Greek negotiations, Mexical oil, and French wasps

The daily briefing “FirstFT” from the Financial Times. 

Fraught negotiations in Brussels over a EUR86bn bailout package at the weekend created fresh uncertainty for Greece after finance ministers failed to agree a way out of the biggest crisis to face Europe since 2012. A fragile compromise was emerging late on Sunday under which Athens would be forced to pass tough new reform laws, including on pensions, by Wednesday and prepare further rapid reforms. But it was unclear whether this deal could be implemented in time to satisfy German chancellor Angela Merkel and other critics.

The FT View? Now is the time to help Greece rebuild, not force it to grovel lower. Meanwhile, Lawrence Summers laments the absence of boldness in favour of deferred decision-making when tackling financial crises. (FT)

In the news:

Chinese markets

Chinese shares advanced on Monday morning, despite a fresh crackdown by Beijing on margin lending in a bid to stabilise stockmarkets. But how many Chinese households really play the market? (FT)

Baghdad bombings

At least 28 people have been killed in a spate of bomb attacks in the Iraqi capital, Baghdad, officials say. So far no group has claimed responsibility for the three separate incidents. (BBC)

Reddit revamped

The new boss of Reddit , the popular discussion forum, has sketched out a more relaxed approach to allowing offensive content to remain on the site in an attempt to calm the accusations of censorship that have angered users. Steve Huffman spoke following the departure of chief executive Ellen Pao. (FT)

Nintendo president dies

Satoru Iwata died on Saturday aged 55 from a bile duct tumour, the Japanese company said on Monday. He was only the fourth president to lead the company since it was formed in 1889, and the first not to be a member of the founding Yamauchi family. Nintendo said it has not decided who will replace him. (FT)

Get Shorty

Mexican drug lord Joaquin Guzman , known as Shorty, used an elaborate tunnel to break out of a maximum-security prison, officials say. His escape route from Altiplano jail was more than 1.5km long. This marks the second time Guzman has escaped from a top-security prison. (BBC)

Bonds, not the black stuff

Saudi Arabia has borrowed $4bn from local markets in the past year and sold its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump. Saudi Arabia needs an oil price of $105 a barrel to meet planned spending requirements, but the average price for the year is estimated at $58 a barrel, an official has said. (FT)

It’s a big day for:

Hillary Clinton, who will outline her economic vision in a speech in New York.

Food for thought:

What lies beneath

The Mexican oil industry is opening up this week after nearly 80 years under state control, albeit with stringent conditions attached to the exploration blocks being auctioned. With blocks potentially containing 107.5bn barrels of oil, as much as the proved reserves of Kuwait, what will be the consequences? (FT)

Go Set a Watchman

British critic Mark Lawson reviews the first published novel by Harper Lee in the five and a half decades since To Kill a Mockingbird. You can read the first chapter here. (Guardian)

Skilled off

Lucy Kellaway dissects the announcement from Barclays last week announcing the sacking of Antony Jenkins as CEO. (FT)

Stepping forward

In Germany a campaign is under way to persuade men who are sexually attracted to children to sign up for confidential treatment, even if they have abused a child. The idea behind the policy is not to help the perpetrator instead of the victim, but to prevent there from being a victim in the first place. (BBC)

Stinging attack

Carrizo cane, a dense reed growing in abundance along the Mexican border, is the scourge of US border patrols: it can hide small houses, large animals and people. Bring on the French wasps, which officials hope will eat it. (Bloomberg)

Video of the day:

Greece has become one of the gateways to Europe for Syrian migrants. But they have had to fend for themselves in a climate of poor living conditions and xenophobia, as the country struggles to cope with its debt crisis.

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: Workers walk outside the London Stock Exchange. REUTERS/Andrew Winning.