Turkey | Tags | Econostrum | Economic News in the Mediterranean

Cyprus' Aphrodite gas field secures financing for its first drilling

09/20/2022 | Industry

CYPRUS. The partners of the Aphrodite gas field approve a $192 million financing that will allow the drilling of a first well in this very promising field.

Greek Prime Minister says he is ready to "welcome" the Turkish army

09/13/2022 | Society / Institutions

GREECE / TURKEY. Visiting Paris to meet Emmanuel Macron, Greek Prime Minister Kyriákos Mitsotákis responded firmly to Turkish threats to invade the Aegean islands.

Aegean Sea, Belharra, conflict, Cyprus, Eastern Mediterranean, Emmanuel Macron, France, Greece, Kastellorizo, Kyriákos Mitsotákis, Lorient, Oruç Reis, Paris, Rafale, Recep Tayyip Erdogan, Turkey, Ukraine

Turkey threatens Greece with military takeover of Aegean islands

09/06/2022 | Society / Institutions

TURKEY / GREECE. The quarrel between Turkey and Greece has reached a new level with a statement by Recep Tayyip Erdogan openly threatening to seize the Aegean islands.

Aegean Sea, Ankara, Athens, Eastern Mediterranean, F-16, Greece, Izmir, Lausanne Peace Treaty, Lesbos, maneuver, Mevlut Cavusoglu, Montreux Convention, NATO, Recep Tayyip Erdogan, Rhodes, Sevres Peace Treaty, Turkey

Massive increase in gas and electricity prices in Turkey

09/01/2022 | Services

TURKEY. Already confronted with an inflation of at least 80%, the Turks must face an increase of 20% of gas and electricity for households, of 50% for companies.

Botals, electricity, EPDKL, Gas, inflation, Turkey

TotalEnergies and Eni make new "significant gas discovery" offshore Cyprus

08/23/2022 | Industry

CYPRUS. In two separate press releases published on Monday 22 August 2022, TotalEnergies and Eni announce a "significant gas discovery" in Cyprus...

Turkey revives one of its essential resources: tourism

08/22/2022 | Services

TURKEY. With the windfall of Russian visitors and the return of Israelis, the Turkish Ministry of Tourism expects to reach 47 million tourists in 2022 for revenues of $37 billion.

Ankara, Antalya, Bulent Bulbuloglu, Erdogan, Germany, Israel, Kiev, Mir, Moscow, Russia, tourism, tourism Turkey, Turkey, Turkish lira, Türofed

Turkey and Israel resume "full and complete" diplomatic relations

08/18/2022 | Society / Institutions

TURKEY / ISRAEL. After twelve years of quarrel, the Turkish and Israeli authorities decided the complete restoration of their diplomatic relations. Good news for regional stability.

The women's ready-to-wear brand Camaïeu asks to be placed in receivership

07/28/2022 | Society / Institutions

FRANCE. Still in difficulty two years after its takeover, Camaïeu has declared itself in suspension of payments and has requested that it be placed under court supervision by the Lille Commercial Court.

European Commission releases €33.43m to bring the two Cypriot communities closer together

07/25/2022 | Society / Institutions

CYPRUS. The European Commission adopts an annual action programme for the Turkish Cypriot community with an annual amount of €33.43m.

AOP, Cyprus, Elisa Ferreira, European Commission, European Union, Halloumi, Hellim, Mediterranean, Republic of Cyprus, Republic of Northern Cyprus, TRNC, Turkey, Χαλλούμι

Fitch downgrades Turkish debt to B with negative outlook

07/11/2022 | Society / Institutions

TURKEY. The British agency Fitch Ratings has decided to lower Turkey's long-term sovereign debt rating from B+ to B, with a negative outlook.

