Draghi - Europe ready for Grexit contagion; Athens gets closer to Russian cash

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Greek sources have told The Telegraph that Syriza may sign a deal with Russia for Gazprom's "Turkish Stream" pipeline project as soon as next week, unlocking as much as €3bn to €5bn in advance funding.

This confirms a report in Germany's Spiegel magazine, initially denied by both the Russian and Greek governments. It is understood that the deal is being managed by Panagiotis Lafazanis, Greece's energy minister and head of Syriza's militant Left Platform, a figure with long-standing ties to Moscow.

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Bridging finance from the Kremlin would transform the situation, allowing Greece to avert a disastrous clash with the IMF. Syriza could then confine its dispute to EMU creditors and particularly to the ECB, the body deemed enemy number one by embittered Syriza ministers.