Turkey Is Now Suffering From Hyper-Inflation, According to Spanish Bank, BBVA | naked capitalism

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The accounting rules apply retroactively from Jan 1 of the year in question. The impact on BBVA’s first quarter results will be reflected in the bank’s second quarter income statement. The official inflation rate in Turkey is currently above 70% and BBVA’s base-case scenario is that it will not fall below 60% at any point this year.

This is why BBVA has decided to apply hyperinflation accounting, which will wipe out €324 million from the bank’s P&L statement for the first quarter. Instead of providing €249 million in profits, BBVA Garanti will have generated €75 million in losses. Looking to the rest of the year, BBVA expects Garanti’s earnings in Turkey to be non-material to its overall performance, in light of the nation’s expected inflation. Despite taking a huge chunk out of BBVA’s profits, the adoption of IAS 29 does have a silver lining: it increases the bank’s Tier 1 capital ratio by 19bp to 12.89% in Q1 and raises its book value by €254 million.

Turkey Is Now A Major Hub for Cocaine Trafficking – Vice.com

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Turkey has become a global trafficking hub for South American cocaine, fuelling rising demand for the drug in Eastern Europe and the Persian Gulf, according to organised crime experts. A two-part analysis by InSight Crime, an investigative organisation, published today and last week reveals that gangs in Turkey, a country notorious for its major role …

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Juan de Fuca Looking for the Northwest Passage | Evrydiki Livada, Pedro Olalla

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Documentary film (32 min.) Ioannis Apostolos Fokas (c.1532-c.1602) -known in historical sources as Juan Griego or Juan de Fuca- was a navigator of Greek origin, left out by history despite the relevance of his actions, who, for more than forty years, served the Spanish Empire as master, pilot and explorer in the ships of Charles …

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Brazil seizes 1.3 tons of cocaine from Turkish-owned jet rented by Spanish passenger

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The Brazilian police on Aug. 4 seized 1.3 tons of cocaine from several suitcases on a private jet belonging to the Turkish company ACM Holding, which was rented by a Spanish national. The jet flew from Riyadh to Spain’s Malaga on Aug. 2. A day later it flew to Brazil and reached the Fortaleza Airport …

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Spain’s ‘enhancing ties with Turkey’ can only serve to strengthen Erdoğan’s oppressive rule | Ahval

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Amid its ever-deepening foreign policy mess that has alienated the entire political establishment in Washington D.C, raised the tension in Eastern Mediterranean, and sanctions against it across the Atlantic, Turkey’s troubled government seems to have found a useful ally for its continuity: Spain. If the process of this rapprochement – which is a visible counter-dynamic …

Spain’s ‘enhancing ties with Turkey’ can only serve to strengthen Erdoğan’s oppressive rule | Ahval Read More »

Turkey’s problem with Europe is not just about Macron – Ahval

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“Despite Macron’s relentless tirades against Turkey and its President Recep Tayyip Erdoğan, the common view within Ankara’s policy circles is that “it is just Macron who has problems with Turkey,” not the French public”, Ufuk Necat Taşcı, a Middle East and North Africa relations analyst, stated.

This seems like wishful thinking, as the Turkish government’s problems with the European Union go much further than Macron, a leader who wants to act as a lightning rod for discontent within the EU towards Turkish foreign policy in order to stamp France’s authority on the bloc’s foreign policy.

Erdogan is planning a new world order in which Turkey is the rising star – Haaretz.com – Analysis

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All methods, including terrorism, attempts at revolution, economic traps, attempts to isolate us, were intended to remove Turkey from its goals. “We succeeded in thwarting all those attacks and schemes. Most international organizations and states claiming to carry the flag of democracy have displayed their true colors when they applied a double standard in Turkey,” Erdogan said in a speech. a press conference after the cabinet session.

Turkey is getting bigger and stronger and its areas of interest are growing with it, he said. Whether it is the Israeli-Palestinian conflict, the war in Libya and Nago-Karabakh, the search for oil in the Mediterranean, the Kurds in Syria or the defense pact with Qatar, Erdogan promises that Turkey will be everywhere and no one will stop it.