Debt

Sri Lankan authorities have declared a five-day closure of financial markets from June 29 ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion.

The restructuring affects government bonds in line with an IMF bailout agreed in March, after Sri Lanka defaulted on its foreign debt in April last year and declared bankruptcy.

The Public Debt Management Agency announced on Friday that on Wednesday it will auction 26-week treasury bills in book entry form with maturity on December 29.

The settlement date is Friday, June 30.

The "self-exclusion" by debtors who are formally entitled to support but refuse it so that the protection of the privacy of their banking transactions will not be lifted is a serious indication that the state is in no position to properly plan any social support policies.

From the ashes of World War II, three institutions were created as linchpins of a new global order. Now, in an unusual move, the top official in one — the secretary-general of the United Nations — is pressing for major changes in the other two.

Spain's BBVA and Bank of Cyprus reopened the market with the issuance of the first euro-denominated contingent convertible bonds (CoCo) since the rescue of Credit Suisse in March, in what is seen as an attempt to restore confidence in the banks' riskiest debt instruments.

Not much progress is expected on the reform of European Union debt rules at EU finance ministers' talks on Friday, officials said, as Germany and France remain at odds over whether there should be a minimum annual debt reduction obligatory for all.

Eight out of 10 applications submitted under the new 36- to 72-installment arrangement are rejected by the electronic system of the tax administration, as those interested in joining it usually do not meet the terms and conditions. The biggest problem they face concerns the condition of not having any unregulated debts before November 2021.

Republican People's Party (CHP) leader and Nation Alliance's presidential candidate Kemal Kılıçdaroğlu has pledged the citizens to make regulations in order to ease the burden of credit card debts if he is elected as the president in the May 28 polls.

The Ministry of Finance, banks and funds are discussing changes to the basic terms of the out-of-court settlement, which will lead to the cancellation of debts for more debtors.

A man with his dog casts his vote at a polling station in Athens. Greeks were voting Sunday in the first election since their country's economy ceased to be subject to strict supervision and control by international lenders who had provided bailout funds during its nearly decade-long financial crisis. [AP]