Economy

By Lukanyo Mnyanda

Greek bonds plunged, pushing 10-year yields to the highest this month, as speculation grew that the nation?s financial system may be just weeks from running out of cash.

Growth will slow in the countries of the Caucasus and Central Asia in the coming two years, according to a report by the International Monetary Fund (IMF) released on May 18.

Novinite is publishing a statement by Georgia's Foreign Minister H.E. Tamar Beruchashvili ahead of the Riga Eastern Partnership Summit due on May 21-22, 2015.

May 18 Greece's government should stick to earlier commitments and present reform proposals to help avoid the country becoming insolvent, Germany's central bank warned on Monday.

In its monthly report, written by economists and officials at the bank, the Bundesbank used unusually frank language to describe what it called the «worrying» situation in Greece.

The Sofia municipality is planning on starting a mass cleaning of monuments and buildings from graffiti and random writings.

For the enterprise to be executed local authorities are set on purchasing specialized mobile equipment, as reported by BGNES.

By Inyoung Hwang

European stocks fell, erasing earlier gains, as lenders sent Greek and Italian stocks lower.

Qatar is ready to invest in financial instruments issued by the Bulgarian Development Bank and the Bulgarian Deposit Insurance Fund (BDIF), thereby supporting the financing of the national program for the renovation of multi-family buildings and capitalizing the BDIF according to Bulgaria's Finance Ministry.

Greek government borrowing rates shot up Monday amid growing concern the country will be unable to meet upcoming repayments to the International Monetary Fund.

Interest rates on two-year bonds ? a gauge of default risk ? surged to 23.5 percent, while the Athens Stock Exchange dropped was down nearly 2 percent in midday trading.

"After meeting leaders from the restaurant and taxi sectors, we have decided it is better to cancel the measure for now as it is too difficult to implement it. Unfortunately it cannot be regulated in all its test cases," Finance Minister Eugen Teodorovici announced over the weekend.

Lukoil President Vagit Alekperov arrives Tuesday in Bulgaria for the opening of a heavy oil residue hydrocracking plant at the Lukoil Neftochim Burgas refinery.