Economic policy

Greece expects to overshoot its budget surplus targets for a third consecutive year in 2018, a senior government official said on Monday, an outcome that could help ease the austerity burden imposed on a recession-weary population.

High inflation in Turkey and a surge in foreign borrowing by its banks could plunge the country into crisis as soon as next year, according to asset manager GAM, which has cleared its portfolio of all positions in Turkish assets.

According to the final data of the National Statistical Institute the General Government Institutional Sector reported in 2016 a deficit of 36 million BGN or 0.04% of GDP. The deficit in Central Government amounted to 130 million BGN or 0.14% of GDP. The Local Government subsector reported a surplus of 73 million BGN and the sub-sector Social Security Funds 21 million BGN.

BELGRADE - Serbia ranks 78th out of 138 countries in the World Economic Forum's 2017 Global Competitiveness Index (GCI) after moving up 12 positions from last year, the Serbian Association of Managers (SAM) announced on Wednesday.

Serbia's index is 4.14 - the country's best result since 2010.

Greece has dropped 27 places in the latest Economic Freedom of the World report compiled by the Fraser Institute think tank in Canada, falling to 116th among 159 countries, just days after learning it had also sunk on the World Economic Forum's Global Competitiveness Index.

Serbia is up 12 places in the latest the World Economic Forum's 2017 Global Competitiveness Index (GCI).

Serbia ranks 78th out of 138 countries, it was announced on Wednesday.

This is country's best result since 2010, representatives of the Serbian Association of Managers (SAM) and the Foundation for the Advancement of Economics (FREN) have told a news conference.

The fiscal results up to and including 2016 were good and the budget deficit was significantly reduced in the second year of fiscal consolidation.

Fiscal Council President Pavle Petrovic said this on Monday.

New US sanctions against Iran, Russia and North Korea "appear at odds with international law due to their extra-territorial reach."

This is according to the French Foreign Ministry, cited by Reuters on Wednesday.

The European Union sounded an alarm on July 22 about moves in the U.S. Congress to step up U.S. sanctions on Russia, urging Washington to keep coordinating with its G7 partners and warning of unintended consequences.  

Thousands of people marched through London on July 1 to protest over austerity and demand Prime Minister Theresa May's government resign after its disastrous showing in last month's election.