Because of the uncertainty about the outcome of the Italian constitutional referendum and the whereabouts of Italy in the Eurozone, Italians buy gold and bunk it in Switzerland. “Normally we have 20% Italian customers in Lugano and 80% Swiss. Now this relationship has almost reversed.” Source: Wirtschaftswoche
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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 ‘Joint Sea 2017’ drills of the Russian and Chinese naval forces have begun the first stage of major exercises, marking the first time they have taken place in Europe. Source RT
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