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Greece stares at IMF default days ahead of referendum ATHENS: Greece on Tuesday looked set to miss an IMF payment and default, with a defiant Athens urging Greeks to reject creditors' demands for tough reforms in a weekend referendum, despite warnings that this would lead to a chaotic Greek exit from the eurozone.Thousands took to Greece's streets on Monday night to support their government's opposition to the latest debt proposals after a clash with the country's creditors forced a shutdown of its banks and brought the country close to financial collapse.Talks between Greece's left-wing government and its creditors -- the "troika" of the European Union, European Central Bank and International Monetary Fund -- fell apart last week after Prime Minister Alexis Tsipras said he would put the latest proposals to a referendum.Tsipras sought to calm nerves on Monday by leaving the door open to talks, saying the July 5 plebiscite on creditors' latest cash-for-reform plans would leave the country ...

Iran talks eagerly await foreign minister's message from Tehran VIENNA: Iran's foreign minister was due back in Vienna Tuesday accompanied by top advisors and bearing guidance from Tehran that major powers hope will seal marathon negotiations for a historic nuclear deal.After almost two years of talks, a nominal deadline of midnight (2200 GMT) for an accord was widely expected to be missed, but officials say the negotiations will only last for a few more days.Foreign Minister Mohammad Javad Zarif flew to Tehran for consultations ...
Australia lowers iron ore price forecast as China outlook softens SYDNEY: Leading global producer Australia on Tuesday lowered its forecast for iron ore prices as Chinese steel production eases, but said export volumes were expected to grow as suppliers ramp up output.The price was forecast to fall to US$54.40 a tonne for this year and slip to US$52.10 in 2016 as China's output of steel, of which the commodity is a key ingredient, weakens, Australia's Department of Industry and Science said in a quarterly report."China's ...
Kerry, awaiting Zarif, says 'too early' to tell if Iran deal sealed VIENNA: US Secretary of State John Kerry warned Monday it was too soon to tell if a nuclear deal with Iran is possible as he awaited the return of Iran's foreign minister from consultations in Tehran."We're just working and it's too early to make any judgements," Kerry told reporters in Vienna following a weekend of intense talks with counterparts from five other major powers and Iran.In a possible sign meanwhile of progress, Russian Foreign Minister ...
CPEC to provide integrated platform for over 3bn people: Dar BEIJING: Federal Minister for Finance Ishaq Dar has said that the China-Pakistan Economic Corridor (CPEC), which involves a cluster of communications infrastructure and power generation projects, will provide an integrating platform for over three billion people in Central, West and South Asia, the Middle East and Africa regions."Energy and communications infrastructure development is much needed in the region and we believe that AIIB will cater to the needs of the region and compliment the availability ...
Athens casts doubt on Juncker's 'sincerity' ATHENS: The Greek government cast doubt on EU commission head Jean-Claude Juncker's "sincerity" on Monday, as a bitter war of words erupted over who was to blame for a breakdown in bailout negotiations."An essential element in indicating good faith and reliability in negotiations is sincerity," government spokesman Gabriel Sakellaridis said, after Juncker complained he felt betrayed by Athens and urged Prime Minister Alexis Tspiras to tell the Greek people "what is really at stake".Juncker's pained ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln