Russia’s sufficient reserves and flexible monetary policy ensures the country’s financial stability for now, but a possible interest-rate increase in the U.S. and unpredictable oil prices keep the central bank ready to intervene, the Bank of Russia said Tuesday. Facing soaring inflation and a contracting economy, the Bank of Russia has been increasingly active in adjusting its monetary policy over the past months in an attempt to preserve financial stability, The Wall Street Journal reported.

Banks will be able to claw back bonuses from their most senior managers for up to a decade under rules published on Tuesday by UK regulators, the Financial Times reported. The Prudential Regulation Authority and Financial Conduct Authority said in a joint statement on Tuesday that they were pushing ahead with rules for a wider seven-year clawback period, but that a further three years is being considered for the top tier of banks’ management where regulators find problems, to run concurrently with a seven-year bonus-deferral period.

Greece and its European partners appeared on Monday night to be heading for a deal by the end of the week that would secure further funding for Greece and a likely promise of more debt relief in return for changes in the pension and tax systems, European Union officials said, the International New York Times reported. Even so, there is no great confidence that a deal reached when all 28 European Union leaders have a summit meeting here Thursday and Friday will be more than a short-term easing of the Greek crisis, which has preoccupied the European Union for the last five years.

Greek banks probably will get only a short respite with the help of the European Central Bank from accelerating deposit outflows unless a deal is struck soon by politicians, Bloomberg News reported. Greeks withdrew 20 percent of deposits held with the nation’s lenders this year as concern of an exit from the euro intensified. A drip-feed of liquidity from the ECB and Greece’s central bank has kept lenders afloat. As deposit outflows accelerated, the ECB increased the ceiling of funding three times in the last seven days alone.

Employers’ group Ibec has warned the Government not to legislate against minimum hour or flexible contracts, saying such a move could be detrimental to the economy, the Irish Times reported. Danny McCoy, Ibec ’s director general, was responding to claims by trade unions that uncertain terms of employment are exploiting workers. Mr McCoy also said that the tradition of a single job with a single employer has become “exceptional,” adding that full-time contracts in the past have allowed for people being kept in work despite lower demands for services.

The date of the meeting of the Finance Ministry of Ukraine, the IMF and the Creditors' Committee on restructuring Ukraine's debt obligations hasn't been agreed yet, according to a letter released by the committee which Interfax-Ukraine has acquired, the Interfax-Ukraine news agency reported. "Arrangements are also being made for a meeting between the Committee, Ukraine and the IMF in Washington to take place as soon as possible. No date for this meeting has yet been agreed despite Ukraine's public statements to the contrary.

When, as now appears likely, Greece financially separates from Europe it will at one level be no one’s fault, the Financial Times reported in a commentary. The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrialised country has suffered since the Depression, they could not have done more without light at the end of tunnel in the form of a clear commitment to debt relief. European leaders will rightly explain that they adjusted their positions repeatedly to accommodate the Greeks.

The European Central Bank has sanctioned further support for the Greek banking system amid fears for its stability, ahead of Monday’s crucial EU leaders’ summit, the Irish Times reported. The ECB agreed at an emergency meeting on Friday to raise the cap on funding for the Greek banking sector, according to reports. The ECB move came as German chancellor Angela Merkel’s chief-of-staff said Berlin will work “until the last minute” to secure Greece’s future in the euro zone.

As Greece teeters on the brink of a eurozone exit, jittery investors have been trying to second-guess the consequences for other peripheral members of the single currency. They might do better looking closer to the source of the problem, the Financial Times reported. While government borrowing costs for Spain, Italy and Portugal have risen as the spectre of a Greek default draws nearer, it is the geographically closer economies of central and eastern Europe that will suffer the most in terms of economic activity, according to analysts at UBS.

Ukraine has offered to issue securities linked to future growth in return for private creditors accepting a writedown in debt, in proposals aimed at breaking a deadlock over debt restructuring. Kiev confirmed on Friday that it would continue to service its debt, including making a $75m coupon payment due on Saturday on a $3bn Russian bond. Markets had speculated that Ukraine’s government might impose a moratorium. But people familiar with the talks warned that Kiev was prepared to suspend debt servicing if a restructuring deal could not be reached within weeks.