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Tuesday, September 13 2011 , Your time is 15:58:00
The European Central Bank left its ultra easy monetary policy stance unchanged as expected on July 20, keeping rates at record lows and even leaving the door open to more asset buys if the outlook worsens.
REYKJAVIK - Agence France-Presse
Before the global crisis, Iceland’s banking sector had grown to 11 times its economy’s size and all paid a heavy price for such a bloated, unregulated financial system. Today, Iceland’s recovery provides a lesson: governments should shield taxpayers from bankruptcy costs
ROME - Agence France-Presse
Italy's Senate gave its initial approval to a package of key economic reforms aimed at staving off bankruptcy including state asset sell-offs and a liberalisation of local services.
ISTANBUL- Hürriyet Daily News
The Turkish Lira’s value against the dollar fell 1 percent in one day following a downgrade on the country’s outlook by Fitch Ratings. The bourse closed the day with a 1.7 percent loss. The shift in outlook reflects an increase in near-term risks to stability as Turkey should reduce its current-account gap and inflation rate, Fitch says.
ISTANBUL - Anatolia News Agency
The Istanbul Stock Exchange prepares to begin the new year with a renewed and widened board, a first step for a transition period. The government wants to reshape the bourse before putting it back into the hands of the market actors, says Hüseyin Erkan, the outgoing bourse head, who also eyes re-election
The European Bank for Reconstruction and Development (EBRD) signed yesterday a 50 million euros credit line with Turkey’s Industrial Development Bank (TSKB) for the latter to support the development of local small and medium enterprises (SME) operating in the agribusiness sector with loans of up to 20 million euros
Turkey’s Central Bank, which recently moved to a more flexible interest rate policy, says it will pre-announce a minimum amount of its weekly repo auctions
ATHENS - Reuters
Under pressure from European Union’s leading economies, Greek Prime Minister George Papandreou and his rival Antonis Samaras agree to establish a ‘crisis coalition.’ Papandreou is expected to step down from his seat soon. The new premier could be Lucas Papademos, a former deputy director of the European Central Bank
Banks in Turkey may be forced to resort to different measures to increase revenues because the sector’s profits are expected to decrease in the coming period, according to the head of Turkey’s Banking Regulation and Supervision Agency (BDDK).
PARIS - Agence France-Presse
Prime Minister Francois Fillon announced plans yesterday to save 100 billion euros to eliminate France’s budget deficit by 2016, including 500 million euros in extra state budget savings next year.
The Central Bank’s revised forecasts on the current account gap and inflation reflect the weak sides of the Turkish economy. A possible recession in Europe, Turkey’s top trade partner, may turn these problems to big woes.
WASHINGTON - Agence France-Presse
Belgium was handed an urgent warning from Brussels yesterday to get its public finances back on track and deliver a 2012 budget cutting its deficit by the middle of next month.
Unqualified state land will be subject to sale after new related legislation is approved by the Turkish parliament, generating revenues of 26 billion Turkish Liras.