As fears of Greek default grip EU and world markets, the Greek government has requested a new bailout deal from the Eurozone, just hours before it must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF). Greece now asks for a new two-year €29.1bn aid deal from a bailout mechanism for eurozone countries.

Eurozone finance ministers will discuss the Greek offer in a teleconference in few hours from now. Failing to make the IMF payment, Greece could risk leaving the euro.