Many Greeks went to bed on Friday thinking that their government and its creditors had all but completed a deal that would keep the country in the eurozone and was acceptable all around, even though it contained another raft of austerity measures, the International New York Times reported. But by midday Saturday any sense of relief was gone, replaced by anxiety as negotiations in Brussels took a tough turn.

As eurozone leaders argued over the fate of Greece, Mario Draghi was watching their every move with mounting anxiety, the Financial Times reported. As president of the European Central Bank he is responsible for the Greek banks’ main lifeline — €89bn in emergency loans that have kept the lenders from collapse. Mr Draghi stopped increasing these credits — called emergency lending assistance (ELA) — last month, when radical Greek premier Alexis Tsipras broke off negotiations and launched his controversial referendum.

The company that previously held the Irish franchise for the Iceland chain of grocery stores will apply to the High Court next Monday for an examiner to be appointed to give it protection from its creditors, the Irish Times reported. ACCHL, previously known as Aim Cash & Carry, recorded a collapse in its revenues after Iceland took back the franchise and bought Aim’s seven stores in late 2013. Iceland subsequently announced a plan to open 50 stores here under its own management.

Only a day after grim predictions of financial and social collapse in Greece, a scramble appeared underway to work out the details of a new bailout package to bring the country back from the brink of falling out of the euro, the International New York Times reported. As details of the new offer emerged, it appeared that Prime Minister Alexis Tsipras was capitulating to demands on harsh austerity terms that he urged his countrymen to reject in the referendum last Sunday, like tax increases and various measures to cut the costs of pensions. But Mr.

As euro zone leaders wait for details on Greece’s last-chance proposal for a new bailout deal, several have taken a hard line toward Syriza’s claim that austerity measures, as they stand, are unacceptable to the Greek people, Bloomberg News reported. Those feelings have been simmering for months. After all, people in Ireland, Portugal, Spain, and Italy have all dealt with harsh austerity measures implemented following debt crises. If these countries had to swallow the bitter pill of austerity, the argument goes, so should Greece. But are the situations comparable?

Banks have secured greater protection for loans to companies in a landmark Supreme Court ruling, the Irish Times reported. The court’s unanimous judgment means Bank of Ireland gets priority over preferential creditors, including the Revenue, which is owed €600,000, in the liquidation of companies in the Belgard Motors Group. As the bank is owed €16.2 million, no other creditor will get paid.

Russia is slouching through a recession, and Barvikha Luxury Village — a neatly groomed shopping mall housing brands like Prada and Gucci as well as two car dealerships, Bentley and Ferrari/Maserati — is deserted most days, the International New York Times reported. With the economy reeling from the oil-price crash and Western economic sanctions over Ukraine, the ruble has sunk precipitously, inflation is up sharply and real wages are shrinking for the first time in years, forcing Russians — even the wealthiest — to make do with less. President Vladimir V.

George Osborne, Britain’s chancellor of the exchequer, fresh from a decisive election victory, pledged to recast the country’s economy by cutting welfare spending, lowering the tax bill for workers and tackling low productivity, the Irish Times reported. “The Budget will take Britain from a low-wage, high-tax, high-welfare economy, to the higher-wage, lower-tax, lower-welfare country we intend to create, ” Mr Osborne said.

Greece formally requested a new three-year bailout from the eurozone’s rescue fund and promised to implement pension and tax reforms as early as next week as it sought to convince creditors it was serious about a deal, the Financial Times reported. After being told by eurozone leaders it had to reach an agreement by the end of Sunday or face exit from the euro, Athens said it would also set out in detail a “comprehensive and specific reform agenda” by Thursday.

Minister for Business and Employment Ged Nash has said he believes there is sufficient legal protection in place to deal with issues arising from cases such as the liquidation of the department store Clerys, the Irish Times reported. Mr Nash said workers and creditors at Clerys would not get paid over and above statutory payments by the liquidators but added that current law does provide for a situation where assets are kept in one arm of a company, while losses accumulate in another part, which is then liquidated.