It was obvious from day one that the Turkish-Greek crisis in the East Mediterranean would not turn into a war. Not because of the strong statements by the European Union (EU) threatening Turkey with sanctions. The EU has long lost political leverage over Turkey, and mainly due to Cyprus. However, whether you like it or
1. Low interest-high growth proved unsustainable The first week of September was rather intense in terms of data releases. The growth numbers that were released on August 31 reflected an 11 percent decline compared to the previous quarter. This number is rather close to the OECD average. If we express the Q2 growth in annualized
The deficit and the Resource Curse The cost of extraction and the annual potential production level of 320 billion m3 natural gas recently discovered in the Black Sea have not been clarified yet. But it’s understood that this discovery will provide a substantial resource for the Turkish economy. And upon the discovery of this natural
Turkey and Greek Cyprus have slammed the U.S. administration for its recent decision to lift an arms sale embargo on Greek Cyprus, saying that the move would hurt peace efforts.The Turkish Foreign Ministry said in a statement on Sept. 1 that the decision “will have negative effects on the efforts to reach a settlement to