Morning papers: Eurozone dismisses Greek budget deal

Eurozone finance ministers dismissed as incomplete a reputed €3.3bn (£2.8bn) package of Greek budget cuts presented to them in the hope of securing a new €130bn bail-out and sent the country’s finance minister back to Athens with a fresh set of demands and an urgent deadline, reports the Financial Times.

Germans concerned over Draghi liquidity offer

Mario Draghi has run into Bundesbank resistance over easing access to European Central Bank offers of three-year liquidity for eurozone banks, highlighting German unease over the measures the ECB president has taken to turn the region’s fortunes, reports the Financial Times.

IMF must help avoid Greek “explosion” - Italy’s Monti

Greece’s debt crisis on Thursday dominated the first day of Italian Prime Minister Mario Monti’s visit to the United States, as he urged the International Monetary Fund to be more lenient with Athens in bailout talks to prevent “a big potential explosion,” reports Reuters.

Japan willing to go alone on yen

Japan has vowed to make unilateral moves to weaken the yen if necessary, in an unusually bold statement of intent, reports the Financial Times.

China trade contraction adds growth concern

China’s exports fell and imports slid more than forecast in January, the first declines in two years, as a weeklong holiday disrupted trade and commodity prices dropped, reports Bloomberg.

Xstrata ‘needs to sell merger’ with Glencore to investors

A charm offensive to win support for the planned £54bn Glencore-Xstrata mega-merger is falling short of the mark, investors warn, reports The Telegraph.

Putin pushes levy on ‘dishonest’ privatisations

Vladimir Putin has reopened the legacy of Russia’s chaotic privatisations of the 1990s, calling for tycoons to legitimise “dishonest” fortunes with a one-off windfall payment, reports the Financial Times.