Labour bankrupt by cutting off the main source of fundingRelated: Frances O’Grady: ‘My members are the wealth creators, but don’t get a fair share’ Continue reading...

Relief for squeezed households tempered by concerns that stronger pay growth could have knock-on effects for inflation and warrant an interest rate riseOfficial figures are expected to confirm that wage growth continues to pick up in the UK and has hit a five-year high, bringing relief to households after years of squeezed living standards.Economists polled by Reuters have pencilled in a 3.3% annual rise in average pay packets during the three months to May. At the same time, they expect unemployment to be held at a seven-year low of 5.5%. Continue reading...

All week this series looks at the questions Labour will need to answer if it is to win the next election. Today, what is the best size and shape of the state for the 21st century?The Hungarian mathematician George Polya had a rule for dealing with anything that looks intractable: “If you can’t solve a problem, then there is an easier problem you can solve: find it.” This applies in politics too. One of the hardest problems Labour faces is how to rebuild a reputation for economic competence when the Conservatives have successfully painted the opposition as unrepentant budget wastrels. To concede the point feels like surrender on enemy terms: accepting a mendacious account of what caused the financial crisis; signing up to cruel cuts. Yet to dispute the point looks like denial of political reality – blaming the voters instead of listening to them.So, following Polya’s maxim, how does Labour find a solvable problem within the unsolvable one? The trick is to take the Tories (momentarily) out of the equation. Posit super-benign circumstances in which there is no blame for the great crash and even George Osborne says all fiscal paths are equally valid. In this fantasy land the left would still have to confront failings of the Labour state that cannot simply be cast as inadequate funding or corruption by private enterprise.There is a vast political space between monolithic state control and a privatised market free-for-allRelated: Who should Labour speak for now? | John HarrisRelated: Britain won’t recover while its economy is dominated by magical thinking | Aditya Chakrabortty Continue reading...

Prime minister tells Greek TV he will not resign and defends his abrupt change of course over debt crisis

Greek prime minister tells state television that Sunday’s bailout deal was a bad night for Europe, but he won’t walk away.Read today’s Greek news live blog11.59pm BSTWe’ve now got hold of the new IMF report into Greece’s debt sustainability.And a quick perusal shows that the Fund has comprehensively obliterated the notion that this third Greek bailout will work, as it stands.Greece’s public debt has become highly unsustainable. This is due to the easing of policies during the last year, with the recent deterioration in the domestic macroeconomic and financial environment because of the closure of the banking system adding significantly to the adverse dynamics.The financing need through end-2018 is now estimated at €85bn and debt is expected to peak at close to 200 percent of GDP in the next two years, provided that there is an early agreement on a program. Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far.The events of the past two weeks—the closure of banks and imposition of capital controls—are extracting a heavy toll on the banking system and the economy, leading to a further significant deterioration in debt sustainability relative to what was projected in our recently published DSA.Medium-term primary surplus target: Greece is expected to maintain primary surpluses for the next several decades of 3.5 percent of GDP. Few countries have managed to do so. The reversal of key public sector reforms already in place— notably pension and civil service reforms—without yet any specification of alternative reforms raises concerns about Greece’s ability to reach this target11.41pm BSTThis is important. IMF says Greece needs 30yr grace period on its debt. Even bigger debt relief https://t.co/JRbGA8Wyn711.19pm BSTIMF won't take new #Greece programme to board unless there is a solution to debt problem11.19pm BSTTHIS IS IT. The IMF stating as bluntly as it can that Europe must decide between giving Greece a 30-year grace period to repay its debt, and accepting the reality that serious haircuts must be taken:IMF: Greece debt "highly unsustainable" - needs up front haircut or dramatic maturities extension and grace period pic.twitter.com/0YuWG2Va7j11.12pm BSTSome late breaking news: The International Monetary Fund has confirmed today’s leaked report which warned that Greece needs much more debt relief than the eurozone has accepted:Here’s the details;IMF on Greece: €85bn may not be enough due to optimistic surplus and growth targets: pic.twitter.com/6pEmtovW4710.43pm BSTHeads-up: the process of driving Greece’s bailout deal through parliament will start early:#Greece | Prior actions draft bill to be introduced to parliamentary committees and plenary tomorrow 0700 GMT.10.04pm BSTEven if you think Alexis Tsipras has misplayed the crisis, it’s hard not to be impressed by his composure in tonight’s interview.“Last night was a bad night for Europe.”“To be frank, here, they [eurozone countries] are not only forced to give fresh money, but to give 82 billion, and are accepting the restructure of debt.”“I am fully assuming my responsibilities, for mistakes and for oversights, and for the responsibility of signing a text that I do not believe in, but that I am obliged to implement,”“The hard truth is this one-way street for Greece was imposed on us,”That #Tsipras spoke of #Greece suffering post-traumatic stress at moment says all you need to know about what kind of w/e he had #Greece“The worst thing a captain could do while he is steering a ship during a storm, as difficult as it is, would be to abandon the helm.”So, hats off to @tsipras_eu at last?#Tsipras overarching theme: #Greece backed into corner. Doesn't believe in agreement. Bad night for Europe. But signed "to avoid disaster"9.20pm BSTWhat about the big question ahead of tomorrow night’s vote on the bailout -- might you resign?Tsipras says that “A captain cannot abandon ship” during a storm.

