Countries expecting fewer tourists from Russia

The number of Russian tourists visiting the region this summer is expected to decline. [AFP]

Countries expecting fewer tourists from Russia

Bulgaria and Montenegro are expecting a drop in Russian tourists this summer. Also in business news: The European Bank for Reconstruction and Development will invest 500 million euros in Cyprus.

The number of Russian tourists visiting the region this summer is expected to decline. [AFP]

The escalating situation in Ukraine is affecting economies in the region, the European Bank for Reconstruction and Development said in a report. Bulgaria and Montenegro may suffer a drop in the number of Russian tourists, but Serbia retains strong trade links with Russia, the bank added. The bank lowered its growth forecast for the nations of the former Soviet Union, Eastern Europe and Turkey to 1.3 percent, from 2.8 percent in January.

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The European Bank for Reconstruction and Development will invest 500 million euros in Cyprus to help the country recover from its economic crisis. The decision was made following a request for financing from Cyprus and will complement the island's international bailout programme worth 10 billion euros.

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After six years in junk territory, rating agency Standard & Poor's upgraded Romania's long-term and short-term foreign and local currency sovereign credit ratings from BB+/B to BBB-/A3. The outlook was revised from positive to stable. The decision was made in light of Romania's fast progress in improving its external balances.

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Voters in Greece's second-largest city of Thessaloniki and 10 municipalities in the area voted against the privatisation of the Thessaloniki Water Supply & Sewage Co. The referendum aimed to find out the public opinion of the sale, which is part of the government's efforts to meet its...

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