The insolvency of Royal Imtech's German arm last week was triggered by the parent company's failure to pay the unit 21 million euros ($23 million) it owed, Imtech Deutschland's insolvency administrator said, Reuters reported. Royal Imtech filed for protection from its creditors on Tuesday, five days after the German unit made a similar filing, overwhelmed by accounting fraud in Germany that triggered three years of operating losses and major asset writedowns.

Greece and its creditors agreed on terms of a new bailout for the country, which, if ratified by other eurozone governments, could unlock up to €86 billion ($94.76 billion) in financing over the next three years, The Wall Street Journal reported. The deal would still leave Greece grasping for economic and political stability. More than six months of often-turbulent negotiations on the country’s future in the eurozone have dragged its economy back into recession. Its banks remain subject to severe capital controls.

Royal Imtech, the Dutch engineering services company, filed for protection from its creditors yesterday, overwhelmed by accounting fraud in Germany that triggered three years of operating losses and asset writedowns. The company’s operating divisions are owned by lenders ING Group, Rabobank, Commerzbank and ABN Amro, court-appointed administrator Jeroen Princen said. Mr Princen said he was “confident that in very short order an agreement can be reached with the banks and a buyer”.

Emerging market private sector debt has surged by an “enormous” 33 per cent of gross domestic product since the global financial crisis, heightening the risk of financial crises, according to new analysis by JPMorgan, the Financial Times reported. The findings come amid mounting expectations that the US Federal Reserve is drawing close to its first rate rise since the crisis, a move many fear many reduce capital flows to emerging markets, potentially raising borrowing costs even if central banks do not raise policy rates in order to defend their currencies.

The Co-operative Bank will not be fined for failings that helped push the bank to the brink of collapse before it was bailed out by bondholders, Britain’s financial regulators said on Tuesday, the Irish Times reported. Instead capital should be preserved to bolster its battered balance sheet, the Financial Conduct Authority (FCA) said. Co-op Bank is trying to recover from its near-collapse in 2013, when it was hit by a yawning hole in its finances, a drugs scandal, an exodus of top executives and losses from bad commercial real estate loans.

Former Anglo Irish Bank chairman Seán FitzPatrick has launched a High Court action aimed at permanently preventing his trial before Dublin Circuit Criminal Court from going ahead, the Irish Times reported. Mr FitzPatrick is facing a number of charges including making a misleading, false or deceptive statement to auditors and of furnishing false information from 2002 to 2007. The trial has been scheduled to begin on October 5th, however he claims he cannot get a fair trial due to the large volume of adverse publicity published and broadcast about him.

Russia’s economy shrank the most since 2009 after a currency crisis jolted consumer demand, while a selloff in oil threatens to drag the country into a deeper recession. Gross domestic product contracted 4.6 percent in the second quarter from a year earlier after a 2.2 percent decline in the previous three months, the Federal Statistics Service in Moscow said on Monday, citing preliminary data. That was worse than the median forecast for a 4.5 percent slump in a Bloomberg survey of 18 analysts.

Eurozone creditor governments raised fresh concerns about the viability of a new Greek rescue package on Monday despite hopes from Athens that an agreement to unlock vital rescue funds was inching ever closer, The Telegraph reported. Greece's benchmark stock exchange closed up 2pc on Monday, at 690.24, while the banking index, comprising the four major lenders, rose 8.3pc to 299.08. Shares rose amid reports that negotiators were on course to secure an agreeement by the end of the week and the country's beleaguered banks could receive a capital injection later this month.

Ukraine is preparing to meet international creditors in San Francisco this week as the war-torn country warns it is prepared to impose a debt moratorium in September unless a restructuring deal is struck, the Financial Times reported. According to Ukraine’s Ministry of Finance, the meeting on Wednesday represents the last opportunity for the two sides to reach full agreement in advance of a $500m bond due to mature on September 23.

Germany has saved €100 billion since 2010 because its borrowing costs have fallen during Europe’s debt crisis – savings that outweigh the cost of the crisis to the German economy, an economic think tank has reported, the Irish Times reported. Investors have fled instability in the euro zone for the safety of German bonds since 2010, pushing down interest rates on those bonds. Paying less interest has helped the government save more than 3 per cent of gross domestic product, the Halle-based Leibniz institute for economic research said.