In what now appears to be desperate measures to receive much needed funds, the Greek Prime Minister Tsipras has offered to meet most of the demands which were put forward by the EU in their last bailout offering. This comes despite the ‘No’ vote in Sunday's referendum where the Greek public voted against its acceptance.

In exchange the Greeks hope to receive 53.5bn euros and the potential to restructure their existing debt at some point in the future. Much of the bailout will be used to cover debt repayments due between 2015 and 2018, including the 3.5bn due in 10 days’ time. In response the Greek government will be required to implement sales tax increases and cuts in public spending.

Tsipras will now face his own parliament today for their approval and passing of the bailout package. If agreed it will then need to be sanctioned by the EU. Greek banks remain closed and will remain so until after the EU meeting on Sunday. This comes despite the promise of opening up the banks again this week.

Equity markets have naturally acted positively to the news, with the FTSE 100 up 0.95% at 6,644. The EStoxx 50 is 6.2% higher since the 7th July.