Economy

Regulatory and financial reforms have helped diminish the risk Greece may pose to the eurozone, Canada's finance minister said on Tuesday, amidst growing concern about Athens's determination to ease austerity measures.

A report by Raiffeisen Bank of Austria, RBA, says  Croatia's general government debt has reached a record high. RBA analysts, citing  areport of the Croatian national bank, HNB, say the figure rose to 34 billion euro in October 2014.

RBA analysts predict that the figure will rise to around 34.9 billion euro or 82 per cent of annual GDP by the end of 2015.

"General government debt 72.2 pct of GDP"

BELGRADE -- The Fiscal Council said in the December 2014 report that last year, the general government debt went up EUR 2.5 billion to EUR 23.2 billion (72.2pct of GDP).

The Fiscal Council - an independent state organ that reports to parliament - stated that changes in foreign exchange rates had contributed to such an increase in debt.

Matthieu Pigasse, head of investment bank Lazard in Paris which is advising the Greek government on its debt restructuring, said on Tuesday the troika imposing austerity on Greece was totally mistaken and had driven the country's economy into a wall.

Istanbul is going through active days because of Turkey?s G-20 presidency. Due to this, G-20 finance ministers and central bank governors were holding meetings in our city.

Before them, International Finance Institute held a conference in Istanbul. In the ?Reinvigorating growth, reducing inequality? session, the focus was ?transparency.?

By Nikos Roussanoglou

The subject of the first clash within the government appears to be the country?s main ports ? specifically the privatization of the port authorities of Piraeus and Thessaloniki.

By Roula Salourou

The increase in minimum wages will start with those aged up to 25, as the leveling up of payment to workers offering the same labor will be among the Labor Ministry?s first legislative interventions, and this will certainly take place before the restoration of the private sector?s minimum monthly salary to 751 euros.

 Plan for increase in state control would harm private investors? rights and be seen as a unilateral move

By Yiannis Papadoyiannis & Dimitra Manifava

Bloomberg has the new leftist Greek government targeting 10 billion euros in short-term financing from its eurozone partners this week as a way to keep paying bills until unveiling something more permanent as a replacement to skin-tight budget spending.

The uncertain outcome of Greece?s standoff with its creditors prompted Moody?s Investors Service to downgrade the ratings on five lenders, citing the reduced likelihood of state support, and said it may cut again.

New York-based Moody?s reduced National, Piraeus and Alpha one level to Caa2 from Caa1, it said in a statement on Monday.