Fund’s leaked debt sustainability report shows that Greece’s public debt is likely to peak at 200% of national income within the next two years

Even if the country implements market reforms, VAT increases and pension cuts, its debt will still be too big to service, so why should the IMF contribute to a loan?

The Greek bailout saga reminds me of a story from antiquity about discussions (or, euphemistically, negotiations) between representatives of a powerful state, aiming to secure its empire and deter subjugated member-states from future rebellion, and a pesky weaker state, which is offered the choice between total destruction and the acceptance of the stronger state’s demands, viz payment of tribute and loss of sovereignty. The weaker state’s representatives invoke quaint notions such as justice and freedom in their arguments against personal and financial enslavement, but this is met with a lecture on the harsh truths of realpolitik (as we might call it): that questions of justice are only relevant “between those with an equal power to enforce it”, and that the sole question of relevance is “one of self-preservation – that is, not resisting those who are far stronger than you”. In the hope that they might somehow preserve their independence, the weaker state declines the offer then on the table, that of enslavement, only to be faced with no choice at all: their adult males are killed, their women and children enslaved, and their land and property expropriated.Such was the story told by Thucydides of the treatment of Melos by the imperial state of Athens in 416-15BC. While any parallels with current events must be drawn with caution (who could imagine that a modern European nation would impose collective punishment on its weaker brethren?), it is perhaps worth mentioning as a footnote that the Athenian empire was only to survive its destruction of Melos for little over a decade.

Bank of England governor spoke to MPs about the Greek crisis in a drawl that was so laid-back as to be threatening, while his colleague failed at simple mathsUrbane, tanned, decked out in accessories as featured in this month’s GQ and smooth. Very smooth. Mark Carney is the Milk Tray man de nos jours. While other European bankers have been getting into a sweat over Greece, the governor of the Bank of England gives the impression of a man who has just been on holiday there. Not even an imminent eurozone crisis could shift him from chilling on his sun lounger. Carney is a man who never worries about missing a pedalo, because there’s always another one coming along soon.So when Milk Tray man told the first meeting of this parliament’s Treasury select committee that “eyes would have to be kept open on this”, everyone knew the latest Greek bailout deal would almost certainly end in disaster. To prove his point, Carney raised his hooded eyelids a millimetre. “There are big execution risks,” he said in a Canadian drawl that was so laid-back as to be threatening. Greece might as well hand over the keys of the Parthenon to Germany right now.Related: Back to zero inflation: falling food and clothing prices drag rate back to 0% Continue reading...

UK chancellor says Britain paying towards bailout help is ‘non-starter’ but European commission considers idea of loan that would include £850m from UK

The Greek prime minister, Alexis Tsipras, must rely on the support of parties outside his coalition if the measures are to be approved by the house

With anti-EU Finns party in coalition, Helsinki may deny its minister mandate to agree to deal – but ECB and European commission could still drive it throughAlthough Greece and its creditors have yet to begin even negotiating Athens’ third bailout in five years – a three-year programme worth up to €86 bn – Finland already represents a problem as Helsinki may deny its pro-European finance minister, Alex Stubb, a mandate to agree to the deal.

