Southeast Europe / News
Third of Turkey’s GDP ‘may be wiped out by recession’
As economic turmoil takes a heavy toll, gunshots are fired at US embassy and Erdogan says outside forces are trying to bring the “Turkish people to their knees”.
Crisis in Turkey: S&P, Moody’s cut sovereign further into junk
Ankara also hit by withering note from Fitch. Lira stays steady as market was already braced for the triple-whammy.
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Crisis in Turkey: Finance minister wields the fiscal hammer
No capital controls, no IMF, says Albayrak. But analysts warn he could be in for a rude awakening somewhere down the road.
Turkey: Hard landing forecast as industrial output growth slumps
June’s weak expansion of 3.2% y/y and currency crisis portend recession and jump in banks' non-performing loans.
Russia and Turkey step up fight against dollar’s dominance in trade
Like Moscow, Ankara has fallen out of the top 30 largest holders of US T-bonds. Iran and China are also on board with the idea of settling transactions in national currencies.
Redrawing borders considered as potential solution to Serbia-Kosovo conflict
Idea discussed by presidents of Serbia and Kosovo has met with international opposition and criticism from politicians at home.
Crisis in Turkey: Is Qatari capital injection merely a sticking plaster?
As the Turkish lira rallies to stronger than 6 to the dollar, analysts debate the significance of $15bn from Doha.
UK with top exposure to Turkish private sector foreign loans
EBRD tops single lender list issued amid Turkey’s currency crisis.
Turkey raises stakes in “economic war” with tariff hikes on US goods
Vice-president speaks of "retaliation for conscious attacks on our economy ". The lira, meanwhile, continues to rebound.
Turkish central bank’s hidden rate hike gives lira a shot in the arm
Markets wonder whether President Erdogan, who notoriously opposes costlier credit, is aware of what the regulator is up to. Experts warn of “side effects”.
PSD heavyweight asks party leader to resign
Former minister says the ruling PSD has “gone too far” and calls on Liviu Dragnea to resign after avalanche of criticism from the opposition over brutal intervention by riot police at August 10 protest.
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Turkish lira pulls back 5% from death spiral, Erdogan declares US electronics boycott
Currency experiences relief rally as situation mildly stabilises, Turks nervously await Trump’s response to president’s move against American merchandise.
Turkey may exit Nato by year’s end say retired admirals and generals
Survey report from New York-based Academy Securities notes Ankara’s increasing cosiness with Moscow and rows with the US.
Romanian president and ruling party attack each other over protest violence
President Iohannis accuses government of failing to take responsibility for brutal intervention by riot police at recent protest, while ruling PSD says the president incited “social anarchy”.
Emerging markets ask how contagious Turkey's currency and debt malady might be
Economic contagion experts are sizing up Turkey’s meltdown against the 1997 Asian Financial Crisis which caused the Russian economy, and others, to collapse. With the Turkish lira in freefall should other emerging markets be feeling the jitters?
Turkish market turmoil: central bank moves bring little respite, lira bashed again as Erdogan points finger at US
Technocrats scramble for effective remedial measures, president hits out at White House for seeking to “stab your strategic partner in the back”.
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I remember how brutal Turkey’s last dollar crisis was—but so does President Erdogan
Michael Daventry recalls the torturous slog and loss of dignity that followed the country’s 2001 currency collapse—and led to the rise of a then little-known leader. Could history repeat itself?
‘Crisis? What crisis?’ says Turkey’s Erdogan
Turkish lira crashes to astonishing all-time low of 7.24 to the dollar in early trading but if Turkey's leader is to be believed there is no possible economic explanation for it.
EU approves plans to privatise Slovenia's largest bank NLB
But the soon to be appointed minority government headed by Marjan Sarec depends on support from far-left Levica that staunchly opposes privatisation, making it unclear how Ljubljana will carry out its promise to sell off the bank.
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Romanians back on the streets after Bucharest protest violence
50,000 anti-corruption protesters return to Victory Square to demand the government's registration, unbowed by lavish use of tear gas and clashes with riot police the previous night.