Eurozone

Indebted eurozone countries such as Greece or Italy need European Union grants rather than loans to deal with the impact of the coronavirus crisis, European Central Bank Vice-President Luis de Guindos said on Wednesday.

That was said by the Bank's board member Fabio Panetta

Bulgaria could join waiting room to adopt the euro until the end of 2020, European Central Bank board member Fabio Panetta said in an interview for Le Monde.

The institution praises the efforts of Bulgaria and Croatia to switch to the common currency, Panetta added. He underlined that the two countries rely on tourism.

Last summer's change of government played a decisive role in improving Greece's ranking on the global competitiveness chart by nine positions compared with 2019, according to the Swiss-based Institute for Management Development (IMD).

The good news of a relatively small decline in state revenues, reflected on the budget data for March and April, was dampened last month by a slump of 33.5% compared to the budget target.

After three successful bond issues in the year's first half, including two during the coronavirus crisis, Greece will make another market foray in September or October.

Greece needs to make the most of the European Union resources it will receive to contain the blow of the novel coronavirus pandemic on its economy not by handing out benefits but by restructuring its economy, government officials and economists agree.

At a meeting in the Council of Ministers on June 12, the Government discussed a Draft Protocol Decision on actions taken by Bulgarian Development Bank AD (BDB) to acquire shares from the capital increase of First Investment Bank (FiBank).

The Bulgarian state and an anonymous party participated in the auction for 110 million securities, which allow raising 100 million euros from First Investment Bank - Fibank. The capital increase is a condition for Bulgaria to apply for the waiting room of the Eurozone - ERM-2.    Bulgaria's Minister of Economy Emil Karanikolov has confirmed the purchase, but did not specify in what form it was

The Eurogroup acknowledged on Thursday the positive course of the Greek economy before the pandemic and the government's rapid reaction to the spread of the coronavirus, and gave the nod for measures benefiting Athens to the tune of 748 million euros.

Eurozone finance ministers on Thursday approved the disbursement of 748 million euros to Greece from profits made by European central banks that purchased Greek sovereign bonds.