Economy of Europe

Gazprom's CEO Alexey Miller and Turkey's Minister of Energy and Natural Resources Taner Yildiz have discussed the details over the launch of Turkish Stream.

''We have identified and put on the map also the on-ground passage of the Turkish Stream gas pipeline for further exploration and projecting," Miller said, as quoted by TASS information agency.

 Hellenic Petroleum, Energean Oil submit offers for areas in western Greece as foreign firms opt out of tender

By Chryssa Liaggou

Greek companies Hellenic Petroleum and Energean Oil are the only suitors in the tender to survey for and utilize hydrocarbons in three land blocks in western Greece, the Energy Ministry announced on Friday.

The Greek bourse has apparently already priced in the clash between the new administration in Athens and the country?s creditors, as well as the expected isolation of Finance Minister Yanis Varoufakis at next week?s Eurogroup meeting, as stocks gave up less than 2 percent on Friday upon the announcement of the five-day ultimatum given to Athens to present its next moves.

Turkey stands to lose roughly $5 billion per year in direct losses alone if it is not included in a final free trade agreement between the EU and the U.S., Turkey's minister for EU Affairs said late on Feb. 5.

The 40-minute meeting that was held on Thursday between Bank of Greece governor Yannis Stournaras and Deputy Prime Minister Yannis Dragasakis focused mainly on the European Central Bank's decision to stop accepting Greek state bonds as collateral from February 11 onwards and the possible consequences of this development for Greece.

According to an official's statements to Bloomberg, the European Central Bank will allow to the Bank of Greece to provided nearly 59.5 billion euro to temporary emergency financing mechanism.

By Sotiris Nikas

Uncertainty regarding the policies that Alexis Tsipras?s government will follow has taken a toll on confidence in the Greek economy and could slow the country?s recovery, the European Commission warned in its winter forecasts, as it proceeded to a downward revision of its estimate for growth this year.

By Chryssa Liaggou

The head of Germany's powerful Bundesbank warned Greece against using emergency funding to prop up its banks long-term and said countries must bear the impact of their decisions, further isolating Athens after it all but ditched a reform-for-aid deal.

Greek banks have been given approval to tap an additional 10 billion euros in emergency funding over an existing ceiling if necessary, a Greek government official said in a statement on Thursday.