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Greek finance minister says bailout deal will take country forward BRUSSELS: Greek Finance Minister Euclid Tsakalotos said on Friday that a bailout deal reached with the country's international creditors will take Greece forward as it will create a more stable financial system without harming bank depositors."It takes Greece forward in the sense that the financial system should be much more stable from now onwards. There is a promise of recapitalisation of the banks, without any of the depositors having to bail in or anything to worry about," he told reporters. "The process of reversing the negative effects of capital controls will start very quickly and will speedily return the banks to where they were before, hopefully on a far firmer footing," Tsakalotos said. The comments came after finance ministers from the euro zone agreed, after six hours of talks, to lend Greece up to 86 billion euros.However Tsakalotos said the success of the country's third bailout will depend on how ...

Four Frenchmen jailed in Dominican Republic for drug running SANTO DOMINGO: Four Frenchmen were sentenced Friday to 20 years in prison in the Dominican Republic for drug trafficking.Pilot Pascal Fauret, co-pilot Bruno Odos, passenger Nicolas Pisapia and alleged broker Alain Castany were arrested in March 2013 as they were about to take off from the Caribbean resort of Punta Cana.Dominican authorities say they were preparing to take off in a mid-size Dassault Falcon 50 jet with 26 suitcases carrying 680 kilograms (1,500 pounds) of ...
Greek ruling party edges towards split before bailout vote ATHENS: Greece's ruling Syriza party edged towards a formal split on Thursday, hours before rebel leftist lawmakers have promised to vote against a new bailout deal to keep the country afloat. With opposition support, the government is asking parliament to approve a 85 billion euro bailout deal that Greece needs to avoid defaulting on a debt repayment next week. The parliamentary vote, expected in the early hours of Friday, will test the strength of a ...
Ukraine crunch debt talks move into second day KIEV: Ukraine's crunch talks with its biggest creditors moved into a second day Thursday as both sides sought a workable solution for keeping the former Soviet country from hurtling into default.Two people close to the discussions told AFP that no deal was reached Wednesday when Ukrainian Finance Minister Natalie Jaresko met top debt representatives of the Franklin Templeton investment giant in San Francisco.Templeton and three other financial titans hold two-thirds of the $15.3 billion in ...
Greece, lenders clinch bailout deal after marathon talks ATHENS: Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.The agreement, reached after a 23-hour session of talks, must still be adopted by Greece's parliament and euro zone countries. The single currency bloc's finance ministers are due to meet on Friday, giving time to finalise the deal before a major debt repayment next week. The negotiations appeared ...
Greek markets surge as Athens clinches bailout deal LONDON: Greek financial markets surged on Tuesday after Athens agreed a multi-billion-euro bailout deal with international lenders that could potentially save the indebted country from financial ruin. A Greek Finance Ministry official said the pact would be worth up to 85 billion euros ($94 billion) in fresh loans over three years. Greek banks would get 10 billion euros immediately and be recapitalised by the end of the year. Athens' benchmark ATG equity index closed up ...
Italy says to sell up to 40pc of post office in IPO MILAN: Italy said on Tuesday it would be listing up to 40 percent of the country's post office in an initial public offering that will be launched in mid-October. In a statement, the Italian Treasury said the IPO would be wrapped up in the two weeks following the actual launch of the offer. Italy, which is listing Poste Italiane as part of efforts to revive state asset sales to cut debt, hopes to raise as ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln