Coming February 6, 2024 . . .
MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Pre-order at Barnes & Noble / Amazon / Books-A-Million / Bookshop
Coming February 6, 2024 . . . MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Pre-order at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
With help from Beijing, Erdogan is hoping to find an alternative to IMF loans, one that could turn Turkey into 'an economic satrapy of China'
By David Goldman @ ATimes.com, Aug. 10
Like the fall of the Ottoman Empire after World War I, Turkey’s present financial collapse has been expected for years. The sloth of credit rating agencies and the laziness of bank credit committees allowed Turkey to struggle on a year or two longer than it should have, but the collapse of the Turkish lira this week after a long, sickening decline surprised no-one.
Turkey’s volatile president Recep Tayyip Erdogan might have put off the crisis, but instead decided to butt heads with US President Trump over the arrest of an American Protestant minister for alleged terrorism [.....]
Turkey will have to sell some of the state’s most important assets. With the Turkish lira trading at 6.26 to the dollar, the whole of the Istanbul 100 equity index is worth just US$35 billion. If Chinese investors were to buy every share of every company on the stock index, Turkey would raise enough foreign exchange to cover just seven months of its current account deficit. Turkey will have to sell a great deal more than its publicly traded companies to raise the money it requires, and it will also have to tighten its belt drastically.
Altay Atli, a Turkish economist and past contributor to Asia Times, told the Chinese television station that Turkey will offer China more partnerships in its ports and other transportation infrastructure [....]
Comments
Analysis: Turkey sees long-term partner in China
President Erdogan says his nation, amid crisis with Washington, may be forced to seek out 'new friends'
By Altai Atli @ ATimes.com, Aug. 11
by artappraiser on Sun, 08/12/2018 - 4:19am
Turkey's parliament talks back
by PeraclesPlease on Sun, 08/12/2018 - 6:27am
Turkey’s Financial Crisis Surprised Many. Except This Analyst.
“Turkey is the canary in the coal mine,” said Tim Lee, an analyst who warned of Turkey’s trouble in 2011. “We are going have another crash that will be worse than 2008 in certain ways.”
By Landon Thomas, Jr. @ NYTimes.com, Aug. 11
by artappraiser on Sun, 08/12/2018 - 3:27pm
by artappraiser on Sun, 08/12/2018 - 2:56pm
by Manoj Nathani (not verified) on Tue, 08/14/2018 - 4:55am
Maybe worse, this is just a charade for Erdogan to back away from the West as he wanted to do before anyway
(e.g. with that "falling out" with Russia that quickly turned into a huge rapprochement)
by PeraclesPlease on Tue, 08/14/2018 - 7:51am
Manoj, if you come back to check, note that this post was in our "In The News" section for news posts and who you are agreeing with is David Goldman writing at the Asia Times
by artappraiser on Wed, 08/15/2018 - 2:35am
Alibaba paid $750 million for Turkish startup Trendyol
@ Axios.com, Aug. 14
(China's) ....Alibaba last week acquired a majority stake in Turkish e-commerce company called Trendyol at an enterprise value of at least $750 million, according to multiple sources.....
by artappraiser on Wed, 08/15/2018 - 2:35am