Eurozone ministers reject Greek debt deal

Following yesterday's meeting in Brussels, ministers insisted that banks must accept a lower interest rate on the new Greek bonds that they will receive as part of the deal.

The 4% or higher coupon demanded by the Institute of International Finance (IIF) (who represent Greek creditors) is "simply not acceptable," they said.

The move is likely to raise fears that Greece will not agree a deal with its lenders in time. We'll be tracking all the reaction and developments this morning.

Later today the International Monetary Fund will publish its latest economic forecasts for the world economy.

A draft version of the report leaked last week by The Guardian so markets are already expecting the IMF to slash its growth predictions.

Meanwhile the latest UK public finances data will be released this morning, while a health-check on Europe's manufacturing and services sectors is also to be published.