Greece ‘turning a page’ as eurozone agrees deal to end financial crisis

Athens hails agreement to give country access to markets in August after final bailout

Greece’s government has said the country is “turning a page” after eurozone member states reached an agreement on the final elements of a plan to make its massive debt pile more manageable, ending an eight-year bailout programme.

“I have to say the Greek government is happy with this deal,” the finance minister, Euclid Tsakalotos, said on Friday. “But at the same time, this government will not forget what the Greek people went through in the past eight years.”

Greece has really made the job – they have fulfilled their commitments

Related: Eurozone braces for row with Greece over bailout exit terms

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UK faces risk from slump in China, warns Bank of England

Financial links to Hong Kong mean that Chinese slowdown could have serious UK impact

The Bank of England has warned that the health of China’s economy poses a greater risk to the UK’s financial stability than previously realised.

New analysis from the Bank has found that a sharp economic slowdown in China would have a serious impact on the UK. If China’s credit boom blows up, Britain would suffer serious economic harm, it says, adding: “China’s credit boom is now one of the largest and longest running ever recorded. Indeed, rapid credit expansions, such as China’s, have typically preceded financial crises.”

Related: Trump threatens tariff on European cars; Opec agrees to boost oil output – business live

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The Guardian view of Philip Hammond and Airbus: stand tall for jobs | Editorial

In his big speech this week the chancellor made a general case for soft Brexit. The Airbus disinvestment threat shows that he must sharpen his game

Two years ago this week, Britain voted to leave the EU. One year ago, the chancellor of the exchequer’s annual Mansion House speech was cancelled because of the fire at Grenfell Tower. On Thursday, Philip Hammond went ahead with this year’s speech to the City. And it was almost as if Mr Hammond had mistakenly brought along the kind of speech he might have given 12 months ago, when the Brexit process was in its infancy. But Brexit is not in its infancy. It is approaching the point of no return.

True, Brexit was inescapably central to the chancellor’s prudent case this week. But the content of his speech was of an almost wholly general kind: he wanted a good deal, to protect markets from uncertainty, to uphold low friction borders and open markets, to construct an enduring partnership that recognises that Europe is Britain’s most important trading partner. He could – and would – have said all of this in 2017.

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