December, 2016 Economy

 Erdogan's money troubles

Author Amberin Zaman

Turkish President Recep Tayyip Erdogan’s call for citizens to convert their dollars to prop up the sagging Turkish lira continues to elicit colorful responses. Barbers promised free haircuts to customers who could prove that they had exchanged their dollars, and stonecutters offered free tombstones. Today, a crooner from the heavily Kurdish province of Hakkari answered the call and dumped his dollars, with a video to prove it.

Economy, Politics, Turkey
 Largest Holder of U.S. Treasuries

by Sarah McGregor
Biggest holder of American govt debt held $1.13 Tln in Oct.
China holdings fell to a six-year low of $1.12 trillion

 

A monthly Treasury Department report showed China held $1.12 trillion in U.S. government bonds, notes and bills in October, down $41.3 billion from the prior month and the lowest investment since July 2010. The portfolio of Japan decreased for third month, falling by $4.5 billion to $1.13 trillion, according to the data. Collectively, the two nations account for about 37 percent of America’s foreign debt holdings.

Turkey  Middle Eastern markets


Author Mustafa Sonmez
TranslatorSibel Utku Bila

 

The turbulence in the Turkish economy, marked by a dramatic depreciation of the Turkish lira, is forcing Ankara to consider emergency measures. While President Recep Tayyip Erdogan led a campaign against the threat of dollarization, the government last week unveiled a package of measures to appease and buoy up economic actors.

Turkish economy shrinks

ANKARA/ISTANBUL

Turkey’s gross domestic product (GDP) contracted by a bigger than expected 1.8 percent in the third quarter of 2016 on weak consumer spending and exports, data from the Turkish Statistical Institute (TÜİK) showed on Dec. 12, marking the first year-on-year decline in quarterly economic growth since 2009.

Greece’s Debt Problem

 By Allison Fedirka
Athens and Brussels once again find themselves at an impasse.
Before the Italian banking crisis and referendum, before Brexit, there was Greece. Greece’s debt crisis was really the first public crack in the European Union's armor and one that has yet to be repaired. Readers who want to understand why anti-EU sentiment and nationalism have developed in many of these countries don't have to go to migration or other controversial topics.

Economy, Europe, Greece, Politics
Currency speculators

President Recep Tayyip Erdoğan has claimed Turkey’s struggling economy is under attack from foreign exchange speculators, while also praising citizens who have converted their foreign currencies into liras.

Economy, Politics, Turkey
Turkish economy


Serkan Dermitas
Even his foes admit the talent of President Recep Tayyip Erdoğan as a politician in reaching out to the people and molding public opinion on even controversial issues, an ability that secured him an indisputable leadership since late 2002.

Economy, Politics, Turkey
Turkey’s economic crises

Nuray Mert
I should be the last person to write on economic matters, since it is neither my profession nor my passion. Nevertheless, none of us need to be experts nowadays to see that the prospects for Turkey’s economy are rather dim.

Main Course: Turkey


by Tyler Durden
While investors are focused on Italy, Bloomberg's Mark Cudmore warns that another Mediterranean country is poised to grab their attention very soon. A currency crisis in Turkey is rapidly deteriorating, setting the stage for dramatic and unscheduled central bank action.

Russia, China, Iran Erdogan

Turkey is seeking to conduct trade with Russia, China and Iran in national currencies, announced Turkish President Recep Tayyip Erdoğan on Saturday.
Speaking at the opening ceremony of a shopping mall in Istanbul, Erdoğan said that he had proposed to Russian President Vladimir Putin to conduct trade between the two countries with local currencies, hurriyetdailynews.com reported.