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Greece working with ECB on response to banking crisis: FM LONDON: Greece will work with the European Central Bank on formulating a response to the cash crisis facing its banks before they are due to open on Monday, Finance Minister Yanis Varoufakis said Sunday.Speaking shortly before an emergency gathering of Greece's systemic stability council, he declined to say whether the government intended to introduce capital controls."This is a matter that we'll have to work overnight on with the appropriate authorities both here in Greece and in Frankfurt," Varoufakis told the BBC in an interview."It is our view that a monetary union that cannot guarantee functioning banks... constitutes a major denial of the very principle of a monetary union."Pressed again on capital controls, he said: "You will allow me, sir, as a minister of finance together with the Bank of Greece and the European Central Bank to work out what can be done to minimise the burden on our people from ...

Turkey's Erdogan says will ‘never allow’ Kurdish state: media ISTANBUL: President Tayyip Erdogan was quoted on Saturday as saying Turkey would never allow the formation of a Kurdish state embracing its south-east and parts of northern Syria, comments likely to anger Kurds as a peace process with Ankara stalls.Turkey has has looked askance as Syrian Kurds have made military advances against Islamic State militants in neighbouring Syria, fearing that could lead to the creation of an automous Kurdish state there and further embolden Turkey's ...
Greece's Varoufakis says still 'fighting' for a bailout deal      BRUSSELS: Greek Finance Minister Yanis Varoufakis said on Saturday Greece was still fighting to reach a bailout deal with its EU-IMF creditors, despite a flat refusal by its eurozone partners to extend its rescue programme beyond June 30."In this crucial moment, we are still fighting for a deal up to the last moment. I do not want to speculate on failure," Varoufakis told reporters after a meeting with his eurozone counterparts.If a deal is reached, ...
Russian former PM Yevgeny Primakov dies aged 85: Kremlin MOSCOW: Yevgeny Primakov, an economist who served as Russia's prime minister in 1998-1999, has died aged 85, the Kremlin said on Friday.Primakov was premier under president Boris Yeltsin and had also served as foreign minister. "He was a statesman, scientist, politician, he has left behind a great legacy," Kremlin spokesman Dmitry Peskov was quoted as saying by Russian news agencies.Copyright AFP (Agence France-Presse), 2015 ...
NATO warns of risk of heavy fighting in Ukraine BRUSSELS: NATO head Jens Stoltenberg warned Thursday there was still a risk of heavy fighting in Ukraine and urged Russia to halt its support for pro-Moscow rebels.A February ceasefire brokered in Minsk by France and Germany has largely held but in recent weeks there has been an upsurge in fighting, threatening to undo the accord as the death toll tops 6,500."Ceasefire violations persist. There is still a risk of a return to heavy fighting," Stoltenberg ...
Putin extends Western food ban for one year MOSCOW: Russian President Vladimir Putin on Wednesday extended a ban against most Western food imports for a year, saying the longer-than-expected measure would ensure the country's security.He unveiled the extension of the ban after EU foreign ministers said this week that sanctions against Moscow over the Ukraine conflict would be prolonged until January 2016."The government turned to me with an appeal to extend the measures," Putin told a government meeting."In accordance with this letter today ...
Cameron says looking at bolstering UK-French border after migrant surge LONDON: Prime Minister David Cameron said on Wednesday his government was considering reinforcing Britain's border with France around the port of Calais after what he said were unacceptable scenes of chaos involving migrants trying to reach his country. "We have been looking at whether we can put more personnel and indeed sniffer dog teams on that side of the channel to make a difference," Cameron told parliament. "There is also more work being done in ...


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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 06, 2015
Reserves $18.201 bln