Finance

BELGRADE - The Serbian government adopted on Tuesday a bill on bank and insurance company bankruptcy and liquidation, which aims to establish a stable, sustainable and functional banking system in Serbia and set up a new system of jurisdiction and responsibility for key institutions in the country.

The International Monetary Fund on Monday wrote to the Romanian authorities expressing concern that without adequately assessing its impact and consulting all stakeholders, passage of a personal insolvency law could encourage financial indiscipline.

Standard and Poor's stripped Russia of its investment-grade rating on Jan. 26, cutting it to "junk" status with a warning of weak growth.

"The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," the ratings agency said in a statement announcing the one-notch cut to a 'BB+' rating.

The second round of consultations on the parameters of Bulgaria's pension reform will take place on Tuesday.

Several new ideas emerged after the initiation of the consultations a week ago, electronic daily Dnevnik reports.

Referring to the latest electricity supply crisis between grid firm DEDA? and some of Turkey?s southeastern municipalities due to unpaid debts, Energy Minister Taner Y?ld?z said Turkey?s southeastern province of Diyarbak?r?s Metropolitan Municipality could not just say they will not pay their debts.

Bulgaria's Finance Ministry reversed its decision regarding the social insurance contributions of newly insured persons.

BELGRADE - The management board of the Association of Serbian Banks (UBS) discussed on Friday the situation in the Serbian banking sector, with particular focus on the effects of the rise of the Swiss franc.

The European Central Bank has approved an emergency funding line for Greek banks to be provided via the country's central bank, a banking source told Reuters on Wednesday.

Last week, tightening liquidity ahead of a national election on Jan. 25 prompted the Bank of Greece to ask the ECB to approve a so-called emergency liquidity assistance (ELA) line for Greece's top banks.

Bulgaria's Parliament has officially dismissed Tsvetan Gounev from the post of Deputy Governor of the Bulgarian National Bank (BNB).

The dismissal was approved by a unanimous vote on Thursday, with 108 votes in favor.

Turkish President Tayyip Erdogan has said the Central Bank?s 50-basis point rate cut announced on Jan. 20 was "insufficient," adding that securing investment and employment was impossible at current interest rate levels.