7 JULY 2015: Ex Chinese FM to head AIIB

Ø  Greece’s outspoken Finance Minister resigned on Monday, removing one major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout. Leftist Prime Minister Alexis Tsipras promised German Chancellor Angela Merkel that Greece would bring a proposal for a cash-for-reforms deal to an emergency summit of euro zone leaders on Tuesday, an official said. However, Ms. Merkel said on Monday that the conditions for fresh talks on a new rescue package sought by Greece from the European Stability Mechanism were “not yet met.” Mr. Tsipras said on Sunday that the ‘No’ victory in the country’s bailout referendum did not mean Athens was headed for a so-called Grexit.

Ø  China on Monday named a former Finance Minister as its choice to head the Beijing-backed Asian Infrastructure Investment Bank (AIIB), which is being seen as a rival to the U.S. and Europe-dominated banking institutions. Former Finance Minister Jin Liqun has been formally nominated by China as its preferred candidate to head the $100 billion AIIB.