Monthly Archives: April 2015

Russia and Greece to ink Turkish Stream gas pipeline deal

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“Russia and Greece are to sign a memorandum of cooperation on the construction of a new pipeline in the Turkish Stream project which will deliver Russian gas to Europe via Greece, according to the Greek energy minister.  The minister said that Athens expected to ‘receive significant financial dividends for the pipeline’s operations,’ and that the pipeline will bring ‘extremely important profits to Greece, first of all, cheaper gas.’ Currently Russian gas covers 66 percent of Greece’s energy needs.  The Turkish Stream gas pipeline could help Greece become one of the main energy distribution centers in Europe, Russian President Vladimir Putin said during his meeting with the Greek delegation.”

http://rt.com/business/248629-greece-russia-memorandum-pipeline/

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Russia readies end to Greek food embargo: Economy Minister

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“Russia is also considering rescinding food sanctions against Cyprus and Hungary.  Greece has been hit especially hard by the ban, as more than 40 percent of Greek exports are to Russia. In 2013, more than €178 million in fruits and conserves were exported to Russia.  Up until the ban, Russia had been Greece’s biggest single trading partner worth $12.5 billion (€9.3 billion) by 2013, more than double the 2009 figure.  Russia’s agricultural food ban applies to EU countries and is not due to expire until August 2015, a year after the restrictions were imposed in response to Western sanctions. The ban also applies to the US, Australia, Canada, Japan, and Norway.”

http://rt.com/business/247853-russia-greece-food-embargo/

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Greece demands €278bn WWII reparations from Germany

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“Germany owes Greece no less than €278.7 billion in World War II reparations, Athens said, referring to the destruction wrought upon the nation during the Nazi occupation. The sum exceeds Greece’s total debt of €240 billion to the EU.  The figure was calculated by a parliamentary committee and the Greek supreme court.  In response, Gabriel Sigmar, Germany’s economy minister and vice chancellor, described Greece’s demand as ‘stupid.’ Many Greeks blame Germany, as the country’s biggest creditor, for the tough austerity measures and record high unemployment it faced after getting two international bailouts total worth 240 billion euros.”

http://rt.com/news/247353-greece-germany-reparations-billions/

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Finns Draw Up Plans To Expel Greece From Eurozone

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“Eurozone countries are drawing up secret documents to force Greece out of the single currency, a memo from the Finnish finance ministry has revealed.  Greece will be declared bankrupt next month unless the eurozone agrees to pay aid to the beleaguered country within the next three weeks.  The document warns of ‘very difficult political decisions’ this spring as the left-wing government flirts with Russia over financial assistance rather than continue to call on Germany.  Finland, Germany, Austria, the Netherlands and others are not prepared to release the cash until Greece’s left-wing government legislates on key austerity measures it was elected to oppose.”

http://www.breitbart.com/london/2015/04/10/finns-draw-up-plans-to-expel-greece-from-eurozone-as-tsipras-flirts-with-russia/

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‘Iran, Eurasian Econ. Union mulling over free trade zone’

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“The Islamic Republic of Iran and the Eurasian Economic Union (EEU) are reportedly considering the possibility of an agreement on a free trade zone.  This was discussed at a meeting of Iran’s Ambassador to Russia Mehdi Sanaei and the chairman of the Eurasian Economic Union’s Board Viktor Khristenko, IRNA reported.  The two sides discussed the ways and format of further cooperation between the EEU and Iran for a long-term perspective. The regional trading bloc introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future.”

http://www.presstv.ir/Detail/2015/04/16/406531/Iran-Eurasian-Union-mulling-free-trade

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Russia opens way to missile deliveries to Iran, starts oil-for-goods swap

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“The Kremlin said President Vladimir Putin signed a decree ending a self-imposed ban on delivering the S-300 anti-missile rocket system to Iran, removing a major irritant between the two after Moscow canceled a corresponding contract in 2010 under pressure from the West.  A senior government official said separately that Russia has started supplying grain, equipment and construction materials to Iran in exchange for crude oil under a barter deal. Sources told Reuters more than a year ago that a deal worth up to $20 billion was being discussed and would involve Russia buying up to 500,000 barrels of Iranian oil a day.  Iran is the third largest buyer of Russian wheat.”

 

http://www.reuters.com/article/2015/04/13/us-iran-nuclear-russia-idUSKBN0N40YX20150413

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Russia’s new Eurasian Economic Union could get its own single currency

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“The union is still in its early days, having formally begun only in January, but the bloc has tentatively agreed to bring in a single currency and a Eurasian Central Bank by 2025. Belarus’ Mikhail Myasnikovich, prime minister until 2014, is calling for the process to be fast-tracked so the currency is ready in the next four years, according to Belarusian state news.  And Putin instructed Russia’s central bank earlier this month to work with both the government and other central banks ‘to determine the future direction of integration in the monetary and financial sectors in the framework of the Eurasian Economic Union with the study of the feasibility of establishing in the future monetary union.'”

http://www.businessinsider.com/russia-eurasian-economic-union-could-get-its-own-single-currency-2015-3

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IMF says Chinese yuan on path to inclusion in SDR basket

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“China’s economic reform plans, including opening up its capital account and deepening financial markets, should help Beijing meet the IMF’s criteria to join its Special Drawing Rights currency basket, the head of the IMF said on Thursday.  International Monetary Fund Managing Director Christine Lagarde earlier this year said it was a question of when, not if, China’s yuan will be included in the SDR basket – currently made up of dollars, yen, pounds and euros.  The IMF is due to review the basket’s composition later this year to assess whether any currencies meet its criteria, including being ‘freely usable,’ or convertible – seen as a key obstacle for the yuan, also known as the renminbi.”

http://www.reuters.com/article/2015/04/16/imf-g20-china-idUSL2N0XD1LI20150416

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Chinese Binge on Hong Kong Stocks Rescues City’s Flagging Bonds

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“The flood of Chinese money pouring into Hong Kong stocks has had a spillover effect: rescuing the city’s flagging yuan bond market.  Southbound flows through the Shanghai-Hong Kong equities link exceeded those headed to the mainland by more than 30 billion yuan ($4.8 billion) this month, swelling the offshore supply of China’s currency. As banks in the former British colony take in more yuan, they’re reducing deposit rates, making Dim Sum debt yields more attractive to investors.  Hong Kong’s Hang Seng Index has jumped 11.6 percent this month after China made it easier for mainland funds to use the cross-border link to buy stocks.”

http://www.bloomberg.com/news/articles/2015-04-16/chinese-binge-on-hong-kong-stocks-rescues-flagging-dim-sum-bonds

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Valuations of Hong Kong’s stock market operator go interstellar

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“For the first time analysts are more bullish about the operator of Hong Kong’s stock market than fast-growing Chinese firms like Lenovo Group and Tencent Holdings.  Shares in Hong Kong Exchanges and Clearing Ltd (HKEx) have risen about 40 percent in the past six days on an unprecedented flood of mainland investment in Hong Kong stocks.  Fund managers are stacking their chips on HKEx after Beijing allowed institutional investors to buy discounted shares in Hong Kong via a landmark stock pipeline scheme.  HKEx is well placed to benefit from more initiatives such as the planned Shenzhen-Hong Kong connect scheme, and as investment quotas for the Hong Kong-Shanghai pipeline are increased.”

http://www.reuters.com/article/2015/04/16/hkex-stocks-idUSL4N0XD1HU20150416

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