Greece's Prime Minister Alexis Tsipras has announced he is resigning and has called an early election. Mr Tsipras, who was only elected in January, said he had a moral duty to go to the polls now a third bailout had been secured with European creditors. The date of the election has not been announced but earlier reports suggested it would be 20 September.

Mr Tsipras had faced a rebellion by members of his Syriza party angry at the bailout's austerity measures. He had to agree to painful state sector cuts, including far-reaching pension reforms, in exchange for the bailout - and keeping Greece in the eurozone.

Greece received the first €13bn ($14.5bn) tranche of the bailout on Thursday after it was approved by relevant European parliaments.

It allowed Greece to repay a €3.2bn debt to the European Central Bank and avoid a messy default.

The overall bailout package is worth about €86bn over three years.

Courtesy: BBC