When Eurobank Ergasias SA, Greece’s third-biggest lender, recently went after a “strategic defaulter,” angry protesters stormed the courtroom to block its foreclosure attempt. The defaulter, whose name the lender won’t disclose, had not serviced its loans for the last five years and owed the bank 4.85 million euros ($5.7 million), Bloomberg News reported. Over the same period, it had collected about 6 million euros in dividends from its 41 percent holding in a food company, showing, according to the bank, that it could honor its commitments.
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Almost a decade after the Irish economy was crippled by a banking catastrophe, the country is reopening its arms to banks to take advantage of shifts in Europe’s finance industry triggered by Brexit, The Wall Street Journal reported. Take Bank of America Corp. Once Ireland’s biggest bank by assets, the U.S. lender shifted billions of dollars’ worth of derivatives out of Dublin to London following the financial crisis.
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Europe’s largest tour operator TUI is putting on extra flights to make up for capacity lost after this month’s collapse of Monarch, TUI’s UK and Ireland boss said on Wednesday. Shares of leading travel companies and airlines rose after Monarch went bust, with investors betting that intense competition in the sector could ease, Reuters reported. At an event to announce TUI’s rebranding of its UK operation to TUI UK from Thomson, the company’s UK and Ireland Managing Director Nick Longman said it had already laid on extra flights and is looking to add more.
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Can the E.U.’s Weakest Link Hold?

Relations between the countries with the European Union’s strongest economy and its most troubled one have been testy at times, but the bond has held. Yet just when it needs strengthening, the link between Germany and Greece may be at risk of fraying further, the International New York Times reported in a commentary. During Greece’s debt crisis, angry exchanges in the Greek and German news media and populist rhetoric on both sides encouraged national stereotyping, affecting each country’s domestic politics and relations between them.
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Britain's Financial Conduct Authority has agreed to allow a confidential report on the Royal Bank of Scotland's treatment of struggling companies to be scrutinised by a barrister, MPs said on Tuesday. In a letter to MPs , Andrew Bailey, chief executive of the FCA, agreed to allow a barrister to check a summary of the report against its full contents, which the regulatory agency says was never meant to be public, the International New York Times reported on a Reuters story.
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Germany’s Lufthansa and British budget airline easyJet are two of seven companies that have bid for Alitalia on Monday but the process to rescue Italy’s ailing flag carrier is likely to drag out until late next year, Reuters reported. Alitalia, which has made a profit only a few times in its 70-year history, was put under special administration earlier this year after staff rejected a plan to cut jobs and salaries. Seven envelopes were delivered by a deadline to submit binding offers for parts or all of the airline on Monday, Alitalia said in a statement, but gave no further details.
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The owner of failed British airline Monarch should, in principle, foot some of the bill for a massive repatriation effort co-ordinated by the country’s aviation authority, British transport minister Chris Grayling said on Monday. Monarch collapsed two weeks ago, wrecking the holiday plans of hundreds of thousands of Britons, a year after owner Greybull Capital secured a bailout for the struggling airline, Reuters reported.
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British infrastructure projects seeking funds from the European Investment Bank will need to insure the bank against the risks of Brexit, its president said at the weekend, as he warned that Britain’s departure from the EU would damage its ability to fund infrastructure, the Financial Times reported.
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Russia and Venezuela may sign an agreement on restructuring Venezuelan debt by the end of the year if terms drafted by their finance ministries are approved, said Russian Finance Minister Anton Siluanov. “In general, we worked out with the finance ministry such conditions,” Siluanov told reporters in Washington, where he attended the International Monetary Fund fall meeting, Bloomberg News reported.
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Italy Extends Alitalia Bridge Loan

Italy on Friday extended a bridge loan for airline Alitalia, which is in special administration as state commissioners seek to sell, overhaul or liquidate the carrier, Reuters reported. Italy’s cabinet said in a statement it had passed an emergency decree to add a further 300 million euros ($354.36 million) to the loan of 600 million euros it made to the ailing company in May. It also extended the deadline for the repayment of the loan, which was due in November this year, to Sept. 30, 2018.
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