Fitch Ratings, Hearst Corporation, IDR, rating agency, Recep Tayyip Erdogan, Turkey, Turkish debt, Turkish economy, Ukraine

Currencies fall against the dollar

07/07/2022 | Society / Institutions

MEDITERRANEAN. Lebanon, Syria and Turkey are among the top six countries whose currencies have lost the most value in two years.

currencies, depreciation, dollar, Euro, Europe, Lebanon, Syria, Turkey

New inflation record in Turkey

07/05/2022 | Society / Institutions

TURKEY. With a year-on-year inflation rate of nearly 80% in June, Turkey is sinking into an economic crisis. The reality would be even worse, because in order to remain in office, the directors of the Tüik (Turkish National Statistics Office) are forced to publish figures in line with the presidential speech. Four have already been fired.

Enag, Erdogan, Inflation, low rates, Turkey, Turkish inflation, Tüik

The Balkans are knocking on the EU's door

06/23/2022 | Society / Institutions

EUROPE. Europe is preparing to grant Ukraine what it has refused for years to several Balkan countries.

accession process, Albania, Balkans, Bosnia and Herzegovina, EU candidate, Europe, European Council, France, Kosovo, Montenegro, Northern Macedonia, Serbia, Turkey, Ukraine

EU releases €50m to help refugees in Turkey

06/14/2022 | Society / Institutions

TURKEY / EU. The European Commission announces €50m in aid for vulnerable refugees and the communities hosting them in Turkey.

Covid-19, Emergency Social Assistance Plan, ESNN, EU, European Union, humanitarian aid, IFRC, Janez Lenarčič, Red Crescent, Red Cross, refugees, Syrians, Turkey, Turkish Red Crescent, UN Refugee Agency

Algeria toughens sanctions against Spain with a boycott of Iberian products

06/09/2022 | Society / Institutions

ALGERIA / SPAIN. After unilaterally breaking off all diplomatic relations with Spain, Algeria decided to suspend a friendship treaty signed in 2002 with Madrid and banned imports from Spain.

Abef, Algeria, Association of Banks and Financial Institutions, beef, boycott, Brahim Ghali, China, European Union, France, Italy, Pedro Sanchez, Polisario Front, relations Spain Algeria, Sand War, Treaty of Friendship, Turkey, UN, United Nations, Western Sahara

Recep Tayyip Erdogan to continue lowering interest rates despite soaring inflation

06/07/2022 | Society / Institutions

TURKEY. The Turkish president reaffirmed his intention to continue his low interest rate strategy, despite inflation reaching 73.5% of GDP in May 2022.

Central Bank of Turkey, Enag, Erdogan, inflation, TCMB, Turkey, Turkish economy, Turkish lira, Turkish Statistics Office, TÜIK

Turkey to launch offensive in Syria to keep YPG Kurds away from its southern border

05/31/2022 | Society / Institutions

TURKEY / SYRIA. Turkish President Recep Tayyip Erdogan plans to resume fighting in Syria to push the Kurdish YPG in northern Syria 30 km from its southern border.

Tensions between Turkey and Greece lead to a breakdown in dialogue

05/25/2022 | Society / Institutions

TURKEY / GREECE. Turkish President Recep Tayyip Erdogan has decided not to speak to Greek Prime Minister Kyriakos Mitsotakis after he asked the Americans not to deliver F-16s to Turkey.

Aegean Sea, Alexandroupolis, Ankara, Athens, Chios, European Union, F-16, Greece, Kyriakos Mitsotakis, migrants, NATO, North Atlantic Organisation, Recep Tayyip Erdogan, Samos, Tanju Bilgich, Turkey, Ukraine, United States

Mediterranean employment ministers want to promote an economy for the benefit of all

05/19/2022 | Society / Institutions

MEDITERRANEAN. In Marrakech, the employment and labour ministers of the Union for the Mediterranean committed themselves to meeting the challenges of employment and employability for the most vulnerable people, in particular young people and women.

Inflation at its highest in Turkey for twenty years

05/05/2022 | Society / Institutions

TURKEY. According to the Turkish Statistical Institute, annual inflation hit 70% in April 2022, the highest level in two decades.

Ankara, ENAG, Erdogan, inflation, inflation in Turkey, Nureddin Nebati, Sait Erdal Dinçer, Serkan Gençer, Turkey, Turkish economy, Turkish lira, TÜIK