One-size-fits-all European Union fiscal rules are constraining badly needed infrastructure investment in Ireland and creating an increasing problem for the bloc’s fastest growing economy, its finance minister said on Friday. Michael Noonan asked his euro zone counterparts on Monday to grant Ireland flexibility within the rules to ramp up capital spending, which ground to a halt during the financial crisis. Source Euronews
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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