Eurozone And IMF Reach Greece Debt Deal

Eurozone finance ministers and the International Monetary Fund have reached an agreement on Greek debt, which paves the way for the release of much-needed loans.

After nearly 10 hours of talks, it was agreed that the country's public debt should fall to 124% of GDP in 2020 through a package of extra debt cutting measures.

The deal emerged in Brussels after a meeting of finance ministers from the 17 eurozone countries, the European Central Bank and the IMF on how to make Greek debt sustainable - their third meeting on the issue in as many weeks.

"It's going very slow, but we have financing and a Debt Sustainability Analysis. We've filled the financing gap until the end of programme in 2014," one official said, adding that talks on the details of the debt cutting measures with the IMF were still ongoing.

The deal is a breakthrough towards releasing the next tranche of loans to Greece after its 31.2bn (£25bn) aid package was suspended in the summer over concerns it was not meeting the conditions of its bailout programme.

The Greek finance minister Yannis Stournaras said earlier that Athens had fulfilled its part of the deal by enacting tough austerity measures and economic reforms, and it was now up to the lenders to do their part.

The IMF has said Greece's debt as a proportion of GDP must be cut to around 120% by 2020, from a forecast 190% next year, for it to be manageable in the long term.

It was not immediately clear how the debt would be reduced from its currently forecast level of 144% in 2020 to the target, but it is expected to involve a series of measures including the lowering of interest rate on loans to Greece.

Last week Greek Prime Minister Antonis Samaras criticised the failure to deliver bailout funds to Athens after 12 hours of emergency talks among the eurozone finance ministers and representatives of the troika of lenders had ended without agreement.

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Weather: Britain Braced For More Flood Chaos

Rain-battered Britain is bracing itself for further flood chaos as the heavy rain that has brought misery to thousands of residents and motorists continues to fall across the UK.

The Environment Agency has 208 flood warnings and 277 flood alerts in place across England, Wales and Scotland.

Persistent rain hit water-logged communities through the night, increasing the risk of rivers flooding in some areas.

The torrential downpours spread from the South West to North Wales and northern England, with winds reaching up to 55mph.

At a housing estate in St Asaph, north Wales, 40 houses were flooded after the River Elwy burst its banks overnight.

According to the police the river has overflowed south of the town on to fields. 

A flooded house, close to the River Trent in Willington, central England

Water levels in the town are still rising and several main roads through the town have been shut. 

Local residents have said they don't remember the area flooding since the 60s.

Some were seen using a canoe to try and get some of their possessions out of their home.

Vincent Jones was asked by rescue services to evacuate his home in the early hours of the morning.

A flooded playing field in Tewkesbury, in south western England

"I had a knock at 12.30am to say there was an imminent flood, and then at 4.30 we were told to leave. When I left, within an hour the water had engulfed us.

"I put some personal possessions upstairs and made sure we took the children to safety. My sister in law on the other side of St Asaphhas taken the kids in.

"I'm absolutely devasted. I don't have insurance. It doesn't bear thinking about at the minute. My kids are safe, we'll just have to plod on and sort it out one way or another".

The Environment Agency say around 100 people could be affected in the town although some flood defences installed in the area, designed to cope with up to 4m of water, appear to be holding.

Environment Secretary Owen Paterson expressed sympathy with the residents in St Asaph residents but said most of the flood defences in the UK had held up well.

"We offer our sympathy's to all those affected. I did see that our flood schemes in the south west are protecting properties. 6,000 key properties were protected in Exeter despite a torrent of water. 15,000 properties in the country are being protected.

"We're spending £2.17bn on flood defences over this spending round. We've opened up new arrangement partnerships with local councils and these flood schemes provide real benefits.

"It's bitterly disappointing and awful for residences who feel safe behind defences which then fail. I can't comment on what's happened in St Asaph because I need to get the details of what's happened there.

"The vast majority of the schemes we've built are designed to withstand floods except under extraordinary circumstances".

Across the UK, three people have died in the flooding and around 900 homes have been evacuated following a weekend of almost non-stop rain.

