Greece exceeds budget target revenues

Greece has given the EU some rare positive news about its net revenues, which rose at an annual rate of 16.6%, compared with a target of 10.8%.

The country has announced the rise was boosted by a one-off tax on big corporations and bond sales.

With Greece's deficit more than four times higher than that which the Eurozone allows, the country will now have to sell more bonds in the coming weeks to raise 20 billion euros in order to pay off maturing debt in April and May.

Greek government debt sales over the past six months have meant it is now much more expensive for the nation to borrow.

Some German banks have now told Greece’s government they will not take on more Greek government bonds, which will make it even harder for Greece to pay off its debts.