Economy

Turkish central bank hikes rates to support currency – Globe Gazette

ANKARA, Turkey (AP) — Turkey’s central bank raised its benchmark interest rate on Thursday, when it held its first meeting under its new chief, in a bid to tame inflation and to prop up the struggling currency. The bank said it was raising the one-week repo rate by 4.75 percentage points to 15%. The hike …

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Greece’s Digital Challenges: what is to be done? – Greece@LSE

It is customary to characterise Greece as one of the weakest links of the EU Digital Single Market, which is an important component for achieving the EU goals of smart, sustainable and inclusive growth. In the EU Digital Economy and Society Index (DESI) for 2020, the country made some progress compared to the previous year, …

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Golden Visas in Greece – How Chinese People Are Getting Scammed Into Buying Overpriced Flats – Vice.com

Mrs Yang arrived in Athens to find her new flat was nothing like the description – and that it had been sold multiple times. Mrs Yang* had dreamt of visiting the Parthenon ever since she studied Greek mythology at school, so when a real estate agent in her home country of China approached her with …

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Turkey at economic and political crossroads following Albayrak’s resignation – Middle East Eye

“I simply don’t believe the rumours that the presidency had ‘no idea’ of the extent to which Central Bank reserves had been depleted to defend the lira,” he said.

“Nor was Albayrak the single obstacle, as finance minister, preventing a judicial review into the Osman Kavala case. It feels like an attempt to blame the old guard, and we’ve been here before.”

Turkey fines Google $25.6 mln for breaching competition law – Hurriyet Daily News

Previously, the Competition Board opened an investigation upon a complaint that the tech giant abused its position to give an unfair edge to some companies.

The board ruled that Google breached the law by complicating organic search results in the content services market by placing text ads intensively and uncertainly at the top of the general search results, according to information received by Anadolu Agency.

Erdoğan’s son-in-law files a suit for damages against journalist – Bianet

Mustafa Sönmez has announced the lawsuit on his social media account.

“The son-in-law no. 2, namely Selçuk Bayraktar, has apparently filed a suit for damages of 100 thousand lira over a Twitter message of mine,” Sönmez has said. Sharing the tweet in question, he has asked, “What kind of intolerance to freedom of expression and media that is! If you had not been the son-in-law, would the judiciary have taken your complaint seriously?”

Greece Offers Tax Breaks to Lure the Work-From-Anywhere Crowd – Bloomberg

(Bloomberg) — Greece wants to use its solid track record in combating the coronavirus as a way to help entice people to move to the country — and it’s promising that half of their income will be tax-free. “Technology means we can now choose where we live and work,” Alex Patelis, chief economic adviser to …

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Reshuffling economy posts won’t solve Turkey’s troubles, says Erdogan’s ex-ally – Reuters

* Former Erdogan ally Babacan has formed breakaway party * Says government lacks coherent plan to rebuild economy * Comments come after cbank chief, finance minister quit * Lira has hit record lows, cenbank faces test next week ANKARA, Nov 11 (Reuters) – Turkey’s economic troubles cannot be solved by shuffling the central bank chief …

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Erdogan’s economic model of family loyalties collapses – Arab Weekly

Some analysts say the Turkish president felt compelled to sacrifice his son-in-law to save what could be saved. ANKARA – The sudden resignation of Turkish Finance Minister Berat Albayrak announced the end of the model that President Recep Tayyip Erdogan sought to impose, which is based on replacing those who are politically close to the leaders …

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Albayrak resignation: What it means for Turkey’s government – Al Jazeera

Ankara, Turkey – The shock resignation of Turkish finance minister Berat Albayrak – who is also President Recep Tayyip Erdogan’s son-in-law and heir apparent – has seen rumours of palace intrigue reach fever pitch among the country’s political class. Albayrak quit his role as Turkey’s economy tsar on Sunday evening in an Instagram message that …

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Turkish Media Mum Over Albayrak Fuels New Free Speech Concerns – Bloomberg

Most media outlets took more than 24 hours to report that Albayrak, who’s married to Erdogan’s oldest daughter, had quit, leaving millions of Turks to click on to YouTube broadcasts to hear the breaking story. The press continued to keep mum even after the lira rallied the most in two years, only reporting the news after the president’s office said late Monday that the resignation had been accepted.

That silence — echoing the muteness of government officials — demonstrates how intense the pressure is on mainstream media to toe the ruling AK Party line, said Kilicdaroglu, leader of the Republican People’s Party, or CHP.

“Only five of 1,780 radio and television stations reported the resignation” before Albayrak confirmed it the following day on social media, Kilicdaroglu said. The others, he said, have become a “pool media,” or palace press.

Chain of scandals surfaced in Turkey with a resignation – Yetkin Report

Saying “No, with our free will as journalists, we did not find this resignation newsworthy” in response to what I said is yet another scandal on its own. But it would still be preferable to the miserable process below.

The editorial staff of Hürriyet and Milliyet newspapers has ruggedly waited until midnight for the instructions of whether the news they had written would be published or not. No instructions came. And it wasn’t Fahrettin Altun, the Director of Communications for Presidency, from whom they awaited a “go ahead.” They were waiting for a sign from Sabah newspaper, chaired by Berat Albayrak’s brother Serhat Albayrak. No news came. Newspapers such as Hürriyet, Milliyet, and Yeni Şafak, like Sabah, did not publish this news that would make headlines in any country across the world. They did not post it on their website either.