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Germany's Schaeuble insists on Greek reforms ahead of crucial summit RASDORF: German Finance Minister Wolfgang Schaeuble stuck to his insistence on Sunday that Athens carry out reforms ahead of an emergency summit of euro zone leaders to rescue Greece from default at the end of the month."Our stabilization policy has worked in recent years in the European countries where reforms have not only been agreed to but also implemented," Schaeuble said, referring to Ireland, Portugal, Cyprus and Spain.He said this could happen in Greece too, "as long as reforms are carried out."Speaking in Rasdorf, central Germany, where he was receiving a prize for his services to the unity of Germany and Europe, Schaueble also warned against a softening of the joint European rules."If we can't even rely on what we've agreed, then trust in Europe can't grow," he said.Euro zone leaders will attend an emergency summit on Monday, hoping to thrash out a plan with Athens to provide Greece with ...

Greece has submitted new debt proposals to creditors: Hollande MILAN: Greece has presented new proposals to its creditors as it tries to stave off the risk of a debt default, French President Francois Hollande said on Sunday."Greece sent to the European Commission, and I think to the institutions - that is the International Monetary Fund and the European Central Bank - its new proposals," Hollande said during a press conference with Italian premier Matteo Renzi in Milan.Hollande said that some countries may have a ...

Erdogan warns of risks, new poll if Turkey govt coalition delayed ISTANBUL: Turkish President Tayyip Erdogan on Sunday cited instability among neighbouring states to urge political parties to form a coalition government quickly, or face the prospect of holding another election."Surrounded by a veritable ring of fire, Turkey must be strong to avoid harm and help its brothers, so we must quickly complete the post-election period," he said.Turkey hosts nearly 2 million refugees who have fled the war in neighbouring Syria. Erdogan has been an outspoken ...

Greek finance minister says ‘we're heading for a deal’ ATHENS: Greece's leftwing government believes it can reach a deal with its creditors, Finance Minister Yanis Varoufakis said on Sunday after almost eight hours of meetings to thrash out proposals ahead of a last-ditch summit with European leaders on Monday.Asked by reporters if he was confident of reaching an agreement, Varoufakis said: "Always, we're heading towards a deal." He gave no details.Greece needs an agreement with its creditors to unlock aid and avert the threat ...

Algeria Jan-April grain imports up 1 million tonnes: customs data ALGIERS: Algeria's grain imports were up by 1 million tonnes in the first four months of 2015 from a year earlier, due mainly to much higher purchases of soft wheat following a poor domestic harvest in 2014, official data showed on Sunday.Imports reached 4.85 million tonnes, up from 3.84 million tonnes in January-April 2014, according to customs figures.Soft wheat purchases were up at 2.12 million tonnes from 1.83 million tonnes for the first four months ...

Tsipras presents Europe with new debt deal proposals: Greece ATHENS: Greek Prime Minister Alexis Tsipras presented new proposals on a "mutually beneficial deal" to end his country's debt crisis in a telephone call with European leaders Sunday, his office said.The proposals outlined by Tsipras to German Chancellor Angela Merkel, French President Francois Hollande and European Commission President Jean-Claude Juncker, on the eve of a crucial eurozone summit, were aimed at reaching a "definitive solution" to the standoff between Athens and its creditors, the Greek ...

Three killed as clashes grip Ukraine ahead of talks KIEV: Ukraine on Sunday reported the death of two soldiers, while pro-Russian rebels accused Kiev's forces of killing a civilian as fresh clashes preceded peace talks aimed at ending the 15-month war.Kiev military spokesman Andriy Lysenko said two government troops were killed and six wounded in mortar fire and shelling across swathes of the eastern separatist Donetsk province over the past day.Lysenko told reporters that "activity had especially picked up" around the industrial Sea of ...


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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
WeeklyJuly 01, 2015
Reserves $18.5 bln