Deputy Prime Minister and Minister of Foreign Affairs Kudret Özersay evaluated issues pertaining to the Cyprus problem and natural gas on the island, in an interview with Reuters published over the weekend.
Daily News of Life and times in North Cyprus goes around the world
by Ralph Kratzer
This was particularly evident on the value of the Turkish lira, which slipped to a record low in trade with the U.S. Dollar and the EURO on Friday because of the corruption scandal and the ongoing government crisis.
FOREIGN INVESTORS TO SAY GOODBYE!
In addition to the currency, Turkish government bonds also fell and the stock market in the country was under massive pressure after foreign investors had partially opted from the market.
However, the current government crisis also caused turbulences in the stock market in Istanbul. At the close of the week, the descent went further on the Turkish stock market.
The main stock index ISE 100 fell temporarily to the lowest level since July 2012. Recently, the indicator recovered a little and was 1.1 per cent in the red. Thus, the Turkish leading index has been lost on weekly view around 8 percent. The smaller index TO 30 fell on Friday at around 1.05 percent.
The government in Turkey has been shaken by a corruption scandal for days and is plunged into one of its most serious crises to date. Prime Minister Recep Tayyip Erdogan saw himself at last forced to a radical transformation of his cabinet. Erdogan joined a total of ten of his 26 Ministers.
“The most recent messages undermine the facade of the economic competence of the government” said U.S. investment strategist Michael Shaoul of Market Field Asset Management.
So far, Erdogan was the architect of the recovery in Turkey. But now MPs turn their back on the oppressed ruling party of Prime Minister Recep Tayyip Erdogan, ACP. Three parliamentarians declared their withdrawal from the ACP on Friday, as Turkish media reported.
By Chris Elliott
Will they won’t they, that was the world’s chorus for weeks and months as to whether the EU would grant a bail-out deal to Cyprus despite so many words of caution.
As was published in the Cyprus press, the government under the Christofias administration had ordered two warships from Israel to protect their gas exploration activities. The reported cost of these two vessels is said to be 100 million Euros and to be paid for in 17 years.
So are the IMF/EU helping fund this form of expenditure??? To read more of the inspectors visits to Cyprus do follow the link below to the Reuters report.
There are probably increasing numbers of people watching the internet news threads to try to understand what the latest news is, of whether a bail-out package has been awarded to Cyprus.
This is the end of the two-week period during which the Troika have been in discussions with the Cyprus Authorities in Cyprus and the outcome seems to still not be clear-cut and the situation has been quoted on the internet with some interesting side stories. To read more click on the links below.
New York Times
With the eyes of the world looking at Cyprus and its attempts to get a bailout loan, what is the latest situation?
It’s hard to say other than read what comes through over the Internet and today we are sharing information links to our readers of some of the articles appearing so they may read and perhaps have a better understanding of the current situation.
As each day passes, fresh news is appearing and no doubt by the end of this week we may be in for some more interesting views from the internet news sources.
The News International
With lots of reports and speculation about the economic difficulties facing the Cyprus admistration, we are providing a link to Reuters News which makes very interesting reading.
Troika are now arriving in Cyprus so we will see what the outcome of the meeting is and the measure of agreement that will be achieved to resolve the current issues.
By Chris Elliott
Cyprus’s Finance Minister Vassos Shiarly is reported as saying “he hoped international lenders would visit “very very soon” for a final round of talks on financial aid and conclude them before a meeting of euro zone finance ministers on November 12.”
To read more of the latest news on this issue click here: Cyprus finmin hopes for troika deal by November 12 Eurogroup | Reuters.