Slovakia refusal to participate in the euro area financial aid for Greece is a bad example, said the head of the European Central Bank (ECB), Jean-Claude Trichet that the ECB will not support adding other countries accession to the euro without assurance that they will not proceed like in the future. According to notes of the meeting of eurozone finance ministers, Trichet was angered by the decision of Slovakia.
"Trichet was angered by the refusal of Slovakia, the last meeting of the Eurogroup, to provide a bilateral loan to Greece and said that if he knew that Slovakia will behave in this way would not have agreed with its accession to the euro area . It becomes a bad example for other candidate countries, "reads the note summarizing the discussions.

Government of British Royal London prepares Postal privatization to avoid its collapse

The government in London will start processing the Royal British Postal privatization by introducing the necessary legislation in the autumn of private investment company shareholders, announced Secretary of State for Business, Vince Cable. Decision is due to report highlighted the need for "urgent measures" to save the collapse of the Royal Post. British Post Office is facing a combination of difficulties which can be fatal, including volume decline in deliveries, low investment and a sizeable pension fund, said Cable. "Privatisation would be devastating for Mail and postal services across the country. Universal services were a key element of Post 170 in the UK for years and now will be in danger because they are not profitable," said Secretary General Communication Workers' Union, Billy Hayes.

Peugeot and Renault have paid one third of French state aid received last year

PSA Peugeot Citroën and Renault, the largest car manufacturers in France, the French government paid one billion euros, representing one third of government loans totaling six billion received by the two car manufacturers in April of past. PSA Peugeot Citroen and Renault are among the largest employers in France, ensuring together several hundred thousand jobs. Repayment of state aid was scheduled for next year. Renault is the majority shareholder of Romanian car manufacturer Dacia.

China's industrial output climbed 13.9% in August, exceeding expectations

China's industrial production grew by 13.9% in August over the same period last year, exceeding analysts' expectations, a sign that the world's third largest economy maintains its momentum despite government measures to limit lending and property speculation. In July, industrial production climbed 13.4%. In August, several analysts polled by Reuters had expected an advance of 13% of the indicator. However, inflation accelerated to 3.3% in January-July period to 3.5% between January to August, the fastest pace in 22 years. Reflects mainly the rise in food prices.

IMF: economic recovery could be affected by mountains of debt in developing countries

International Monetary Fund (IMF) believes that global economic recovery could be affected by high levels of debt and vulnerabilities States financial system, according to AFP. "The risks are intensified. Sovereign risks and a financial system still weak in many advanced economies raises serious problems for recovery. Global growth has been stronger than expected in first half of this year, but could slow in the second quarter and first half of next year "said the IMF. Institution warns that recovery process in advanced economies remained fragile, given that private companies are struggling to recover after governments withdrew incentives.