Economy of Europe

Austrian oil and gas company OMV has said it continues consultations with Russian energy giant Gazprom on the South Stream gas pipeline project.

According to a media statement of the company, as cited by TASS, talks between OMV and Gazprom are ongoing.

Italy's Sapiem, majority owned by Eni, announced that it had been notified about the suspension of the project.

The German central bank on Dec. 5 downgraded its growth forecasts for the German economy, Europe's biggest, for 2014, 2015 and 2016.        

The Bundesbank said in a statement it is penciling in growth of 1.4 percent for 2014, 1.0 percent for 2015 and 1.6 percent for 2016.

"I am fed up with Bulgarians. Having the West and the European Union and their back, they are challenging and opposing us," Russian President Vladimir Putin reportedly told his Turkish counterpart.

Bulgarian authorities creating difficulties is the main reason why Russia scrapped the South Stream pipeline project, Russian President Vladimir Putin told President Recep Tayyip Erdoğan during their meeting on Dec. 1, according to Turkish diplomatic sources.

Cypriot lender Hellenic Bank anticipates a listing of its shares on the Athens Stock Exchange in early 2015, its chairwoman said on Wednesday, giving the bank access to additional market liquidity.

"I would say that within, probably, the first couple of months of 2015 that would be possible," Irena Georgiadou told Reuters.

EU plans to "continue discussions on South Stream"

BRUSSELS -- The European Commission will continue discussions on the South Stream gas pipeline despite the announcement of Russia that the project was dead.

"The next meeting" on this subject will be held on December 9, said European Commission Vice President for Energy Maros Sefcovic.

The European Commission said on Tuesday it will continue talks on South Stream with EU member states despite Russia's announcement that it has abandoned the gas pipeline project.

...

The way Russia has taken and announced its decision to abandon South Stream once again highlights the importance of diversification of gas supply sources for Bulgaria, a senior EU Commission member said on Tuesday.

...

Bulgaria expects the Transatlantic Trade and Investment Partnership (TTIP) to help boost trade with the US, according to Economy Minister Bozhidar Lukarski.

Martin Dimitrov, Deputy Chair of Bulgaria's parliamentary energy committee, has dismissed the announcement of Russian President Vladimir Putin about the suspension of the South Stream gas pipeline project as a bluff.

"There is no way Russia is giving up on the South Stream gas pipeline project," Dimitrov declared Tuesday in an interview for the morning broadcast of Nova TV.