Economics

Jeff Black & Boris Groendahl

European Central Bank Vice President Vitor Constancio said lenders in the region are reducing the risk of failing a balance-sheet review by taking pre-emptive steps to increase capital ratios.

By Abigail Moses

A recovery in the nation that set off the euro region’s debt crisis is allowing Greece’s largest electricity company to return to the bond market for the first time since 2000.

In response to recent reports in the media claiming that unreliable statistics were published by the Hellenic Statistical Authority, ELSTAT and Eurostat, regarding Greece’s annual fiscal figures for 2013 as these showed surpluses in social security funds and local government, the former sought to clarify matters in a statement released on Wednesday.

BELGRADE - The jobless rate in Serbia stood at 20.8 percent in the first quarter, shows a survey by the national statistical office.

The male unemployment rate was at 20.1 percent and female one at 21.6 percent.

Russia is experiencing recession, and the 2014 growth forecast has been cut to 0.2% from 1.3%, the International Monetary Fund mission chief to Moscow said on Wednesday.

Ukraine and Western-led sanctions are partly to blame, as political tension has dragged down the economic forecast for Russia, which at the beginning of the year, the IMF estimated could reach 3%, reports RT.com.

A World Bank report suggests that China could take over from the US as the world’s biggest economy as early as this year.

The new report of the International Comparison Program of the World Bank suggests, that China’s economy is catching up to the US’s much more quickly than anticipated. 

Pensions "may have to be reduced" by end of year

BELGRADE -- Finance Minister Lazar Krstić has announced that "pensions also may have to be cut" by the end of this year.

Speaking for the public broadcaster RTS, he said his ministry's priority would be "fiscal consolidation and introduction of financial discipline."

Interest rates on deposits for the businesses are on the rise, according to the latest data of the Bulgarian National Bank.

Deposits grew by over half a billion euros in March, Bank of Greece figures showed on Tuesday, despite the significant decline in interest rates.

Credit rating agency Moody's on Tuesday upgraded the Greek banking system from negative to stable and said the country's economy would return to growth this year after a six-year recession.