Research seen by Handelsblatt indicates that the costs of a pension reform introduced in 2014 will exceed €100 billion, or $107 billion, in the years 2018 through 2030 — and political parties are lining up to promise further hikes in the campaign running up to the September general election. Source: Handelsblatt
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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