Three years before the 2008 global financial crisis, an Indian economist Raghuram G. Rajan warned a skeptical audience of top economic thinkers that excessive risk threatened the entire global financial system. He offered a new warning: Low interest rates globally could distort markets and would be difficult to abandon. Source: NYT
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Saudi Arabia’s National Water Co. is seeking financial advisers to arrange the sale of parts of the country’s water distribution network, according to people familiar with the matter. Source Gulf News
The International Monetary Fund late on July 20 approved a one-year, $1.8 billion loan program for Greece but will not release any funds until the eurozone agrees on a debt relief plan, in a highly unusual compromise step. Source: Daily News
“The current account deficit recorded $5.24 billion, indicating an increase of $2.13 billion compared to May of the previous year, bringing the 12-month rolling deficit to $35.3 billion,” the Turkish Central Bank said. Source: Daily News