Economy of Europe

Neal Armstrong & Leo Laikola

Greece hired banks to sell three-year debt, accessing international markets for the second time in three months, after European Central Bank stimulus measures fueled a rally in bonds across the euro area this year.

Russian energy concern Gazprom's filial Centrgaz is considering whether to set up an office in Bulgaria, a company message quoted by agencies reveals.

The Bulgarian National Bank (BNB) has announced it is to present the results of an inspection at troubled Corporate Commercial Bank (KTB) by the end of this week.

KTB, Bulgaria's fourth-largest bank, fell under special supervision by BNB upon its own request in mid-June, after rumors about its failure triggered an exhaustion of liquidity.

Expectations related to Turkey’s economy for the second half of the year are not as positive as they were in the first half. While it has become more difficult to attain the first half’s performance in production and employment, a course that will unfold depending on developments in the global economy seems inevitable.

BELGRADE - The drop of the Serbian dinar to its record low against the euro this year is not dramatic and exporters can derive benefits from the lower dinar value, economists told Tanjug on Monday.

A weak lira and high interest rates made the Turkish economy grew on the heels of exports in the first half of the year, but rising political risks to foreign trade raise uncertainties for the second half With the first half of the year behind us, the climate for the Turkish economy is totally different from the first half of last year.

Last Saturday the Movement for Rights and Freedoms (DPS), GERB and the Central Bank wanted to temporarily suspend the operations of all banks in Bulgaria, said Rumen Gechev. 

Bulgarian telecom VIVACOM's assets in BNB-supervised Corporate Commercial Bank (KTB) are likely to amount to EUR 71 M, the Irish Stock Exchange wrote on its website.

It reminded VIVACOM had previously put its balance at KTB, which the Bulgarian National Bank (BNB) placed under conservatorship in June, at EUR 6.5 M.

Bulgarian lawmakers back a proposal envisaging jail for dissemination of false news on banks, Parliament's Finance Committee Chair Yordan Tsonev said.

The malicious rumours from last week caused mass panic and, as a result, thousands of people withdrew their savings (a total of more than 400 million euros) from First Investment Bank—the bank under attack.

The arrested are accused of sending texts and emails warning of bankruptcy and of using social media such as Facebook and YouTube to spread the ill-intentioned rumours.