NYT: The global risk of the Turkish crisis

New York Times: For the past seven years, Tim Lee has been warning that a financial crisis in Turkey would set off a wider calamity in global markets.

Just about nobody listened — until now.

A plunge in the Turkish lira and the prospect that the country might soon need a bailout has spurred an investor exodus in Turkey, one that gathered steam on Friday as the currency dropped as much as 16 percent.… Be Informed

Turkey reveals plans to maintain stability

FT/ DW/ Turkish Govt: The Turkish Central bank said it will “provide all the liquidity the banks need” as the Turkish lira continued to tumble. Prosecutors have meanwhile threatened to go after those that “threaten economic security.”

 In a statement the Central Bank said it would “take all necessary measures to maintain financial stability” and “provide all the liquidity the banks need.” The central bank specified several measures to manage lira liquidity and provide sufficient foreign currency to banks.… Be Informed

Erdogan phones Putin as Turkish Lira loses value as tensions with USA reach high levels (UPDATED)

UPDATE: A statement by the Kremlin announced that Turkish President Recep Tayyip Erdoğan spoke by phone with Vladimir Putin to discuss “trade and economic cooperation.

The statement will fuel speculation that Erdoğan is moving closer to Russia as relations worsen between Turkey and the United States, even though both countries are NATO members.… Be Informed

Turkey set to start drilling its first Mediterranean based oil well

AA: Turkey, with the aid of the country’s first drilling vessel, Fatih, will drill its first well in the Mediterranean this year Fatih, Turkey’s Energy and Natural Resources Minister Fatih Donmez said late Thursday.

Donmez, speaking at the Belt and Road Investment and Financial Cooperation Summit in Turkish capital Ankara, said Turkey has accelerated seismic research and drilling activities in the Black Sea and the Mediterranean since April 2017.… Be Informed

Friday Morning Briefing

Good morning

The dust haven’t settled yet on Monday’s summit Trump invites Putin for a second meeting for Autumn, this time in Washington. The EU issued a stark warning to all member states about the possible repercussions of a no-deal Brexit (or Brexit in any form) as the March 30 2019 date looms.… Be Informed

The Wednesday Morning Briefing

Good morning

The successful rescue operation in Thailand ended successfully, highlighting a number of ‘human traits’ that at times are overshadowed by the dullness of other happenings around us. This dominated most of ‘the expectations’ from news feeds around the world after a day dominated by expectations about who was about to resign next from Theresa May’s cabinet.… Be Informed

Erdogan appoints son-in-law as Turkey’s treasury and finance minister

FT: Recep Tayyip Erdogan appointed his own son-in-law to head Turkey’s powerful new treasury and finance ministry as he unveiled a cabinet composed of a mix of loyalists, technocrats and business figures drawn from the private sector.

The choice of Berat Albayrak, who married the president’s daughter in 2004, was met with alarm from analysts and foreign investors who are anxious over the health of the Turkish economy and the independence of the central bank.… Be Informed

Monday Morning Briefing

Good morning

The rescue operation currently underway in Thailand dominated most of the international news outlets agenda. However during the past hours Theresa May’s latest setback  on Brexit, with the resignation of her chief negotiator, the death of a woman exposed to the Novichok nerve agent and Japan’s torrential rains also took their share of headlines.… Be Informed

Ten dead, 73 injured as train derails in Turkey

AFP: Ten people were killed and 73 injured on Sunday when a train packed with weekend passengers derailed in northwest Turkey, the health ministry said.

The train, with over 360 people on board, was travelling from the Edirne region on the Greek and Bulgarian borders to Istanbul’s Halkali station when six of its carriages derailed in the Tekirdag region.… Be Informed