Former Greek finance minister Yanis Varoufakis: the  combative academic was sacked as finance minister last month after alienating euro zone counterparts with his lecturing style and divisive words. File photograph: Jean-Philippe Ksiazek/AFP/Getty Images

Yanis Varoufakis will not take part in “sad” elections expected next month in Greece and will instead focus on setting up a new movement to “restore d(...)

 Olivier Blanchard, the recently retired chief economist of the IMF, believed it was an erroneous to assume that, under EMU, it would be easy to finance a current account deficit through foreign borrowing, given the absence of exchange rate risk

In Ireland since the second World War, major deficits on the current account of the balance of payments have generally been associated with periods of(...)

New bailout measures include further pension cuts, more value-added tax increases and a “solidarity” tax on incomes. Photograph: EPA

Greek prime minister Alexis Tsipras has said he is resigning and calling an early election. Mr Tsipras’s departure will pave the way for early (...)

German chancellor Angela Merkel casts her vote as the Bundestag yesterday approved a third bailout package for Greece. Photograph: Adam Berry/Getty

The much-hyped rebellion against German chancellor Angela Merkel fizzled out shortly after noon at the Bundestag yesterday. Minutes earlier, MPs had(...)

The Reichstag in Berlin, where Angela Merkel’s  coalition will vote on the third Greek bailout. Photograph: Stefanie Loos/Reuters

Last week, the glass Reichstag dome atop Berlin’s parliament was closed to visitors when the air inside neared a scorching 50 degrees. Although it’s c(...)

Greece bailout key moments: The replacement of the controversial Yanis Varoufakis as finance minister by Euclid Tsakalotos was a key factor in the change of mood in the talks. Photograph: Jasper Juinen/Bloomberg

So the eurozone has agreed the €86 billion third Greek bailout. Here are the five stand-out points in the deal which was announced late on Friday afte(...)

Exports were a bright spot, up 1.7 per cent in the second quarter after growing by 1.3 per cent in the first quarter

The French economy came to an unexpected standstill in the three months to June after a strong first quarter, as a jump in exports was not strong eno(...)

Foreign currency exchange booth in Hong Kong:  the surprise devaluation of the Chinese yuan this week unsettled global financial markets. Photograph: Philippe Lopez/AFP/Getty Images

The last few weeks, with heavy Chinese government intervention in the stock market and now in the currency markets, have offered a lesson in how th(...)

Greek prime minister Alexis Tsipras is asking parliament to approve the €85bn bailout deal  Photograph: Reuters

Greek Prime Minister Alexis Tsipras’s Syriza party looked set to split after the leader of its far-left faction called for a new movement to fight a b(...)

Greek prime minister Alexis Tsipras: Has repeatedly stressed his reluctance to accept three more years of harsh austerity. Photograph: Yiannis Kourtoglou/Reuters 1:00

The mood in Athens was far from triumphant on Tuesday after a mammoth 23-hour session of negotiation had delivered a deal in principle to facilitate(...)