Financial crisis

By Nikos Roussanoglou

Property prices in Greece would suffer huge devaluation if the country were to leave the eurozone and revert to a national currency.

By Lenka Ponikelska

Greece?s exit from the euro would unleash turmoil whose fallout will far exceed the cost of staying in the currency union, said U.S. economist Barry Eichengreen.

The Greek financial crisis has helped make the mood at international financial talks in Washington this week ?notably more gloomy,? British finance minister George Osborne said on Friday.

Critical work remains ahead despite the world's emergence from the depths of the global economic crisis, Turkish Deputy Prime Minister Ali Babacan has said at an economic gathering in Washington.

Something strange has recently been happening in Turkey. Any ordinary day may turn into a catastrophic day full of ?unusual? things, and the unusual becomes the ?usual.? 

An interesting discussion will take place on February 17 at the Onassis Cultural Centre, as part of the cycle "Re-think Athens: Urban challenges 2014-15? that examines the contemporary city in the light of the international experience and using a range of approaches.

There are too many uncertainties and fragilities in both the global and national economy. It’s not just economic reasons but political developments as well that are set to contribute to increasing fragilities.
Because of that, volatility will seem to be unavoidable in the markets in the coming year as well.

The ruble rallied in early trading Dec. 18 ahead of President Vladimir Putin's eagerly-awaited annual press-conference, where he is expected to give his views on the financial crisis rocking Russia.
      
The ruble was trading at around 58 to the dollar and 72 to the euro -- the levels of last Friday -- after closing at 60.65 to the dollar and 75.10.
      

Banking sector has high level of NPLs

BELGRADE -- IMF resident representative in Serbia Daehaeng Kim stated on Tuesday that the stake of non-performing loans (NLPs) in Serbia's banking sector totals 23 percent.

Only Greece and Cyprus have a higher level of NLPs, he explained.

Despite the daily crises and the coalition government’s many own goals we should not lose sight of the bigger picture.

It appeared that Greece had finally entered more stable territory and the economy had started to grow. However, as has so often been the case in the past, the political system dropped the ball at the worst possible moment.