GERMAN finance minister Wolfgang Schaeuble has denied that this month’s Greek bailout deal paves the way for a future “transfer union”, in which eurozone countries are liable for each others’ debts.

Members of Germany’s leading parties were expected today to approve the 143-page agreement that would see a left-right coalition take power, with Angela Merkel as the country’s first woman chancellor.

Sigmar Gabriel, prime minister of Lower Saxony, said the north German state will hold on to its 18.6% stake in Volkswagen AG, and no longer sees a threat the carmaker is a hostile takeover target.

The EU's agriculture commissioner has ruled out subsidised slaughter programmes to combat the economic effects of foot and mouth.