Germany's biggest lender Deutsche Bank announced Friday it would repurchase up to 4.8 billion euros ($5.4 billion) in bonds, adding that its liquidity position is strong enough to buy back the debt. The offer for bonds denominated in euros is worth up to 3 billion euros, while that for debt denominated in US dollars totals up to $2 billion. Stocks in Deutsche Bank had rocketed up more than 16 percent on Wednesday over speculation of the massive bond repurchasing programme, seen as muscle flexing to assuage concerns over its financial strength.
EU member states on Friday gave Greece a three-month ultimatum to remedy "deficiencies" in controlling the influx of migrants or effectively face suspension from the Schengen passport-free zone. The decision -- taken by ministers over Greek objections -- culminates weeks of pressure on Greece, the main gateway for the million refugees and migrants who entered Europe last year, stoking the continent's biggest such crisis since World War II. A report adopted 10 days earlier by the European Commission, the EU executive, found Greece was failing to properly register and fingerprint migrants during inspections at the Turkish land border and several islands in the Aegean Sea last November.