Chasm widens as Tsipras enacts election pledges

The chasm between Greece and Germany has widened to an alarming degree as the government in Athens began reversing many of the austerity measures under its programme last night.

In Brussels, a bad-tempered meeting of finance ministers broke up with no sign of any bridge-building between the demands of the creditor countries and the new Greek government.

The pace of deposits leaving the stricken Greek domestic banking sector quickened, but there appeared to be no immediate panic as investors believe that as long as there is a chance that Athens will reaffirm its bailout programme, the ECB will continue with its Emergency Liquidity Assistance.