Greece avoids bankruptcy and expulsion from eurozone
Greek central bank
London - MENA
Greece has narrowly avoided bankruptcy and expulsion from the eurozone, but to pay the International Monetary Fund the €750 million it owed this week, Athens has had to empty an emergency cash reserve provided by the IMF itself.
The Greek central bank took €650 million from its “special drawing rights” account held at the fund, a move thought to be unprecedented in 46 years, The Times Newspaper reported on Wednesday.
"It was either that or seeing Greece default and joining Somalia, Sudan and Zimbabwe as the only countries currently in arrears with the fund" a bank official said.
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Two months after legendary designer Azzedine Alaia's sudden death plunged the fashion world into mourning, an exhibition in homage to the "King of Cling" opens Monday in his studios in Paris. The Tunisian-born designer, renowned for the way his clothes hugged the body, died suddenly in November aged 82, reportedly of heart failure after falling down the stairs at his home. The diminutive maverick, who ignored fashion week convention by showing when and where he wanted, in July produced his first couture collection in six years to rapturous reviews. Now some of his most iconic dresses are going on display in the glass-roofed gallery next to his studio and home in the Marais district where he used to show his creations. It includes the dress worn by supermodel Naomi Campbell, his longtime friend and muse, when she led
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