Germany’s chancellor Angela Merkel: after five years of warning that “if the euro fails, Europe fails”, she knows that if Greece hits the wall, her European legacy will be part of the collateral damage. Photograph: Krisztian Bocsi/Bloomberg 0:56

Caught off-guard by news of the Greek referendum, Germany’s risk-averse chancellor Angela Merkel adopted an unusually high-risk strategy last week and(...)

Klaus Regling: as director of the ESM he helps manage the bailout programme and loans. Photograph: Julien Warnand/EPA

Ahead of tomorrow’s referendum uncertainties abound over whether Greece will apply for a third bailout, what it would look like and, most importantly,(...)

Demonstrators gather in front of the Greek parliament building in Syntagma Square in Athens to attend an anti-Austerity rally. Photograph: Jean-Paul Pelissier/Reuters

Thousands of Greeks staged rival rallies on Friday ahead of a weekend referendum that may decide the country’s future in Europe’s single currency, wit(...)

A referendum campaign poster that reads ‘Yes (Nai)’ is seen on a bus stop with a graffiti that reads ‘No (Oxi)’ painted on it in Athens, on Friday. Photograph: Reuters

Supporters of Greece’s bailout terms have taken a wafer-thin lead over the ‘No’ vote backed by the leftist government, 48 hours before a referendum(...)

The note on the Merkel phone call in 2011

German chancellor Angela Merkel admitted in a 2011 phone call that Greek debt would be unsustainable even after a second debt write-down, according to(...)

German chancellor Angela Merkel: said she would not be blackmailed into an agreement with Athens at any price. Photograph: Fabrizio Bensch/Getty Images

Germany has said that any solution on the Greek standoff with its European creditors will have to wait until after Sunday’s referendum – and will in(...)

 German chancellor Angela Merkel (left) and German finance minister Wolfgang Schäuble talk during a meeting at the  Bundestag in Berlin, on Wednesday.  Photograph: EPA

One by one, leading figures in the German government made their way to the podium in the sun-drenched chamber of the Bundestag on Wednesday and accuse(...)

Nein, the German word for no, in a piece of graffiti displaying the European Union’s flag and a euro symbol on a street in Athens, Greece ahead of a referendum on the country’s bailout terms scheduled for this weekend. Greek prime minister Alexis Tsipras has indicated he’s ready to end his standoff with creditors. Photographer: Kostas Tsironis/Bloomberg

Frantic negotiations are underway between Greece and its lenders after Greek prime minister Alexis Tsipras made a last-ditch request for aid on Wednes(...)

 German chancellor Angela Merkel at the press conference in  Berlin. Merkel said she is prepared to hold talks with Athens even after Greece’s planned referendum next weekend. Photograph: EPA/ Wolfgang Kumm EPA/Britta Pedersen

As Germany’s political leaders gathered yesterday to celebrate the 70th birthday party of Angela Merkel’s ruling Christian Democratic Union (CDU), the(...)

Greek Prime Minister Alexis Tsipras during a parliamentary session in Athens, Greece. Photograph: Milos Bicanski/Getty Images

The events that have unfolded over the past 48 hours appear to be pushing Greece closer towards the exit door. More than five years after it began its(...)