Tag Archives: Recep Erdoğan

The New York Times reported that the US is preparing to seize $1 bln in assets tied to 1MDB S&P downgraded Turkey a notch to BB with a negative outlook, citing political uncertainty Turkish President Erdogan declared a three-month state of emergency The Nigerian Naira weakened above 300 per dollar for the first time Brazil’s central bank signaled a longer wait until it cuts rates In the EM equity space as...

Swiss Franc Continuing risk appetite is positive for the euro (and certainly sterling).At this levels we do not see much SNB intervention. Click to enlarge. FX Rates The US dollar and the yen are trading heavy, while risk assets, including emerging markets, and the Turkish lira, have jumped.  Sterling is the strongest of the majors.  It is up about 0.5% (~$1.6365), helped by the opportunity of GBP23.4 bln foreign...

INTRODUCTION  After last Friday’s failed coup attempt in Turkey, a measure of calm has returned to global markets.  We did not think Turkish developments have wide-reaching implications for EM assets, but we do remain very negative on Turkish assets in the wake of the coup and ongoing political uncertainty.POLITICAL OUTLOOK Democracy has (so far) been upheld as the coup attempt has failed.  That Erdogan was...

Summary: Key event in Europe is not on many calendars–it is a ruling by the European Court of Justice. UK government and Tory Party stabilizing, leaving the Labour Party in disarray. US economy appears to have accelerated into the end of Q2. BOJ’s meeting at the end of the month. Four large dramas being played out among the major high income countries. The drama in the eurozone moves center stage in the...

The EU response to Brexit is important. The EU summit and the talks with Turkey are very important. Brexit leaders seem as surprised and unprepared for the results as anyone. And a preview on economic data for the week. The UK choice to leave the EU on a 52%-48% vote is one of those moments that define before and after. It is true that there are examples of the EU not liking the outcome of a referendum and allowed a...

Summary Turkey and the EU will begin negotiations over financial and budget reform. It is one of 35 areas (chapters) of negotiations. Turkey is no where close to joining the EU, for which it initially applied in 1987. In the vitriolic debate over the UK’s membership of the EU, Turkey’s potential membership became one of the talking points.  Prime Minister Cameron, who has advocated Turkey’s eventual membership,...

Offending People Left and Right Bill Bonner, whose Diaries we republish here, is well-known for being an equal opportunity offender  – meaning that political affiliation, gender, age, or any other defining characteristics won’t save worthy targets from getting offended. As far as we are concerned, we generally try not to be unnecessarily rude to people, but occasionally giving offense is not exactly beneath us...

  Perfect composition: Ukraine’s parliamentary brawlers are true artists. Image source: firstmemes.com Boisterous Debate vs. Non-Existence Readers may recall that we have previously reported on brawls breaking out in various parliaments, such as e.g. in Ukraine’s Rada, where we suspect representatives are actually engaging in a form of performance art. Here is the picture again, that shows what perfectly composed imagery is produced in the Rada. Obviously, true professionals are at...