Liability

Moody's: Less ELA dependence boosts banks

Moody's has qualified local systemic banks' significant reduction of their dependence on emergency liquidity assistance (ELA) from the Bank of Greece as a credit-positive event. The ratings agency notes that the reduction of ELA has had a considerably positive impact on the credit sector, reducing the cost of its financing and resulting in the bolstering of lenders' profits.

Bulgaria's Tourism Ministry Foresees Better Protection for Holiday Users

Bulgaria's Tourism Ministry prepares legislative amendments, which will offer better protection to users in cases of unfulfillment of paid organised excursions or bankruptcy of tour operators.

These measures are foreseen after the latest in a series of tour operator bankruptcies, which left 300 people without a holiday.