There is still a risk of flooding, as the heavy rain in northern England and Wales moves southwards. But the wind and rain are expected to ease over the next few days which are expected to be drier, with freezing temperatures taking hold of the UK instead.

The EA remains particularly concerned about the River Thames, Trent and the Severn, as well as the Northamptonshire area.

The A417 at Maisemore has already flooded and is closed, while the River Severn at Tewkesbury is expected to peak at 4.8m - a metre less than its peak in 2007.

The continued flooding risk comes after claims on Monday that hundreds of thousands of homes could be left without flood cover due to a row between ministers and the insurance industry over how future flooding bills would be covered.

The Association of British Insurers (ABI) had claimed that talks about a "safety net" deal to ensure those in flood-risk areas can continue to afford their policies were at "crisis point".

But Environment Secretary Owen Paterson said talks were ongoing - and that ministers were committed to securing a good deal for both householders and the taxpayer.

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'Shocking Scenes' Of Storm-Hit Britain

Heavy rain will continue to deluge parts of the South West today - but the worst of the weather will move to North Wales and the North East.

There are nearly 300 flood warnings and 300 flood alerts in place right across the country, after a weekend of almost non-stop pouring rain left at least 800 homes swamped with water.

The rain and strong winds left three people dead, forced hundreds from their homes and brought chaos to the roads.

Prime Minister David Cameron vowed he would "ensure everything is being done to help".

Parts of Devon and Cornwall are the worst hit so far - but hundreds of other areas have also been affected, with the South and the Midlands getting badly hit.

One severe flood warning - the highest alert possible - remains in place for the River Cober in Helston, Cornwall. At one point over the weekend, four were in place.

Thousands of motorists have had to be rescued from water-logged roads over the past few days.

Rainfall is estimated to be around 15mm across the spine of Britain today, less than the 30mm of rain in parts of the West Country, but meteorologists said it would offer little respite to homeowners keen to begin cleaning up.

A car becomes completely submerged after attempting to cross a ford

Mr Cameron wrote on Twitter: "Shocking scenes of flooding in Cornwall and around the country. Govt will help ensure everything is being done to help."

A 21-year-old woman was killed in Western Way, Exeter, after becoming trapped under a fallen tree which injured two others.

Inspector Andrew Webber of Devon and Cornwall Police told Sky News that the dead woman had been living in a small tent sheltered against a wall at the roadside.

"It was a very large oak tree that had been there for ... many years. Obviously we've had lots of heavy weather, it's been raining an awful lot, and the tree for whatever reason came down."

Her death follows that of a man on Thursday, who died when his car became wedged under a bridge near a ford in Rectory Fields, Chew Stoke, Somerset.

A 50-year-old man, named as Kevin Wilkinson, also died after falling into a canal in Watford on Saturday.

A man rows through a car park in Keynsham, Somerset

Both the RAC and AA breakdown services reported surges in flood-related call-outs as roads and highways across the country have been closed due to perilous standing water.

But that has not deterred many motorists from taking their chances.

In Warwickshire three people became stranded on the roof of a four-wheel drive after deciding to go off-road driving.

Police issued a post on Twitter to say the men had been shouting abuse at those who tried to come to their aid. They were eventually rescued by boat.

Nathan Hudson, of West Midlands Ambulance Service, said: "People who attempt to pass through flooded roads are not only putting their own lives at risk, but also the lives of the emergency services staff who have to rescue them.

"A little bit of common sense from the public will ensure that no one's life is put in any unnecessary danger."

A homeless women died after being crushed by a tree in Exeter

National Rail said the severe weather is disrupting services across the South West.

Trains were cancelled between Exeter St Davids and Yeovil Junction because of a landslip at Honiton and flooding near Axminster in Devon, and replacement buses were cancelled because of severe flooding on local roads. The route is expected to reopen today, subject to no further damage.

Nearly 71,000 properties have been told they could be at risk, according to the Environment Agency.

In Lostwithiel residents piled sandbags at their doors as they feared the River Fowey would burst its banks overnight. Sky News' Charlotte Lomas said that the Cornish town was bracing for more heavy rain.

"It won't take much to increase river levels again and yet again there will be another danger of heavy flooding here," she said.

Jo Wheeler, Sky News Weather Presenter, said: "The heaviest rain has now moved north, and there'll be a period of some hours before further wet weather is likely.

"Meanwhile, the storm system has taken the wettest weather into central, eastern and northern parts of England."

"And the strongest winds are to the south and east of the system, with gale force gusts for eastern England, East Anglia and the south-east.  These blustery conditions will also abate as the low pressure system clears away into the North Sea."

Environment Minister Richard Benyon met with people in Malmesbury on Sunday where three feet (90cm) of water was reported in some parts of the Wiltshire town.

He described the clear-up work as "heroic", adding: "While many houses have been flooded, some haven't because of the efforts of these people.

"The Government's job, first of all is to make sure people are as prepared as possible with a changing climate... for these extremes of weather. Secondly, we've got to continue building flood defences."

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UBS Fined £27m Over London Rogue Trader

The City watchdog has fined Swiss investment bank UBS £29.7m after London rogue trader Kweku Adoboli caused £1.4bn losses through unauthorised trading.

The Financial Services Authority (FSA) fined the bank for system and control failings within its corporate structure.

The FSA originally fined UBS £42.4m but discounted the penalty for early settlement.

At one point, Adoboli had stood to run up losses of £7.5bn for his employer.

The FSA said in a statement: "The systems and controls failings revealed serious weaknesses in the firm's procedures, management systems and internal controls."

It added: "UBS failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

"And failed to conduct its business from the London branch with due skill, care and diligence."

In a damning judgment of UBS' internal controls, the FSA said the bank's computerised risk management system was "not effective".

It said Adoboli exploited "significant deficiencies" in the disparate trading system to conceal his unauthorised trades.

Last week Adoboli, once a rising star City trader, was found guilty by a London court of the biggest fraud in British history.

The 32-year-old admitted to the bad trades, but denied any wrongdoing.

Adoboli was convicted of two counts of fraud by abuse of position linked to the £1.4bn loss, but jurors cleared him of four counts of false accounting between October 2008 and September 2011.

Judge Mr Justice Keith, sentencing, told Adoboli: "There is a strong streak of the gambler in you. You were arrogant enough to think the bank's rules for traders did not apply to you."

"The fact is you are profoundly unselfconscious of your own failings."

He sentenced Adoboli to seven years for one count of fraud and four years for the other, to be served concurrently.

More follows...

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PM 'Open-Minded' On Leveson's Press Report

David Cameron is said to be keeping an "open mind" about the future regulation of the press and will make no decisions before he has seen Lord Justice Leveson's much-anticipated report.

Downing Street has rejected any suggestion that the Prime Minister has already decided to rule out full-blown state regulation following reports he is heading for a showdown with Lord Justice Leveson when he delivers his report into the findings about the British press.

The Mail On Sunday claimed Mr Cameron would back a new, tougher model of self-regulation to replace the Press Complaints Commission - but with the threat that a statutory system could be brought in later if matters do not improve.

The Leveson report is supposed to be shrouded in secrecy until its publication on Thursday.

Mr Cameron and some other senior Government figures will have access to it on Wednesday so that he can make a substantive response when it is released.

"The Prime Minister is open-minded about Lord Justice Leveson's report and will read it in full before he makes any decision about what to do," a spokesman said.

The Prime Minister himself gave evidence to the inquiry

Victims of press intrusion are calling for an independent regulator, backed up by law, while editors fear that statutory regulation could serve only to limit press freedom.

Mr Cameron set up the inquiry in July last year in response to revelations that the News Of The World (NOTW) commissioned a private detective to hack murdered schoolgirl Milly Dowler's phone after she disappeared in 2002.

This Thursday's report follows the first part of the Leveson Inquiry looking at the culture, practices and ethics of the press, and will include recommendations for press regulation.

Members of campaign group Hacked Off, including victims of press intrusion, want an independent regulator - possibly backed up by law to ensure newspapers comply.

