The Greek parliament has voted in favor of a bill enacting the reforms required by its European creditors as part of a new bailout plan. This paves the way for the controversial 85-billion-euro bailout deal defended by Prime Minister Alexis Tsipras.
An overwhelming majority of Greek MPs voted in favor of the reform package, with 229 voting ‘Yes,’ 64 voting ‘No’ and 6 abstaining. [...]
As the BRICS/SCO summits wrap up in Russia, RT looks back at the issues dominating three days of meetings with a launch of $100bn reserve currency pool, high hopes about the New Development Bank and the possible impact of Iran deal on oil among them.
About 10,000 visitors gathered at the two events, the BRICS and the Shanghai Cooperation Organization (SCO) summits which took place in the Russia [...]
A summit of all EU leaders scheduled for Sunday has been cancelled with eurozone leaders only meeting to "conclude talks on Greece" On Saturday, a meeting of Eurogroup finance ministers was adjourned without reaching any conclusion.
Early on Sunday, Donald Tusk, the president of the European Council, tweeted that the eurozone leaders’ meeting will start at 14:00 GMT. [...]
As cash withdrawals from Greek banks reach €100 million a day the country’s banking system will end up bankrupt on Monday if no deal with creditors is reached over the weekend, some senior bank executives told the Financial Times (FT) on Friday.
Cash withdrawals are at a high rate despite capital controls imposed by the Greek government. [...]
BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa's Trade and Industry Minister Rob Davies told RT.
There’s a need for more development banks in the world involved in more developmental finance, the minister said on the sidelines of BRICS/SOC summits in Ufa [...]
Greece may take EU institutions to court to stop its creditors from pushing the country out of the Euro-zone. Athens' bailout expires Tuesday and a default could mean it is exiled by Brussels.
“We are taking advice and will certainly consider an injunction at the European Court of Justice. [...]
Ukrainian Finance Minister Natalie Jaresko doesn't rule out the country failing to make a $120 million coupon payment on July 24 and default. A Goldman Sachs analyst made the forecast on Wednesday.
Ukraine could theoretically default next month, as in May the country’s parliament adopted a law allowing a moratorium on foreign debt repayments. [...]
A fundamental problem for Greece is that at the end of the day it wants to be in Europe but doesn’t want to have austerity policies, Mark Blyth, professor of political economy at Brown University, told RT’s “In the Now.”
Greece has delayed its IMF debt payment until the end of June. [...]
Sberbank has issued its first yuan-denominated letters of credit that involve funding from the Export-Import Bank of China to Russia’s largest pharmaceutical company.
Pharmasyntez, Russia’s leading drug manufacturer, appealed to Sberbank with a request for funding credit guarantees in Chinese national currency as part of contracts for the supply of imported pharmaceutical products worth ove [...]
Britain has been labeled the "European capital of inequality" after a report found it is the most unequal country in the EU.
As part of a progressive study, the European Foundation for the Improvement of Living and Working Conditions (Eurofound) analyzed wages across the EU. [...]
Greece has been invited by Russia to become the sixth member of the BRICS New Development Bank (NDB). The $100 billion NDB is expected to compete with Western dominance and become one of the key lending institutions.
The invitation was made by Russian Deputy Finance Minister Sergey Storchak on Monday during a phone conversation with Greek Prime Minister Alexis Tsipras, according to a statement [...]
Russia and China have signed a number of energy, trade and finance deals on Friday aimed at strengthening economic ties. The two countries have multiple mutual projects which "achieved a unity of views on a wide range of issues."
Russian President Vladimir Putin and Chinese leader Xi Jinping have signed a decree on cooperation in tying the development of the Eurasian Economic Union with the "Si [...]
A record number of Americans gave up their US citizenship in the first quarter of 2015, according to IRS data. This is blamed on the taxation of income earned outside the US, along with laws expanding offshore bank account and asset reporting.
A total of 1,335 people renounced US citizenship during the first three months of the year, topping the previous record by 18 percent, according to data [...]
Some European central banks have reportedly called on Greek bank subsidiaries operating in their jurisdiction to cut their exposure to Greek assets to avoid fallout should the country go into default.
The central banks of Albania, Bulgaria, Cyprus, Romania, Serbia, Turkey and the Former Yugoslav Republic of Macedonia have demanded Greek banks’ subsidiaries minimize their exposure to Greek bon [...]
The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina.
Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of the International Monetary Fund and World Ban [...]
Austria, Spain and South Korea have been approved as founding members of the Asia Infrastructure and Investment Bank (AIIB), the Chinese Finance Ministry announced Saturday.
A founding member of the bank has the right to help write its rules and Saturday’s additions bring the number of prospective founders to 41. The exact number of founding members will be finalized on April 15. [...]
The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy.
China’s establishment of the Asian Infrastructure Investment Bank (AIIB), and Washington’s failure to stop its traditional allies from joining, was a development without precedent since the [...]
The European Central Bank will kick off its monthly €60 billion purchases of government bonds and private sector assets next Monday, said the head of the ECB Mario Draghi.
"We will on 9 March 2015 start purchasing euro-dominated public sector securities in the secondary market. We will also continue to purchase asset-backed securities and covered bonds which we started last year,"Draghi told [...]
The Russian State Duma has ratified the $100 billion BRICS bank thatâll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.
The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry. [...]