Europe

Factions of Greece's ruling left-wing party were concerned ahead of a crucial vote on austerity measures which will test whether the prime minter can hold his government together to satisfy creditor bailout demands.

After 17 hours of negotiations, Eurozone leaders clinched a deal with Greece on Monday to negotiate a third bailout to keep the near-bankrupt country in the euro and avoid a collapse of its banking system.

Investors were facing another potentially manic Monday after the latest in a series of weekend twists and turns in Greece's debt crisis.

Euro zone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

The International Monetary Fund cut its global economic growth outlook for 2015 to take into account the impact of recent weakness in the United States. Still, growth prospects for next year remained upbeat despite Greece and China volatility.

Greece promised to implement pension and tax reforms as early as next week as the first step to securing a three-year rescue loan to cover debt obligations, according to a letter requesting the funding from European partners on Wednesday.

Greek officials said on Tuesday they had submitted credit proposals to euro zone partners based on those it put forward last week, rejecting suggestions that Athens had not put forward new proposals for a euro summit.

The International Monetary Fund warned on Thursday Greece will need an extension of its European Union loans and a large debt writeoff if it grows more slowly than expected and economic reforms are not implemented.

Greek Prime Minister Alexis Tsipras wrote a letter to his nation's international creditors saying Greece would accept their latest bailout offer if some conditions were changed. Germany expressed skepticism but said the door was open for negotiations.

Prime Minister Alexis Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in.

Greece started loosening restrictions on foreign transfers by businesses on Friday, unblocking imports held up after the country introduced capital controls last month.

Greece has repaid its arrears to the International Monetary Fund, worth about 2 billion euros, IMF communications director Gerry Rice said on Monday.

A senior Greek official confirmed on Thursday that banks would reopen on Monday and said the government was looking into allowing people to bunch 60 euro withdrawals over several days.

The International Monetary Fund said on Monday it was prepared to work with Athens and its European creditors to help resolve Greece's debt crisis now that a conditional agreement has been reached on a new bailout.