Economy

The European Central Bank is pursuing a restrictive policy on Greece to pressure Athens and its official lenders to agree to a path that will lead the country out of its crisis, Greece's finance minister said on Thursday.

Bailout: The measures that Greece needs to implement to get new funds. The legal name of a bailout is Memorandum of Understanding.

Cyprus?s GDP contracted by 0.6 percent in the fourth quarter of 2014, compared with 0.9 percent in the previous three months, beating a flash estimate made last month, official figures showed on Wednesday.

As a result, the economy suffered its 14th successive quarterly contraction, according to figures from the state statistical service.

Investors in the Greek stock market clearly had no positive feelings about the start of talks between the technical experts of the eurozone and the Greek government in Brussels on Wednesday, with banks again leading the blue chip losers.

By Nikos Chrysoloras, Eshe Nelson & Jeff Black

Creditor officials and Greek authorities began talks intended to unlock bailout funds, as some euro-area central bankers were said to raise opposition to the prospect of additional emergency cash for the country's banks.

By Hugo Dixon

Is the European Central being unfair to Greece? The new left-wing government thinks so. It complains that the euro zone?s central bank is meting out tougher treatment than it gave the previous right-wing administration that came into office almost three years ago. This is a potentially toxic accusation.

BELGRADE - The credit activity of banks in Serbia is stagnating, with more loans repaid than taken out in February, Secretary General of the Association of Serbian Banks (UBS) Veroljub Dugalic said on Wednesday.

He expressed the expectation that the National Bank of Serbia (NBS) would put all banks to stress test as recently agreed with the International Monetary Fund (IMF).

BELGRADE - The foreign currency reserves of the National Bank of Serbia (NBS) totalled around EUR 10.3 billion at the end of February, which is by around EUR 300 million more than in late January, and this ensures M1 coverage of 311 percent and around seven months' worth of import of goods and services, NBS released on Wednesday.

Foreign currency reserves increase by EUR 300mn

BELGRADE -- The foreign currency reserves of the National Bank of Serbia (NBS) totalled around EUR 10.3 billion at the end of February.

This is some EUR 300 million more than in late January, and ensures M1 coverage of 311 percent and around seven months' worth of import of goods and services, the NBS said on Wednesday.

EU finance ministers agreed the details of a 315 billion euro ($338 billion) investment plan on March 10 to help revive the European economy without piling up more debt, and now aim to get the first projects going by the end of the year.

EU lawmakers must now approve the fund.