Hacked Off director Professor Brian Cathcart said they wanted "something effective that will make a difference" - probably backed by law to give it the necessary "clout" - but said if the chairman found a way of doing that without law, they would be happy as long as it was effective.

Lord Justice Leveson's report will be published on Thursday

But Bob Satchwell, executive director of the Society Of Editors, called for "proportionality", saying he hoped Lord Justice Leveson had not only taken the "headline evidence" into account.

"Some of the points that came out were absolutely dreadful and nobody is trying to hide away from the fact that there were some pieces of behaviour in some parts of the press that were quite appalling," he said.

"But it's got to be seen in context - we want to see some proportionality."

Former Crimewatch presenter Jacqui Hames, who was placed under NOTW surveillance along with her husband, said victims wanted to "draw a line under all this".

"We want to be able to trust our journalists again and pick up our newspapers and be confident that what we're reading is accurate and it hasn't been obtained illegally or at the detriment of somebody's life," she said.

"We have a fantastic historical tradition of newspapers and journalism in this country and I would love to see that restored.

"It's a fantastic opportunity to look to the future so that in 50 years' time people will look back and see this as a pivotal moment and a restoration of faith in our free press."

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Wild Weather: Falling Tree Kills Woman

A woman has been killed by a falling tree in Exeter, Devon, after authorities warned of "serious threats to life and property" from flooding in southwest England.

The 21-year-old woman was trapped by the fallen tree about 11:50pm on Saturday night near the junction of Western Way and Barnfield Road in Exeter.

Police said the tree fell across a wall and onto the roadway, injuring the woman and two men.

The men were treated at the scene, while the woman was taken to hospital, where she later died.

Inspector Andrew Webber of Devon and Cornwall Police told Sky News that the deceased woman had been living in a small tent sheltered against a wall at the roadside.

"It was a very large tree that had been there for... many years. Obviously we've had lots of heavy weather, it's been raining an awful lot, and the tree for whatever reason came down," he said.

"It's taken a wall with it when it came down, and then on top of that the tent was underneath and the tree has fallen on to the tent.

The site of a fallen tree in Exeter, where a 21-year-old woman died

"There are two males involved with minor injuries and obviously a poor lady of 21 who received fatal injuries at the time."

The Environment Agency had earlier warned of "serious threats to life and property" across regions of southwest England.

Severe flood warnings have been issued for Helston, Polperro, and Perranporth, and for the River Fowey from Trekeivesteps to Lostwithiel.

At Polperro, south Cornwall, the level of the River Pol has been recorded at 0.40 metres. The typical level is between 0.00 metres and 0.25 metres.

Special "rest centres" have been set up in the worst-hit villages, allowing families to shelter overnight as floodwater surges through the rural West Country.

Emergency services and rescue crews have met council bosses in an effort to spread the message about the danger to life and property, following nearly four days of rainfall.

Across the region, roads were closed for safety reasons and others were impassable as rain saturated highways, and debris blocked lanes.

Rising floodwaters in Millbrook, Cornwall (Pic: Matt Skinner)

Devon and Cornwall Police have warned people not to go to flood affected areas, adding that the worst of the rain appeared to be moving away from Cornwall towards Devon.

Sergeant Gary Watts tweeted: "Severe means risk to life. Please pay heed!"

"Flash flooding can take you by surprise and kill. If you have to be out don't take risks."

Cornwall Council announced on Twitter that the river had burst its banks at Ladock, and warned local residents to take precautions.

Severe warnings are also in place at Bolingey Stream from Bolingey to Perranporth, and at the River Cober, in Helston.

Emergency teams have been working to shore up defences, deploy temporary barriers, monitor river levels, clear blockages from watercourses and pump-out flood water from towns.

The rest of Britain is also bracing itself for more flooding and travel disruption, with forecasters predicting further heavy downpours.

A deep area of low pressure has moved in, bringing more heavy rain to areas already badly hit by Thursday's downpours.

Floodwaters surge through Penzance, Cornwall

Sky weather producer Joanna Robinson said: "England and Wales could see 15 to 25mm quite widely, with up to 60mm possible in some spots.

