Economy

Bloomberg Business reports that the Greek tourism business is facing both problems and boons, on the cusp of summer and the tourism High Season.

As financial woes continue amidst a mistrustful European climate, tourism, according to Bloomberg, is needed more than ever to provide a life raft for the country’s economy.

Akbank, owned by Turkish Sabanc? Holding, has been named the most valuable brand of Turkey in 2015 with more than $2.5 billion in brand value, according to a research by international brand valuation company Brand Finance. 

Research by international brand valuation company Brand Finance designated Akbank Turkey's most valuable brand at $2.5 billion in brand value

The EU on Monday pressed Greece to match the major concessions made by its international creditors in order to reach a deal that will save Athens from default.

The European Commission, the EU executive, also said Greece has agreed to budget targets for 2015, but then asked "how credible the commitments are" to achieve them.

According to the latest figures of the National Statistical Institute (NSI) on the index of consumer prices, which were released on Monday, deflation returned to Bulgaria in May.

The monthly inflation stood at negative 0.2 % in May, the inflation since the beginning of the year was 0.7 %, while the yearly inflation was 0.9 %.

Global financial markets suffered their first bout of significant contagion from the Greek crisis this year on Monday after 11th hour talks between the near bankrupt country and its creditors collapsed.

A credible deal between Greece and its creditors requires tough decision on both sides, the International Monetary Fund?s chief economist, Olivier Blanchard, noted on the organization's blog on Sunday, as negotiations between the cash-strapped country and the institutions were halted over the weekend.

The total number of passengers carried by Turkish Airlines increased by 8.7 percent in the first five months of the year, rising to 23.2 million from 21.4 million in the same period of 2014. 

The company saw an increase in the number of domestic and international passengers, by 10.5 percent and 7.4 percent respectively.

Germany wants Greece to remain in the eurozone but it is up to Athens to agree a package of reform measures with its international creditors that brings the necessary fiscal and structural effects, a German government spokesman said.

The Greek authorities have prepared and submitted to the negotiation table a well documented proposal on the medium-term fiscal path, the primary balance targets and the required fiscal measures to achieve them.