Opposition politicians claim German chancellor and her finance minister, Wolfgang Schäuble, tried to split Europe on debt crisisAngela Merkel and her finance minister, Wolfgang Schäuble, have come under sharp attack at home for their handling of the Greek crisis talks, with some opposition politicians accusing them of blackmailing Athens.Ahead of a special session of the Bundestag on Friday at which Merkel, the German chancellor, will ask parliamentarians to support negotiations for a third bailout for Greece, some MPs accused her and Schäuble of deliberately trying to split Europe.Related: Greek debt crisis: IMF warns Greece needs deeper debt relief - live updates#BoycottGermany - they owe the Greeks billions - always remember the facts over the pro EU fiction pic.twitter.com/EIwn6U4e82Related: Measured, sober and sceptical: Germany reacts to Greece deal Continue reading...

Mark Carney’s remarks to the Treasury select committee had immediate impact on financial markets, while he also commented on Greece’s debt crisisAn interest rate hike in the UK is “moving closer”, the governor of the Bank of England told MPs in comments that have fanned market expectations that policymakers could start to tighten borrowing costs before the end of the year.Speaking to the Treasury select committee on Tuesday, Mark Carney also expressed misgivings about the euro project, the sustainability of Greece’s debts and the prospects for the embattled country’s economy in the wake of this week’s deal hammered out by leaders in the single currency union.Related: Back to zero inflation: falling food and clothing prices drag rate back to 0.0% Continue reading...

Greek prime minister in talks with own MPs amid speculation he could be forced to form a national unity government and sideline leftwing Syriza faction

Pressure loosens on Bank of England to raise rates as summer clothing discounts and supermarket price war cuts indexSummer clothing discounts pulled UK inflation back down to zero last month, bringing more relief to households and taking pressure off the Bank of England to raise interest rates any time soon.Official figures showed inflation on the consumer price index (CPI) measure dipped to zero in June, from 0.1% in May. That was in line with the consensus forecast in a poll of economists by Reuters, although some had predicted prices could be down on a year earlier and mark a return to the negative inflation recorded in April. Continue reading...

The eurozone should help stabilise Greece and help save Europe - instead the European project is being sacrificed on the altar of German public opinionWhatever one thinks about the tactics of Greek Prime Minister Alexis Tsipras’s government in negotiations with the country’s creditors, the Greek people deserve better than what they are being offered. Germany wants Greece to choose between economic collapse and leaving the eurozone. Both options would mean economic disaster; the first, if not both, would be politically disastrous as well.When I wrote in 2007 that no member state would voluntarily leave the eurozone, I emphasised the high economic costs of such a decision. The Greek government has shown that it understands this. Following the referendum, it agreed to what it – and the voters – had just rejected: a set of very painful and difficult conditions. Tsipras and his new finance minister, Euclid Tsakalotos, have gone to extraordinary lengths to mollify Greece’s creditors.Related: Measured, sober and sceptical: Germany reacts to Greece dealRelated: Greece put its faith in democracy but Europe has vetoed the result | Paul Mason Continue reading...

Treasurer says Australians can’t afford to be complacent but predicts fallout will be limited from China’s volatile stock market and Greece’s debt dealJoe Hockey is standing by his budget forecasts for China’s economic growth and predicts the upheaval in Greece will have a “minimal” impact on Australia.

Pressure eases on Bank of England to raise interest rates, and early summer discounting on high street could push prices lower than a year agoSummer clothing sales are expected to have pulled UK inflation back down to zero last month, bringing more relief to households and taking pressure off the Bank of England to raise interest rates any time soon.Economists expect official figures published on Tuesday morning to show inflation on the consumer price index (CPI) measure dipping back to zero in June, from 0.1% in May. Some economists in a Reuters poll forecast prices could even be down on a year earlier, especially if there was widespread and early summer discounting on the high street.Related: George Osborne is the master of all he surveys… except the economy | Andrew Rawnsley Continue reading...

Sunshine last month had a warming effect on clothing sales and helped retailers with increases in like-for-like salesA burst of summer sunshine boosted clothing stores last month and helped retailers bounce back as like-for-like sales rose by 1.8%, according to new figures.The year-on-year increase in June comes after a flat month in May and is the best rise in 18 months excluding Easter distortions, according to the British Retail Consortium (BRC) and KPMG’s Retail Sales Monitor. Continue reading...

