Southeast Europe / News

Romania’s new government runs out of time as investors expect fiscal reforms

Iulian Ernst in Bucharest December 2, 2019

PM Ludovic Orban will honour the wage and pension hikes promised by his predecessor — but ministers have not yet explained how they will be financed.

US ready to sanction Bulgarian politicians for corruption says new ambassador

bne IntelliNews November 30, 2019

US officials to use "tools that have teeth" as they work with Bulgarian government and civil society to strengthen the rule of law, foster judicial independence, and tackle corruption.

Moldova builds 2020 budget on heavy public borrowing

Iulian Ernst in Bucharest November 29, 2019

Over the next three years, Moldova’s external debt is expected to rise by around $1bn, compared to a more moderate advance of $0.5bn over the past decade.

Absurd maritime deal between Turkey and Libyans ignores presence of Crete says Greece

bne IntelliNews November 29, 2019

Agreement set to further complicate disputes between Ankara and regional neighbours over rights to East Mediterranean energy resources.

Moldova’s new PM hints at suspending cooperation with IMF

Iulian Ernst in Bucharest November 27, 2019

Moldova could “take a break” in its collaboration with the IMF, PM Ion Chicu said, days after announcing plans to secure $500mn infrastructure loans from Russia.

Pompeo “concerned” by reports of F-16s flying over Ankara to test Russian S-400s

bne IntelliNews November 26, 2019

Meanwhile, head of Russian state arms exporter Rosoboronexport refers to “big plans” for military technical cooperation between Moscow and Ankara and report emerges of Turkey blocking Nato defence plan for Poland and Baltics.

UPDATED: 21 dead in strongest earthquake in Albania in recent decades

Valentina Dimitrievska in Skopje November 26, 2019

6.4 magnitude earthquake that hit Albania early on November 26 was felt across the region.

Romania’s new government to revise 2019 budget to address “dire” public finances

bne IntelliNews November 26, 2019

Deficit expected to come in at as much as 4.1-4.3% of GDP, as new centre-right government prepares emergency decree revising this year’s budget.

Bulgaria’s inflation could block entry to ERM 2 warns Raiffeisen

Denitsa Koseva in Sofia November 26, 2019

Sofia hopes to join the Exchange Rate Mechanism by April 2020, as it aspires to membership of the eurozone.

Turkish Airlines shares down 6% since BlackRock purchase

Akin Nazli in Belgrade November 25, 2019

Net profit and passenger numbers have fallen at flag carrier. Last week it was announced additional Boeing 737 Max aircraft will be bought by JV it runs with Lufthansa.

Government banks have shut out Istanbul municipality since Erdogan poll defeat says mayor

bne IntelliNews November 25, 2019

Ekrem Imamoglu condemns public lenders, saying they are not even extending routine loans. Business capital officials relying on international markets to meet financing needs.

Romania’s President Iohannis wins another term

bne IntelliNews November 25, 2019

Iohannis’ reelection calms the political scene in Romania — for the short term — but parties are already positioning themselves for next year’s general election.

UniCredit ‘has deal clearing way for exit from Turkish lender Yapi Kredi’

bne IntelliNews November 24, 2019

Transaction with Koc Holding would mark end of first foreign partnership in Turkey’s financial services industry.

Czech senator refers CEZ' sale of Varna TPP to Bulgaria’s prosecution

bne IntelliNews November 24, 2019

Lukas Wagenknecht has asked the prosecution in Bulgaria to probe the deal due to suspicions that it was intentionally closed at a price that was not beneficial for state-owned CEZ.

Romanian president heads toward second term

Iulian Ernst in Bucharest November 22, 2019

Polls show the centre-right incumbent Klaus Iohannis will defeat recently-ousted prime minister Viorica Danicla convincingly.

Russians involved in large-scale intelligence operation in Serbia, President Vucic says

Denitsa Koseva in Sofia November 22, 2019

Vucic says “no logic” to spy affair that surfaced days before his visit to Moscow, given warm relations between two states.

Turkey’s Mersin Intnl Port sells $600mn of 5-year eurobonds at 5.375%

Akin Nazli in Belgrade November 20, 2019

EBRD bought $90mn of new paper. Activity of issuers across Emerging Europe, EMEA and Eurasia up since last month and still growing as latest Fed easing has some effect.

Bosnia nominates new PM ending year-long political deadlock

Denitsa Koseva in Sofia November 19, 2019

Breakthrough as top Bosnian politicians finally agree to send a reform programme to Nato, resolving a dispute that had held the nomination up by several months.

Building permit data shows economic turmoil’s hit Turkey’s construction industry like demolition ball

Akin Nazli in Belgrade November 19, 2019

Once the driver of country’s economic boom, sector saw number of issued permissions drop 57% in first three quarters.

Turkish ‘Robin Hood’ at work amid economic turmoil

bne IntelliNews November 18, 2019

Anonymous benefactor paying off grocery debts and slipping money under doors in poor neighbourhoods as country comes to terms with spate of collective family suicides.