"Between 6am and 6pm yesterday 47mm of rain fell at St Mary's (Isles of Scilly), 28mm at Culdrose and Plymouth and 17mm at Exeter and Bournemouth.

"We can expect 30 to 40mm of rain quite widely across south Wales and the West Country overnight, with up to 60mm locally, particularly across Devon and Cornwall. 

"Elsewhere across England and Wales there will be up to 25mm of rain, with lower amounts across Scotland, but local flooding remains a risk there after such a wet week.

"Gusts up to 70mph are expected for coastal areas of southeast England, with inland gusts of 60mph. There is also the potential for some damage, particularly as the ground is saturated.

"It will be very windy across other southern areas, but the south-east is likely to see the strongest winds."

Network Rail said trains were likely to be suspended between Exeter and Bristol until Monday.

Flooding in Newlyn, Cornwall (Pic: Adam Gibbard)

The latest downpours came after the majority of the UK was battered by storms on Thursday, leaving hundreds of drivers stranded and thousands of homes without power.

More than 100 people had to be evacuated as winds reached more than 86mph.

An elderly man also died after becoming trapped in his 4x4 in floods in Chew Stoke in Somerset.

Three other people had a lucky escape after their car was swept down a swollen river in Warwickshire. The vehicle was carried more than 500 metres before a farmer managed to pull it to the water's edge.

In Torquay, Devon, several homes were evacuated after a landslide. Part of a cliff face was hit by a landslip after netting was washed away.

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Dallas Star Larry Hagman Dies

Larry Hagman, who starred in the hit TV series Dallas as the scheming oil baron J R Ewing, has died.

His family said in a statement that the 81-year-old died in a Dallas hospital following complications from his battle with cancer.

He had suffered from liver cancer and cirrhosis of the liver in the 1990s after decades of drinking.

Dallas, which made its premiere on the CBS network in 1978, made Hagman a superstar.

The show quickly became one of the network's top-rated programmes, built an international following and inspired a spin-off, imitators and a revival in 2012.

The popularity of Dallas made Hagman one of the best-paid actors in television and earned him a fortune. He lost some of it, however, in bad oil investments before turning to real estate.

Hagman with his co-stars Patrick Duffy and Linda Gray

Fans and celebrities took to Twitter to pay tribute to him.

Linda Gray, who played J R's wife, Sue Ellen, said: "Larry Hagman was my best friend for 35 years. He was the Pied Piper of life and brought joy to everyone he knew. He was creative, funny, loving and talented, and I will miss him enormously."

Larry King said: "Larry Hagman was a dear man who had an incredible career. He helped me to stop smoking. He was a very special person."

Piers Morgan wrote: "Very sad to hear that Larry Hagman has died. His J R Ewing character was the greatest TV villain of them all. Wonderful actor."

In July 1995, he was diagnosed with liver cancer, which led him to quit smoking, and a month later he underwent a liver transplant.

Hagman with Barbara Eden at the I Dream Of Jeannie DVD launch

Hagman said he quit drinking the moment doctors told him he had cirrhosis of the liver and could die within six months.

Hagman was born in Weatherford, Texas, and his father was a lawyer who dealt with the Texas oil barons Hagman would later come to portray.

His mother was stage and movie star Mary Martin and he became a star himself in 1965 on I Dream of Jeannie, a popular television sitcom.

Hagman started his acting career in theatre in New York where he married Maj Axelsson in 1954 while they were in a production of South Pacific. They have two children, Heidi and Preston.

He served in the Air Force, spending five years in Europe as the director of USO shows.

Hagman and his wife Maj

In his later years, Hagman became an advocate for organ transplants and an anti-smoking campaigner.

He also was devoted to solar energy, telling the New York Times he had a $750,000 solar panel system at his Ojai estate, and made a commercial in which he portrayed a J R Ewing who had forsaken oil for solar power.

He was also a longtime member of the Peace and Freedom Party, a minor leftist organisation in California.

Hagman had a wide eccentric streak. When he first met actress Lauren Bacall, he licked her arm because he had been told she did not like to be touched and he was known for leading parades on the Malibu beach and showing up at a grocery store in a gorilla suit.

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