STOCK MARKET WATCH -- Tuesday, 4 February 2014

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32. World Bank’s Greek Welfare Fix Shows Shift From Emerging Markets

http://www.bloomberg.com/news/2014-02-04/world-bank-s-greek-welfare-fix-shows-shift-from-emerging-markets.html

The World Bank, best known for helping developing nations from Kenya to Pakistan combat chronic poverty, is advising euro-area members Greece and Cyprus on how to strengthen their economies in the wake of debt crises.

About 55 World Bank staff have spent some time in the Mediterranean nations to advise them on competitiveness, welfare policies or public administration, according to Dirk Reinermann, who manages the programs. Based on the collaboration, Greece this month plans to announce a new system to simplify the process of setting up a business, Development Minister Kostis Hatzidakis said in an e-mail.

World Bank President Jim Yong Kim is taking on little-publicized consulting work from developed nations to find a new outlet for the bank’s expertise in a test of the demand for services that would otherwise be provided by private companies. Officials in Greece and Cyprus, initially reluctant to work with a poverty-reduction agency, are indicating the partnerships are starting to show results.

“In some parts of the world, some parts of Europe, we have a bit of a perception of being the bank of poor countries only,” Reinermann said in an interview last month in Washington. “As we work in more countries, this perception will fade over time.”