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.

As negotiations between Greece and its creditors stumbled toward breakdown, culminating in a sound rejection on Sunday by Greek voters of the conditions demanded in exchange for a financial lifeline, a vintage photo resurfaced on the Internet, the International New York Times reported. It shows Hermann Josef Abs, head of the Federal Republic of Germany’s delegation in London on Feb. 27, 1953, signing the agreement that effectively cut the country’s debts to its foreign creditors in half. It is an image that still resonates today.

A looming bond payment by Greece to the European Central Bank is emerging as the potentially decisive event in the country’s attempt to stay in the euro and avoid a banking collapse, The Wall Street Journal reported. On July 20, Greece must repay €3.5 billion ($3.84 billion) in bonds held by the European Central Bank. The Athens government doesn’t have the money and without a fresh infusion from its main creditors—other eurozone governments and the International Monetary Fund—it almost certainly won’t have it by then.

Britain is planning to sell half its stake in Royal Bank of Scotland, worth £16 billion, within two years, according to sources have said, the Irish Times reported. Chancellor of the exchequer George Osborne has indicated that he wants to begin reducing the government’s £32 billion stake in the coming months, but the sources said the shares will be sold at a faster rate than previously expected, making it likely the government will take a substantial loss on the initial sales.

A winding-up petition brought by creditors against the Lotus Formula One team has been adjourned for two weeks, Reuters reported. A spokeswoman for the Companies Court in London said on Monday that the claim against the Enstone-based team, title winners in a previous existence as Benetton and Renault, would be heard on July 20. Lotus, who now race with Mercedes engines, have had financial problems although the signing of Venzuelan Pastor Maldonado has brought considerable backing from state oil company PDVSA.

Germany maintained a hard line with Athens on Monday after Greek voters rejected Europe’s austerity policies in a referendum, intensifying pressure on Prime Minister Alexis Tsipras to restart bailout talks and opening a rift with European countries that appeared more inclined now to consider softening the push for austerity, the International New York Times reported. As Mr.

For months “Grexit” has been a regular topic for speculation among foreign currency specialists. But the working assumption has been that all parties in Greece’s drawn-out saga would find a way of resolving their differences and keep the country in the eurozone. That is no longer the case following the resounding “No” vote in the Greek referendum. As the financial markets digested the referendum outcome, foreign exchange strategists began to factor in the increased probability, instead of mere possibility, of Grexit.

Nobody knows how the endless dispute will play out between Athens and the European leaders who hold its purse strings. But in Kiev, another European capital in the grip of debt talks, one thing is certain: The Ukrainian government does not want to end up like Greece, squabbling with creditors for years, the International New York Times reported. So, with support from the International Monetary Fund, the Ukrainians are pressing hard to force foreign investors — including Franklin Templeton, a giant bond fund — to accept big losses in an initial bailout deal.

Ireland should go back to the negotiating table for a “significant” debt writedown after the crisis in Greece is resolved, a former International Monetary Fund chief economist has said. Kenneth Rogoff, a Harvard professor, says although the Irish economy was recovering, the country would be “far better off” today if the Government had not taken over so much banking debt, the Irish Times reported. The influential economist says Ireland should be among a number of countries “that should receive a significant debt writedown”.

Greece’s leftwing government was set for a decisive victory in Sunday’s referendum as voters backed its call to reject a compromise with international creditors, raising serious doubts about the country’s ability to remain inside the eurozone, the Financial Times reported. With 70 per cent of votes counted, the No camp had won 61.5 per cent and was leading in every region of the country. If confirmed, it will prove a remarkable political exploit by Greek prime minister Alexis Tsipras.