Troika members visit Cyprus for bailout talks


EU, IMF and European Central Bank officials are in Nicosia. Also in business news: a consortium including Turkish company TAV and Greece's Consolidated Contractors Company were chosen to build a new airport terminal in the Emirati capital of Abu Dhabi.

Cyprus, which assumed the rotating EU presidency on Sunday (July 1st), became the fifth eurozone member to seek a financial lifeline from its European partners last week. [File]

Officials from the troika of creditors -- the EU, IMF and European Central Bank -- began three-day talks in Nicosia on Monday (July 2nd) regarding a bailout package that Cyprus requested last week. Representatives of the troika are also set to visit Greece to check on the country's progress in implementing structural reforms.


Bulgaria is the EU member with the biggest gray economic sector, accounting for 32.3% of total economic activity in the country, the European Commission said. Romania is second with 29.6%. Most of the shadow economy comes from undeclared work, as well as tax evasion. The EU shadow economy average stands at 18.4%.


Croatia's state power utility HEP plans to invest 3 billion euros in production, transmission and distribution facilities by 2016, the company's CEO Zlatko Voracevic announced on Thursday (June 28th). He explained the investment is necessary for restructuring, which would help reduce the country's high dependence on energy imports.


Serbia's economy has shrunk by 1.3% in the first quarter of this year compared to a growth of 0.6% in the last three months of 2011, official statistics showed on Friday (June 29th). This is the first contraction in two years, and has been attributed to bad weather and capital outflows, which affected output negatively.


Turkey's economy grew at a slower rate of 3.2% in the first quarter of this year, official data showed on Monday (July 2nd). In the fourth quarter of last year, the economy grew by 5.3%.


Croatia's Justice Ministry has announced that citizens with huge debts will soon be able to declare "private bankruptcy." Although no date for introducing the legislation has been announced, experts believe this will not happen before the autumn. Various estimates suggest there are between 10,000 and 30,000 Croats who are unable to cover their debts.


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A consortium including Turkish company TAV and Greece's Consolidated Contractors Company on Wednesday (June 27th) was declared the winner of a $2.9 billion contract to build a new airport terminal in the Emirati capital of Abu Dhabi. The group, which also involves Dubai-based Arabtec, will begin work in the next three months and finish by 2017.


Azerbaijan's Shah Deniz II consortium, led by British Petroleum and Statoil, announced on Thursday (June 28th) that it has selected the Nabucco West pipeline as a route for the transportation of Caspian gas to Western Europe. The facility's route runs from the Turkish-Bulgarian border to Austria.

(Various sources -- 27/06/12-04/07/12)

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