The Tánaiste and Labour leader Joan Burton has dubbed the new political party the Social Democrats as “the New Troika in Town”.

Anxious Greek pensioners swarmed closed bank branches in the hope of getting their pensions, while queues formed at ATMs as they gradually began dispensing cash again following the imposition of strict controls on capital.

Stunned Greeks faced shuttered banks, long supermarkets lines, and overwhelming uncertainty as a breakdown in talks between Athens and its international creditors plunged the country deep into crisis.

Greece’s creditors yesterday drafted the broad lines of an agreement to put to the leftist government in Athens in a bid to conclude four months of acrimonious negotiations and release aid before the cash-strapped country runs out of money.

The Troika gave the country’s economic progress a thumbs-up and maintained their advice that the Government should put unexpected extra income into cutting debt, rather than cutting tax and increasing spending.

The country will have saved over €10bn on national debt repayments by the end of the year thanks to the renegotiation of the troika bailout programme.

There is still some doubt over whether house-buyers will need to have a 20% deposit saved before they can get a mortgage, according to Taoiseach Enda Kenny.

The ECB and European Commission has said the Government needs to be ready to impose more austerity measures if needed.

The IMF threatened the independence of the Irish judiciary demanding changes as part of the austerity programme, according to the European Justice Commissioner, Viviane Reding.

The troika, set up to oversee austerity programmes in Ireland and other crisis countries, could not get its own house in order and was reluctant to adapt to differing conditions in its client countries, a European Parliament study found.

A questionnaire that could unlock some of the secrets of Ireland’s bailout has been sent to the Taoiseach and the troika by the European Parliament.

The grandmother of a toddler with Down’s syndrome has been waiting a year for a response from the Taoiseach and three government ministers to correspondence about disability cuts referred to them on her behalf by the troika.