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.
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.
If the cartel does not reach a deal to cut output, prices could fall below $40 a barrel
European air travel giant Lufthansa has been battling its own pilots over pay and conditions for more than two years.
Failure to get an accord on Wednesday could send oil prices tumbling and deal a further blow to the credibility of the 56-year-old Organization of the Petroleum Exporting Countries.
Around midday, shares in Italian lenders Unicredit and Banco Popolare were down 4 percent compared with Friday's closing levels.
Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.