WASHINGTON: IMF chief Christine Lagarde said Tuesday that there is room for easier fiscal policies in Europe's strained economies, but she pressed home again that Greeks must pay their taxes to strengthen their economy.

The International Monetary Fund managing director, who has repeatedly called tax evasion one of Greece's biggest problems, raised the issue again in an interview with CNN television one week before the country holds national elections.

"I think that tax compliance is a necessary tool to restore any country's situation-Greece, like others," she said, according to excerpts released ahead of the broadcast.

But with Greece and other debt-strained eurozone countries struggling without success to restore growth while implementing severe austerity, she suggested that some of the conditions of their bailout programs should be eased.

"You need to reduce the fiscal deficit gradually, steadily," Lagarde said.

"It doesn't have to be this belt-tightening that everybody is talking about, but it has to be solid."

Asked her what she thought of comments last week by international financier George Soros that the eurozone had just three months to fix its problems, Lagarde was less specific but nevertheless signaled a need for action.

"George is very good at setting deadlines and attracting attention, which is good, because there has to be attention paid to the current situation.

"But I think... various things need to happen shortly... more shortly than three months. "It is not to say there is a deadline and the whole situation is going to unravel."

The Daily Sun/Bangladesh/ 13th June 2012

Western Union’s service was launched at Islami Bank Bangladesh Limited at a function at Pan Pacific Sonargaon Hotel, Dhaka Tuesday.

Masud Biswas, General Manager of Bangladesh Bank inaugurated the service as the chief guest.

Mohammad Abdul Mannan, Managing Director of IBBL presided over the programme. Roy Fernandez, Director, Operations, East and South Asia, Western Union attended as special guest. Md. Nurul Islam and Md. Mahbub-ul Alam, Deputy Managing Directors of IBBL also spoke.

Senior officials of Islami Bank and Western Union were present.

Masud Biswas said, Islami Bank actively supports the socio-economic development of the country.

The Daily Sun/Bangladesh/ 13th June 2012

The Dhaka Stock Exchange and small investors yesterday protested the finance minister's comment that the stockmarket is an 'evil market'.

“It's an evil market. I won't comment on it,” said Finance Minister AMA Muhith, on Monday in parliament, during the passage of the supplementary budget for the outgoing fiscal year.

But Muhith did not explain why it is an evil market.

The minister made the comment three days after he proposed the budget for fiscal 2012-13.

Reacting to Muhith's remark, DSE President Rakibur Rahman said: “It seems that the honorable finance minister has grown impatient."

It remains to be seen whether the incentives announced by Muhith for the stockmarket are being implemented, Rahman said.

The stockmarket is a sensitive market, so any negative comment will influence the market negatively, Rahman said.

During his speech, Muhith had also mentioned that there would be no great impact on the economy if he did not give much attention to the stockmarket.

Referring to the observation, the DSE chief commented, "Economic development will never be possible if the stockmarket is ignored."

The DSE chief urged the minister to consider the stockmarket as an alternative source of funds to develop infrastructure and undertake development projects.

Speaking on investments made by banks in the stockmarket, Rahman said the investments are below 2 percent of the banks' liabilities.

Presently, commercial banks are allowed to invest 10 percent of their liabilities, according to Bangladesh Bank directive.

Ahmed Rashid, senior vice-president of DSE, also protested Muhith's comment that he said might transmit bad signals to the economy.

Small investors, under the banner of Bangladesh Share Investors' Association (BSIA), also protested the minister's remark.

They staged a demonstration in front of DSE and shouted slogans against Muhith.

Mizanur Rashid Chowdhury, president of BSIA, said: “The minister's comment has upset us, as he is our guardian.”

The Daily Star/Bangladesh/ 13th June 2012

NCC Bank has recently re-elected Md Nurun Newaz Salim as its chairman and Mostafizur Rahman Dulal as vice chairman, the Bank said in a statement yesterday.

Salim is a sponsor director of the Bank and a former chairman of Central Insurance Co Ltd and vice president of Chittagong Chamber of Commerce and Industry.

Dulal is the chairman of Crown Group and a director of National Life Insurance Company.

The Daily Star/Bangladesh/ 13th June 2012

Rino Donosepoetro, head of audit for South and South East Asia of Standard Chartered Bank, is now in Dhaka for a three-day visit when he is expected to meet key stakeholders of the Bank.

Donosepoetro joined StanChart in 1997. Prior to joining GIA in 2010, he was the chief executive officer of the Falkland Islands from 2007.

He also worked with Permata Bank, the Bank said in a statement yesterday.

The Daily Star/Bangladesh/ 13th June 2012