RBI slashes CRR by 0.75%, Greece averts default
The RBI cut the cash reserve ratio by 0.75 per cent (75 basis points) in an effort to boost liquidity. The cabinet deferred the decision on presidential reference to the Supreme Court on 2G spectrum scam cases. The Kingfisher Airlines was in trouble again as the flight schedule went haywire after oil companies stopped the fuel supply due to non-payment of dues. Hindustan Petroleum resumed jet fuel supply to Kingfisher after hectic negotiations. Meanwhile, Greece averted the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal, opening the door for a second international bailout.
