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Spain sees GDP reaching pre-crisis level by end-2016 MADRID: Spain's economy grew at close to 4 percent in the first half of 2015, putting it on course to return to pre-crisis levels of output by the end of next year, Economy Minister Luis de Guindos said on Wednesday. Spain's gross domestic product fell around 8 percent between the first quarter of 2008 and the second quarter of 2013, when it began emerging from a long downturn, and the economy - and the extent of its recovery - will be a key battleground in a national election due in November.The return to growth offers endorsement of the Germany-inspired textbook recipe of austerity measures that international creditors are currently pressing Greece to follow in return for fresh funds. But there is still little to choose between the sky-high unemployment rates of both countries, with nearly one in four remaining out of a job in Spain's labour market. Speaking in parliament, ...

Putin 'saved my life': Yanukovych LONDON: Former Ukraine president Viktor Yanukovych has thanked Russian President Vladimir Putin for "saving my life" during the bloody demonstrations that led to his ouster.Yanukovych, currently exiled in Russia, told the BBC that he would like to return to Ukraine one day and blamed the country's plight on the demonstrators who occupied Kiev's Maidan Square -- the focal point of the uprising against his rule.Months of protests led to a bloody crackdown that claimed more ...
Turkey's new-look parliament opens as coalition nears ANKARA: Turkey's new parliament on Tuesday holds its first session after elections in which the ruling party lost its overall majority, with the contours of a coalition government becoming clearer but far from agreed.The results of the June 7 vote mean that Turkey is bracing for a coalition for the first time.The opening of the single-chamber parliament, the Grand National Assembly of Turkey, is a largely ceremonial affair, with each of the 550 deputies individually ...
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, ...
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 ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln