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Greek PM speaks to ECB chief, Russia's Putin ATHENS: Greek Prime Minister Alexis Tsipras on Monday spoke by telephone to ECB chief Mario Draghi and Russian President Vladimir Putin, a government source said as Athens scrambled to restore liquidity to its battered banking system.Tsipras was also conferring with Greek party chiefs and was to name a new finance minister after the nation on Sunday soundly rejected in a referendum austerity proposals put forward by Greece's EU-IMF creditors in return for bailout funds.Copyright AFP (Agence France-Presse), 2015 ...

Greek finance minister Varoufakis resigns ATHENS: Greek Finance Minister Yanis Varoufakis announced his resignation on Monday, a day after Greeks delivered a resounding 'No' to the conditions of a rescue package. In a statement, Varoufakis said he had been "made aware" that some members of the euro zone considered him unwelcome at meetings of finance ministers, "an idea the prime minister judged to be potentially helpful to him in reaching an agreement.""For this reason I am leaving the ministry of ...
Greek government must explain next step: Luxembourg PM LUXEMBOURG: The Greek government must explain how it sees the next steps after Greeks voted overwhelmingly on Sunday to reject the terms of a bailout, Luxembourg Prime Minister Xavier Bettel said, voicing optimism that a solution can be found. "The Greek government has to explain how it sees the way forward, respecting European procedures. Negotiations have not become easier, but Europe is strong and I am confident that we find a solution," Bettel, whose country ...
Up to Greece to act if it wants to stay in euro: Germany BERLIN: Germany insisted Monday that the ball was in Athens's court if it wanted to stay in the eurozone, after Greece rejected creditors' austerity demands in a weekend referendum."It is up to Greece to make something of this. We are waiting to see which proposals the Greek government makes to its European partners," Chancellor Angela Merkel's spokesman Steffen Seibert told reporters.Copyright AFP (Agence France-Presse), 2015 ...
Borrowing costs of southern Europe edge up after Greek referendum PARIS: Borrowing costs of southern European countries on Monday edged up slightly after Greek voters rejected further austerity measures in return for bailout funds in a weekend referendum.Shortly after trading opened at 0600 GMT, the yield on the benchmark 10-year bonds for Spain rose to 2.349 percent, against 2.212 percent at close of trading on Friday, while Italy's inched up to 2.380 percent from 2.248 percent. Greece's yield rose to 14.800 percent against 14.630 percent.Copyright ...
UK will do 'whatever is necessary' to protect its economy after Greek vote: govt LONDON: Britain will do "whatever is necessary to protect its economic security", a government spokesman said Monday after Greeks voted overwhelmingly against austerity in a referendum that could send them crashing out of the eurozone with unknown consequences."This is a critical moment in the economic crisis in Greece," a Downing Street spokesman said. "We will continue to do whatever is necessary to protect our economic security at this uncertain time. We have already got contingency ...
Hillary Clinton hopes for 'strong verifiable deal' with Iran GLEN: US Democratic presidential candidate Hillary Clinton said on Saturday that even if a deal is reached with Iran over its nuclear program, Tehran's "aggressiveness will not end" and it will remain a principal state sponsor of terrorism."They will continue to destabilize governments in the region and beyond. They will continue to use their proxies like Hezbollah. And they will continue to be an existential threat to Israel," Clinton said at a campaign event.Copyright Reuters, ...


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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