Analysts believe Alexis Tsipras could lose power amid the backlash over the deep economic reforms, and asset sales, he agreed to in BrusselsFollow today’s Greek debt crisis live as Tsipras meets mutinous MPs11.52pm BSTPS: Another statement from the International Monetary Fund just arrived:“Following on the Managing Director’s participation in the discussions on Greece held in Brussels over the weekend, she briefed the IMF’s Executive Board on the outcome as reflected in the Eurozone Leaders’ statement published earlier today.The IMF stands ready to work with the Greek authorities and the European partners to help move this important effort forward.”11.48pm BSTAnd finally, here’s our news story on the political fight ahead:

Prime minister faces tough task to keep his Syriza party united, as former finance minister Yanis Varoufakis likens bailout proposal to 1919 Versailles treatyAlexis Tsipras was on course on Monday night to sway radical-leftist Syriza MPs to accept the most draconian rescue of a sovereign nation since the second world war, after the Greek prime minister accepted a third bailout programme that one analyst said came after a weekend of “gunboat diplomacy”.Related: Measured, sober and sceptical: Germany reacts to Greece dealRelated: Greece put its faith in democracy but Europe has vetoed the result | Paul MasonRelated: #ThisIsACoup: how a hashtag born in Barcelona spread across globe Continue reading...

The feeling among many Germans is that the same politicians are likely to find themselves in a huddle over the same issue again a few months down the lineFollowing a marathon 17 hours of talks in which the Greek prime minister accepted a third bailout programme, Angela Merkel emerged in Brussels tired but surprisingly well-tempered and focused.After 27 hours without a wink of sleep, and probably the longest meeting of her chancellorship, she told waiting journalists: “The advantages outweigh the disadvantages. The fundamental principles have been adhered to. I believe that Greeks can get back on to a growth trajectory.”Related: #ThisIsACoup: how a hashtag born in Barcelona spread across globeRelated: Tsipras and Merkel: polar opposites who depend entirely on each other Continue reading...

The EU has humiliated Syriza and ignored its referendum: now the only power the country has left is to implement what the lenders wantThe only thing certain about the aftermath of Sunday’s Euro summit is the disgrace of the political leaderships. The EU’s main powers tried to ritually humiliate the Greek government, but ruthlessness of intent was matched by incompetence when it came to execution. The German finance minister, Wolfgang Schäuble, threw on to the table a suggestion for Greece to leave the single currency for five years. Senior MPs from his coalition partner, the socialist SPD, screamed from the sidelines that they had not agreed to this – yet enough of Germany’s partners did agree to get the proposal into the final ultimatum.The Greeks were negotiating under threat of their banking system being allowed to collapse, a threat made by the very regulator supposed to maintain financial stability.Little did leftwing Greece understand how scant was the power its ministers actually wielded from their offices Continue reading...

The Greek deal is unfair and unlikely to work. Far from easing the pace of austerity, the agreement embeds it

Rather than celebrate the deal, newspapers and commentators see only losers, while in eastern Europe there is a lack of trust towards AthensThe German press saw little cause for rejoicing in the Greek deal that saw Angela Merkel and Wolfgang Schäuble push through their key demands in Brussels overnight. For many, the lasting damage to Europe has already been done.Related: Greek crisis: Tsipras returns to Athens to gather support for bailout deal - liveRelated: With Europe behind it, Greece is being pushed into further peril Continue reading...

Can these ambitious targets be met? Many economists think economic recovery could be hampered furtherPast Greek bailouts were accompanied by declarations that the deal on the table was realistic, comprehensive and good for both parties. There was confidence that Greece’s debts would soon be cruising back towards the target of 120% of GDP by 2020 and, long before then, the country would be able to finance itself in the markets.The tone is very different this time. The early-morning declaration from Brussels stressed “the crucial need to rebuild trust with the Greek authorities” and stated that “ownership [of the bailout and reform programme] by the Greek authorities is key”. Continue reading...

Last-minute deal to stop the country falling out of the single currency is almost certain to bring more misery, but is welcomed with quiet relief by GreeksGreece’s financial rescue came too late to save Dimitri’s business, but the 40-year-old reserved his anger not for the man who eventually signed off on more economic pain but the creditors who dictated the brutal terms.

After marathon talks to secure third bailout, Greek prime minister prepares for showdown with MPs opposed to deal described as harsher than Versailles treatyRelated: Greece bailout agreement: key pointsAlexis Tsipras is heading for a showdown with his own party and opposition MPs after the Greek prime minister accepted a third bailout programme that will bring further austerity to the debt-stricken country. Continue reading...

