Greek Great Depression: 'Everybody going down into black hole' - Yanis Varoufakis + Greece pleads for 'room to breathe' - Szu Ping Chan

Greece is asking for more breathing space to implement financial reforms and spending cuts, which have sparked years of widespread protests. The Prime Minister has to convince the Eurozone top brass later this week that he's done enough to receive the next bailout installment. It's worth 31-and-a-half-billion Euros, without which Greece will default and potentially exit the currency union. The PM's expected to ask for two more years to get reforms in place. Economist Yanis Varoufakis says getting the delay will do more harm than good. Source

Szu Ping Chan: German Chancellor and Eurogroup president insist that no decisions will be taken on Greece until October, once a team of EU debt inspectors complete a review of the country's progress on existing targets. Mr Samaras said that while Greece did not require a third bail-out and would "fulfill all requirements" by international lenders, it needed more time to implement austerity measures. Source - live debt crisis -The Telegraph