World Bulletin/News Desk
Greece has inched closer to nailing down the cuts required by its foreign creditors in exchange for financial aid, agreeing 10.8 billion of the 11.5 billion euros worth of cuts demanded, a government official said on Friday.
Finalising the 11.5 billion euros in savings due in 2013-15 is key to a positive review from its lenders, due in Athens next month for a final verdict on whether they will keep funds flowing to the austerity-bound country.
"We're on a good path. Measures worth 10.8 billion euros have been identified," a finance ministry official told Reuters after a meeting of government officials late on Friday, speaking on condition of anonymity.
The official did not elaborate on where the cuts would come from and said talks to finalise the package would continue on Monday.
The Conservative-led coalition has broadly agreed on the measures but has been scrambling to specify the savings, expected mainly from state salaries and pensions, and up to 40,000 public sector layoffs.
The measures have to be approved by Greece's three ruling parties and then by the troika of European Union, International Monetary Fund and European Central Bank officials.
Twice bailed-out Greece is dependent on a second, 130-billion-euro rescue deal agreed in March to give it the funds to keep paying public sector wages, pensions and bills.
Prime Minister Antonis Samaras will next week hold his first meetings with European leaders since taking office, striving to assure them Athens will keep its pledges for more austerity.
He is also expected to raise a long-standing proposal that the measures be spread over four instead of two years to soften their impact on a Greek populace enduring the country's worst downturn since World War Two.
Number of properties sold to foreigners soars by 11.4 percent y-o-y in the month, TurkStat reveals
BIST 100 index decreases 0.43 pct while US dollar/Turkish lira rate rose to 3.50
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46