Crude prices hit 17-month high as Opec and non-Opec members take steps to tackle worldwide oil glut * Non-Opec members agree to cut 558k barrels per day * Deal adds to 1.2m bpd cut agreed by Opec in November * Bad morning for government bonds * But Italian bank shares are up this morning * The agenda: Italian banking crisis rumbles on * Christine Lagarde to face judges today 12.18pm GMT OFFICIALS REPRESENTING GREECE’S CREDITORS WILL HEAD BACK TO ATHENS TOMORROW, IN ANOTHER ATTEMPT TO COMPLETE THE LATEST REVIEW OF ITS BAILOUT. European Commission officials say they hope to complete the work soon: #EC: Staff frm institutions 'll return 2 Athens on Tue 2 start work towards conclusion of staff-level agreem't as part of 2nd review #Greece #EC: Given progress that has already been made, we trust that all partners will engage constructively to complete this work asap. #Greece “The Greek expression is ‘put water into wine’. It’s not an expression I like, because I wouldn’t like my wine watered down, but you know what I mean, to reach an honest compromise.” 11.53am GMT Bloomberg’s Caroline Connan has tweeted from inside France’s Cour de Justice, where the head of the IMF will face a special tribunal over the Tapie Affair today. Inside the #Court chamber where @Lagarde is standing trial today in #Paris for alleged 'negligence' #Lagarde #Tapie @business @BloombergTV pic.twitter.com/486rCEylOi Basically, that Lagarde didn’t do enough to stop a payout to [businessman Bernard] Tapie. She’s accused of gross negligence in the use of public funds, a rarely used charge brought in cases where the evidence suggests the defendant didn’t knowingly participate in activities to defraud the state. Continue reading...
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