Bankruptcy

German Institute Ifo and its president told CNBC that “It is time for a bigger debt haircut and more radical measures to help Greece”. He added that he believes that Greece should temporarily leave the Eurozone.

A memorandum on launching a debt settlement program was signed on Monday.

It is aimed at "reducing insolvency, encouraging lending and promoting the bankruptcy legal framework and agreed financial restructuring."

Greece's government will be able to pay wages and pensions in May but needs an agreement with creditors by the end of the month because of its cash crunch, the government spokesman said on Monday.

"There should be a solution in May so we can resolve our liquidity issues," Gabriel Sakellaridis told a news conference.

Greek bond yields rose on Tuesday on reports that the International Monetary Fund may cut a funding lifeline to Greece unless its European partners accept more debt writedowns.

Bulgaria's Tourism Ministry prepares legislative amendments, which will offer better protection to users in cases of unfulfillment of paid organised excursions or bankruptcy of tour operators.

These measures are foreseen after the latest in a series of tour operator bankruptcies, which left 300 people without a holiday.

Ruling party GERB (Citizens for European Development of Bulgaria) has proposed the introduction of an absolute limitation period of ten years for debts of natural persons.

GERB has submitted to Parliament proposals for changes to the Obligations and Contracts Act which are available on the website of Bulgaria's Parliament.

The Sofia City Court has declared the state of bankruptcy of Bulgaria's Corporate Commercial Bank (KTB) and announced the initial date of its insolvency was November 6, 2014.

BELGRADE - Protection from creditor claims will in May cease for 77 out of 144 companies under restructuring, Privatisation Agency Director Ljubomir Subara announced on Monday.

However, he could not confirm whether the companies will be exempt from creditor claims in case tenders to privatise them are launched in the meantime.

BELGRADE - Minister of Economy Zeljko Sertic announced on Wednesday the adoption of a new bankruptcy bill.

In talks with Minister of Labor Aleksandar Vulin and President of the Confederation of Autonomous Trade Unions of Serbia (SSSS) Ljubisav Orbovic, Sertic underlined the need for countering prejudice concerning bankruptcy.

Outstanding debts to the Greek state rose to 75.73 billion euros in February, according to data published on Tuesday by the General Secretary for Public Revenues.

Of these debts, 2.48 billion euros were generated in January and February, the data showed, while older debts, meaning those generated up until the end of 2014, stood at 73.25 billion euros.