After a marathon summit, the 19 eurozone leaders have seen off the prospects of Grexit. Here are the main points that were agreedAfter almost 17 hours of talks in Brussels, Europe’s longest-ever summit, Greece and the rest of the eurozone have finally reached an agreement that could lead to a third bailout and keep the country in the single currency bloc.Alexis Tsipras, the Greek PM, conceded to a further swathe of austerity measures and economic reforms. Here is a summary of where he has had to compromise.Related: Greece and eurozone reach agreement in bailout talks Continue reading...

There is not the remotest prospect Athens can raise the money set out in the bailout terms, even with the enforced sale of national assetsKeynes never existed. The General Theory of Employment, Interest and Money was never written. Economic history ended on the day Franklin Roosevelt replaced Herbert Hoover as president of the United States.That’s the gist of the deal that keeps Greece in the euro, an agreement that will deepen the country’s recession, makes its debt position less sustainable and virtually guarantees that its problems come bubbling back to the surface before too long. Continue reading...

Some members of Greek prime minister’s Syriza party have already denounced bailout accord as harbinger of further catastropheFor the Greek prime minister, Alexis Tsipras, the hard work begins now. The rescue deal hammered out in Brussels may have brought relief to Athens but its battle-hardened government knows that it also comes at enormous cost.Within minutes of Tsipras giving his “victory” speech, some in his Syriza party were denouncing the bailout accord – the third emergency funding programme for the debt-stricken country since 2010 – as the harbinger of further catastrophe.Related: Greece and eurozone reach agreement in bailout talksRelated: Greek bailout: what happens nextRelated: Greece agreement is 'bad but still better than leaving the euro' Continue reading...

From the pressing issue of funding to meet debt repayments, to moving legislation through the Greek parliament, the next week holds multiple targetsAfter 31 hours of talks over one bad-tempered weekend in Brussels, European leaders announced they had an agreement on the Greek debt crisis – or ‘aGreekment’ in the unhappy addition to the Grexit lexicon favoured by Donald Tusk, the leader of the European Council.The snappy soundbites glide over the fact the eurozone has simply agreed to open negotiations on a €86bn (£62bn) bailout – a vital step to restore confidence in the euro, but essentially an agreement to have more talks. The deal that emerged on Monday morning must pass the test of the Greek parliament, the German Bundestag and the European financial system.

PM’s spokeswoman says he is prepared to consider making people pay into savings accounts to cover periods of illness or unemploymentDavid Cameron is prepared to look at making workers pay into flexible saving accounts to fund their own sick pay or unemployment benefits, Downing Street has confirmed.The idea was first floated by Iain Duncan Smith, the work and pensions secretary, who said he was “very keen” to have a debate about encouraging people to use personal accounts to save for unemployment or illness, even though it is not official government policy. Continue reading...

Bank of England credit conditions survey for Q2 found rate for £10,000 loan is just above 4%, with greater competition among lenders citedInterest rates on personal loans have dropped to the lowest levels on record in the latest evidence that the cost of borrowing is continuing to fall for consumers.While mortgage rates slumped to record levels in May when the Co-operative Bank launched a two-year rate at 1.09%, the Bank of England said rates on personal loans had also reached the lowest levels since records began 20 years ago. A £10,000 loan costs just above 4%.Related: Interest rates rise could derail recovery, Bank of England economist warns Continue reading...

The agreement reached in Brussels covers everything from VAT reforms and a civil service shake-up to who owns pharmacies and how milk and bread is soldThe Euro Summit stresses the crucial need to rebuild trust with the Greek authorities as a pre-requisite for a possible future agreement on a new ESM programme. In this context, the ownership by the Greek authorities is key, and successful implementation should follow policy commitments.

From the Balkans to the Baltic the marathon talks have carved deep divisions within the EU and left intense unease about Germany’s increasingly raw powerFor all the leaders involved, the past two days in Brussels will be hailed as the 48 hours that saved the euro. For many others from the Balkans to the Baltic, the brutal power plays pitting European leaders one against the other will signal instead the great damage being done to the single currency. And if historians are ever required to write the obituaries for Europe’s monetary union, they are likely to conclude that a weekend in July 2015 was the point when the serious illness afflicting the euro turned terminal.There were no signs of joy in Brussels on Monday morning when leaders emerged bleary-eyed and exhausted from a draining 17-hour summit that ran from Sunday afternoon through the night into Monday morning. It was believed to be the longest continuously sitting summit ever, preceded directly by five hours of eurozone finance ministers meeting on Sunday and nine hours on Saturday.Related: Greece and eurozone reach agreement in bailout talksRelated: Greece bailout agreement: the key points Continue reading...

