Economy

LISBON - Emergency liquidity assistance (ELA) is only for short-term needs and it is essential that it is a "bridge to somewhere," European Central Bank policymaker Peter Praet said, adding to uncertainty over whether Greece will be able to use ELA.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has consolidated its support of Islamic finance in the Central Asian region by signing a new agreement with leading Azerbaijani microfinance institution VisionFund AzerCredit (VF AzerCredit).

The former HSBC employee who leaked sensational secret documents alleging the bank helped wealthy customers dodge millions of dollars in taxes warned Tuesday that the revelations are just the "tip of the iceberg."

Citigroup, HSBC, Societe Generale and Unicredit have been selected by Bulgaria's government to manage its global medium-term bond programme worth EUR 8 B, according to a new draft bill now before Parliament.

The USA is pointed out as the leader in world oil markets over the next decade in the annual Medium-Term Oil Market report published by the International Energy Agency on Tuesday.

In the light of economic sanctions against Russia on world markets, the country is prognosed to resort to contracting many of its capacities.

Greek bonds and stocks rebounded on Tuesday ahead of an emergency meeting of eurozone finance ministers that some hope could be the first step to finding an agreement to ease the standoff between Greece and its lenders.

Central Bank Governor Erdem Ba?ç?, who has recently been criticized by many political figures for not cutting the Bank's rates, moved on Feb. 7 from his public lodgings, in which he had lived for the past four years. Ba?ç? was claimed to have moved to another house, which is close to his children's school.

By Fabio Benedetti-Valentini

Canceling 100 billion euros ($113 billion) of Greece?s debt would enable the country to cut the load in line with targets set by the international authorities that bailed out the nation, the country?s debt adviser, Lazard Ltd?s Matthieu Pigasse, said in a radio interview Tuesday.

The Athens Stock Exchange (ASE) noted a rise at 11.00 am on Tuesday, with the basic share price index increased by 2.96%, standing at 787.88 points and turnover at 12.12 million euros.

The biggest gains in individual sector indices were recorded in Banks (+8.05%), Financials (+5.13%) and Construction (+4.50%).

By Max Julius & Lucy Meakin

The threat Greece poses to Europe may be gaining force through investor complacency.