Greece tops region in millionaires
03/10/2012
Croatia, Romania and Serbia follow close behind. Also in business news: gas prices hit a world high in Turkey, and BiH will get a 405-million euro loan from the IMF.
 Greece continues to be the Balkan country with the biggest number of millionaires. [Reuters] |
Despite the economic crisis, Greece continues to be the Balkan country with the biggest number of millionaires with wealth of more than $30 million (23.2 million euros), according to a recent study by research company Wealth X. The country stands at 20th position in the list of 45 European states. Next is Croatia at 23rd, Romania at 26th and Serbia at 29th. Albania is at 37th, followed by Slovenia, Cyprus and Bulgaria, which share 38th place. Macedonia and Montenegro are in 41st and 42nd position respectively.
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Turkey has become the country with the world's most expensive fuel after a tax hike implemented at the weekend. On Monday (October 1st), the government increased gas and electricity rates by 10 percent, which brought the price of fuel to the record 2.08 euros/litre versus 2.06 euros in Norway -- one of the most expensive countries in the world.
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A higher VAT rate became effective in Serbia on Monday (October 1st). The tax was increased from 18 percent to 20 percent, but the hike will not affect food products, where it will remain at its previous level of 8 percent. The government expects the measure to increase its 2013 revenues by 303m euros.
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Greece will experience a sixth consecutive year of recession in 2013, according to the country's draft budget revealed by the government Monday (October 1st). The forecasts are that the country's economy will shrink by 3.8 percent. The document was made public after Finance Minister Yannis Stournaras met representatives of the Troika of creditors in Athens to discuss the main fiscal law.
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The IMF announced on Friday (September 28th) that it has agreed to unlock a tranche of 519.2 million euros as part of Romania's 3.7 billion-euro precautionary loan. The decision came after experts from the Fund performed an assessment of the country's progress in meeting the agreement's terms. Romanian authorities have said they have no intention to draw from the funds for now.
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Greece, Italy and Albania signed a memorandum of understanding in New York on Thursday (September 27th) confirming their political support for the Trans-Adriatic Pipeline. The facility, whose construction is expected to start in 2014 or 2015 at the earliest, will carry natural gas from Azerbaijan to Europe.
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Bulgarian Prime Minister Boyko Borissov announced on Monday (October 1st) that the country has frozen talks with US-registered Global Power Consortium, which last week expressed interest in implementing the controversial Belene Nuclear Plant Project. Borissov said talks will not resume until a referendum shows public opinion on the issue.
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Serbian Finance and Economy Minister Mladjan Dinkic announced on Thursday (September 27th) that the country has managed to sell Eurobonds worth $1 billion in the international market at a yield of 6.625 percent a year. According to Dinkic, the money will be enough to finance this year's budget deficit.
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The IMF announced on Thursday (September 27th) that it has approved a stand-by loan of 405.3 million euros for Bosnia and Herzegovina to support the government's 2012-2014 economic programme. Initially, 60.8 million euros will be disbursed with the rest of the funds to be gradually released over the term of the deal based on quarterly reviews.
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Greece's Alpha Bank announced Monday (October 1st) it is in talks with France's Credit Agricole to buy Emporiki Bank for a token price of 1 euro a share. If the two sides reach an agreement, Alpha will have more than 1,200 affiliates in Greece and Southeast Europe and will become Greece's biggest bank.
(Various sources -- 26/09/12-03/10/12)
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