Greece would prioritise pensions and salaries over IMF payment, says Yanis Varoufakis

Greek finance minister Yanis Varoufakis said that Greece would prioritise pension and salary payments next month if it did not have the funds to pay these as well as expiring debts to its international lenders. (NDTV)

Cyprus lenders back latest bailout stage

International creditors said that Cyprus was on track to complete the latest stage of its bailout programme, making the eurozone country eligible for additional funds and participation in the European Central Bank's stimulus programme. (Global Post)

Russian Q1 economic contraction less than feared at 1.9%

Russia’s economy shrank 1.9% in the first quarter under pressure from low oil prices and Western sanctions, the state statistics agency said, a smaller contraction than had been feared. (Bangkok Post)

Eurozone economy lost momentum in May—but hiring increased

The eurozone economy continued to lose momentum in May, according to closely watched surveys published on Thursday, but it wasn't all bad news, with hiring in the region on the up. (CNBC)

Portugal sells six-month debt with negative yield for the first time

Portugal has sold six-month debt with a negative yield for the first time ever, underscoring just how fierce demand for European government debt still is despite the sharp shake up in bond markets this month. (Wall Street Journal)

Turkey ready to put up capital for Islamic megabank, says deputy PM Babacan

Deputy Prime Minister Ali Babacan has said Turkey, Indonesia and the Islamic Development Bank have accelerated their efforts to establish a ‘megabank’ with the aim of creating a platform to serve as a ‘central bank’ for the world’s Islamic lenders, as reported by Reuters. (Hurriyet Daily News)