Greece given last-chance offer to avoid default; Asian markets rebound

The Greek government has been given a final chance to avoid default and an exit from the euro as eurozone creditors have urged new finance minister Euclid Tsakalotos to present new proposals.

Asian markets rebounded on the news, while the FTSE remained calm once again in early trading. There will be a further emergency summit in Brussels on Tuesday evening, even though Greece rejected creditors' bailout package in a referendum at the weekend. New finance minister Tsakalotos, who replaced Yanis Varoufakis yesterday, is likely to be key to the new proposals, which are likely to represent the final opportunity for Greece before its shuttered banks run out of cash. The BBC reported a demand for Greece's debt to be cut by up to 30% is on Tsakalotos' wish list. However, Germany'...