ECB temporarily suspended the use Greek bonds

The European Central Bank has temporarily suspended the use Greek bonds as collateral after S&P downgrades Greece to "selective default," while Portugal awaits approval of the next tranche of its €78bn bailout. 

11.03 BREAKING

Portugal's finance minister Vitor Gaspar has announced that the country has passed its third financial healthcheck by the "troika" officials from the EU, the ECB and the IMF.

This paves the way for the release of its next, €14.6bn tranche of bailout funds.

10.51 Commenting on the auction, Marc Ostwald at Monument Securities said:

Read more: http://www.telegraph.co.uk/finance/debt-crisis-live/9110027/Debt-crisis-live.html