Egypt to cut fuel subsidies by over 40 pct to limit deficit

Egypt is to cut fuel subsidies in the new fiscal year 2016/2017 by over 40 percent to limit the country's budget deficit, the finance minister said on Saturday.

Portugal's economic growth forecast revised up

Portugal's economic recovery is "gathering momentum," an official forecast by the European Commission revealed on Tuesday.

Bulgaria In Need of Another $9.3Bln Loan to Pay Back Current Debt

Bulgaria needs to borrow up to 16 billion Bulgarian levs ($9.3 billion) in order to pay back the country’s current debt, Bulgarian Finance Minister Vladislav Goranov said on Wednesday.

IMF frees US$4.6b in aid for Greece. - After a yearlong delay to ensure Athens was meeting targets set by bailout lenders

WASHINGTON: The International Monetary Fund (IMF) released US$4.6 billion in aid to Greece on Friday, after a yearlong delay to ensure Athens was meeting targets set by bailout lenders.

The disbursement followed the release at the end of April by the Eurogroup of 6.3 billion euros (US$8.6 billion) in rescue program support to Greece, in a firm nod to its progress in cleaning up its finances and narrowing its budget deficit.

The IMF funds are part of a four-year joint package with the European Union set in March 2012 and worth a total of US$235 billion (173 billion euros) to rescue the sinking Greek economy.

Russian loan will not ease Cypriot austerity plan

Cyprus will not ease off fiscal austerity measures required by its European Union partners if it secures a 5-billion-euro loan from Russia, its foreign minister said on Tuesday.
The Mediterranean island, with an economy that generates a little over 17 billion euros in annual gross domestic product, may need 10 billion euros to rescue a financial sector hammered by its exposure to Greek debt.