A new Greek bailout deal is possible before an end-of-April deadline, EU president Donald Tusk said on Tuesday. However, it will not come before Easter, AFP said. Experts from the IMF and the EU are scrutinizing economic reforms proposed by Athens in a bid to unlock another €7.2 billion in loans to stave off possible bankruptcy.
The fallout from Crimea’s reunification will cost Russia’s economy up to $200 billion over the next few years, AFP quoted a former finance minister as saying on Tuesday. Aleksey Kudrin said annual payouts to the region would set Moscow back up to $7 billion. “All indirect and other losses like capital flight are of course much higher. They could total $150-200 billon over the next three to four years,” Kudrin told reporters.
Insurers are setting aside $300 million in provisions for the air crash in the French Alps that killed 150 people, German airline Lufthansa said on Tuesday. The sum includes financial compensation for the families of the people who died and the cost of the Airbus A320 jet itself which belonged to the low-cost carrier Germanwings, Reuters reported.
Crude oil was falling again on Tuesday morning, the Business Insider reported. Prices continued their slide after last week’s surge spurred by the Yemen conflict. During morning trading in New York on Tuesday, the price of West Texas Intermediate crude oil was down another 2 percent from Monday's close to about $47.70 a barrel. Brent crude oil, the international benchmark, was also lower on Tuesday morning at about $55 a barrel.
Eurozone consumer prices fell in March for a fourth-consecutive month, the New York Times reported. The prices fell 0.1 percent from a year earlier, according to Eurostat. The inflation rate turned negative in December, falling to minus 0.6 percent in January. In a separate release, the statistical agency said that the jobless rate in the 19 eurozone countries fell to 11.3 percent in February.
Australia’s expanded sanctions against Russia over Ukraine came into force on Tuesday, according to a statement published on Australian Foreign Minister Julie Bishop’s website. The sanctions, announced in September 2014, restrict exports and imports of weapons and goods associated with petroleum exploration and production, Sputnik reported. They also cover commercial dealings with some financial market instruments issued by Russian state-owned companies and ban a range of Australian exports and investments to Russia’s Crimea.
Visa will not be able to transfer processing of transactions made on its credit cards in Russia to a local payment system in time, Vedomosti daily reported Monday, citing officials. MasterCard will make the obligatory April 1 deadline, Reuters said. In February, Visa Inc agreed to transfer processing of transactions made on its cards in Russia to a local payment system.