Please turn on JavaScript. Media requires JavaScript to play.

Greek bailout

New Greek PM Alexis Tsipras says his country will not default on its debts.

Addressing his first cabinet meeting since Sunday's victory, Mr Tsipras said he would negotiate with creditors over the €240bn (£179bn; $270bn) bailout.

We won't get into a mutually destructive clash but we will not continue a policy of subjection, said the left-wing Syriza party leader.

Greek bank stocks lost more than a quarter of their value on Wednesday as prices fell for a third day.

Piraeus Bank lost nearly 29%, Alpha Bank 26%, and National Bank and Eurobank around 25%, AFP reported.

Germany's vice-chancellor said it was unfair of Greece to expect other states to pick up its bills.

Please turn on JavaScript. Media requires JavaScript to play.

Mark Lowen looks at the issues around a possible debt haircut

I cannot imagine a haircut [debt reduction], Sigmar Gabriel said.

As Mr Tsipras made his debut cabinet speech, Greek government bond yields rose to their highest since the 2012 debt restructuring, amid investor concern that the anti-austerity coalition was gearing up for a clash with international creditors.

The Athens Stock Exchange fell by 8% in response to Mr Tsipras's remarks, and as it emerged that his government was putting on hold major privatisation projects, including the port of Piraeus and the main power company, the Public Power Corporation of Greece.

Greece has endured tough budget cuts in return for its 2010 bailout, negotiated with the troika — the EU, International Monetary Fund (IMF) and European Central Bank (ECB).

Its economy has shrunk drastically since the 2008 global financial crisis, and high unemployment has thrown many Greeks into poverty.

Independent Greeks leader Panos Kammenos (left, speaking to Deputy Prime Minister Giannis Dragasakis, centre, and Alexis Tsipras) is the new defence minister

The coalition held its first cabinet meeting at the Greek parliament

Finance Minister Yanis Varoufakis (Syriza) is an economist who studied at British universities

Mr Varoufakis (R) kissed his predecessor as finance minister, Gikas Hardouvelis, goodbye

New Greek Foreign Minister Nikos Kotzias (Syriza) is a politics professor from the University of Piraeus who studied in Germany

Analysis: Mark Lowen, BBC News, Athens

Alexis Tsipras sought to strike a balance — defiant about negotiating debt relief from the eurozone, while reassuring his European partners. Across the eurozone, governments oppose a debt write-off for Greece.

The Netherlands has added its voice to that of Germany and France in insisting that Greece stick to its previous commitments. The Dutch finance minister, who heads Eurozone group of ministers, will be in Athens later this week for discussions.

Mr Tsipras's speech is, perhaps, an olive branch extended from Athens after hardline pre-election rhetoric, but there is no sign that the new government will back down on its opposition to austerity.