Angela Merkel and Jean-Claude Juncker seek to justify their Greek bailout deal, but what kind of family asset-strips one of its members in broad daylight?The seemingly indestructible Angela Merkel can go without sleep, and still manage a half smile and speak about Greece’s wish to remain in “the euro family”. This may sound reasonable and pleasant. All families have their little local difficulties, don’t they? But they work through them. People see reason. When they are forced to.By infantilising Greece, Germany resembles a child who closes its own eyes and thinks we can not see it. We can. The world is watching what is being done to Greece in the name of euro stability.Related: Grexit may have been avoided, but divisions in Europe are growing | Mary Dejevsky Continue reading...

Greece and its eurozone creditors have reached a deal after all-night talks, but can we trust the decisions and deals of sleep-deprived politicians?The Greek government and its eurozone creditors have reached a deal after marathon all-night talks, but can we trust the decisions and deals of sleep-deprived politicians?Were the negotiators sleep deprived?Journalist takes picture of cameraman filming journalist sleeping pic.twitter.com/0TKfVl2SSPThe improvement of workers’ safety, hygiene and health at work is an objective which should not be subordinated to purely economic considerations.All workers should have adequate rest periods. The concept of ‘rest’ must be expressed in units of time, i.e. in days, hours and/or fractions thereof. Community workers must be granted minimum daily, weekly and annual periods of rest and adequate breaks. It is also necessary in this context to place a maximum limit on weekly working hours.Research has shown that the human body is more sensitive at night to environmental disturbances and also to certain burdensome forms of work organisation and that long periods of night work can be detrimental to the health of workers and can endanger safety at the workplace … Night workers whose work involves special hazards or heavy physical or mental strain do not work more than eight hours in any period of 24 hours during which they perform night work.

Talks stall on two points: IMF involvement in a new three-year bailout and a German demand for Greece to give up €50bn in public assets as collateralA marathon overnight negotiation between Greece and its creditors remained unresolved on Monday morning after European leaders confronted Alexis Tsipras, the Greek prime minister, with a package of austerity measures which entailed a surrender of fiscal sovereignty.A weekend of high tension that threatened to break Europe in two climaxed on Sunday at a summit of eurozone leaders in Brussels where the German chancellor, Angela Merkel, and the French president, François Hollande, presented Tsipras with an ultimatum.Related: Greece debt crisis: talk of compromise proposal as summit nears end – liveRelated: #ThisIsACoup: Germany faces backlash over tough Greece bailout demands Continue reading...

Markets in Shanghai, Sydney and Tokyo all positive even as eurozone leaders struggled for a deal with indebted GreeceAsian markets rose on Monday while the euro was marginally lower as European leaders struggled to hammer out a debt reform deal to keep Greece in the eurozone, with a source saying a compromise had finally been found.

Survey of UK’s 350 biggest firms finds just 3% think Britain leaving the EU would be positive for their businesses but most are reluctant to speak out publiclyA majority of companies believe a British exit from the EU could harm them but only 7% would be willing to speak out publicly against “Brexit”, according to a survey of FTSE-350 firms.The latest barometer of boardroom sentiment by the Institute of Chartered Secretaries and Administrators (ICSA) draws parallels with last year’s referendum on Scottish independence, when many businesses waited until close to the vote to voice their views.Related: EU referendum: Cameron in uncharted territory as he lays out UK demands Continue reading...

Faced with lending conditions so severe that one wonders if Germany intends it to leave the euro of its own accord, Greece and its PM are facing a terrible choiceIt comes down to this: Greece has until Wednesday to pass into law draconian new austerity measures or leave the single currency. Months of fruitless talks, all the midnight oil burned in the seemingly never-ending cycle of summits, have ended with a simple message to Alexis Tsipras and his leftwing government: stay on our terms or walk. You decide.It’s a terrible choice for Tsipras. The conditions being attached to a third Greek bailout are beyond harsh. There will have to be tax increases, pension reforms, privatisation and spending cuts previously rejected by Athens, all overseen by the troika of the European Central Bank, the European commission and the International Monetary Fund.Related: Greek crisis: surrender fiscal sovereignty in return for bailout, Merkel tells TsiprasRelated: Eurozone crisis: which countries are for or against Grexit Continue reading...