` Turkey Will Not Pay $123 Million in Damages to Cyprus for 1974 Invasion ‘

#AceFinanceNews – CAIRO – May 13 – Turkey won’t pay the $123 million in damages to Cyprus that was ordered by Europe’s top human rights court, Foreign Minister Ahmet Davutoglu said on Tuesday.

The European Court of Human Rights ruled on Monday that Turkey must pay the damages to Cyprus for its 1974 invasion and its subsequent division.

Court Orders Turkey to Pay Cyprus

Davutoglu said the “unfair” ruling was not binding because Turkey does not legally recognize the government of Cyprus. 

We don’t consider it necessary to make this payment,” he said.

Court Orders Turkey to pay Cyprus

The ruling came as the Turkish and Greek Cypriot communities are making a new effort to reunite the island.

The Turkish invasion of Cyprus,  launched on 20 July 1974, was a Turkish military invasion in response to the 1974 Cypriot coup d’état.

It is known in Turkey as the “Cyprus Peace Operation” (TurkishKıbrıs Barış Harekâtı), “Cyprus Operation” (Kıbrıs Harekâtı) or by its Turkish Armed Forcescode name Operation Atilla (Atilla Harekâtı).

The coup had been ordered by the military Junta in Greece and staged by the Cypriot National Guard in conjunction with EOKA-B.

It deposed the Cypriot president Archbishop Makarios IIIand installed Nikos Sampson, a leader in favour of Enosis, the union of Cyprus with Greece.

In July 1974, Turkish forces invaded and captured 3% of the island before a ceasefire was declared. The Greek military junta collapsed and was replaced by democratic government. In August 1974 further Turkish invasion resulted in the capture of 40% of the island.

The ceasefire line from August 1974 became the United Nations Buffer Zone in Cyprus and is commonly referred to as the Green Line.

More than one-quarter of the population of Cyprus was expelled from the occupied northern part of the island where Greek Cypriots constituted 80% of the population.

A little over a year later in 1975, there was also a flow of roughly 60,000 Turkish Cypriots from the south to the north after the conflict. 

The Turkish invasion ended in the partition of Cyprus along the UN-monitored Green Line which still divides Cyprus.

In 1983 the Turkish Republic of Northern Cyprus (TRNC) declared independence, although Turkey is the only country which recognises it. 

 

#AFN2014

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#AceFinanceNews ANKARA April 18 Turkey’s Minister of Energy…

#AceFinanceNews – ANKARA – April 18 – Turkey’s Minister of Energy and Natural Resources Taner Yildiz has said Turkey would like to discuss possible discounts for the Russian gas current price at the upcoming talks scheduled for next week.

“The agreement, we signed with the Russian side, offers to us a right to request revision of gas prices. We shall pass the request to Gazprom’s representatives,” Yildiz said on Friday.

Russia was Turkey’s biggest gas supplier, he said.

#AFN2014

#ans2014, #ankara, #gazprom, #russia, #russian, #turkey

` Turkey sacks Member of its ` Defence Ministry ‘ and makes Reference to Procurement of a Defence Contract ‘

#AceFinanceNews – TURKEY – March 28 – Turkey has sacked Murad Bayar, Defence Ministry under-secretary for the state-run defence industries, Reuters said.

The ministry did not give a reason for the decision, but Bayar had been influential in Turkey’s negotiations with China over the procurement of a missile defence system.

NATO allies voiced concern when Ankara said in September, it had chosen China’s FD-2000 missile defence system over rival offers from the Franco/Italian Eurosam SAMP/T and US-listed Raytheon Company.

#AFN2014

#ans2014, #ankara, #china, #franco, #italian, #nato, #reuters, #turkey, #us

` Supreme Board of Communication Cancels National Broadcasting Licence of `Kanaltürk TV ‘ Reducing Advertising Revenue ‘

#AceFinanceNews – TURKEY – March 27 – Supreme Board of Radio and Television (RTÜK) has cancelled the national broadcast license of Kanaltürk television in a move that will significantly reduce Kanaltürk’s advertising revenue.

The channel is one of many inspired by Fethullah Gülen, the leader of the Gülen Movement and Turkish Prime Minister Recep Tayyip Erdoğan’s ally-turned-nemesis.

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` Turkey agrees `Compensation Deal ‘ for Victims of Israeli Raid on Gaza Aid Flotilla in 2010 ‘

#AceFinanceNews – TURKEY – March 25 – A compensation deal for Turkish victims of a deadly Israeli raid on a Gaza aid flotilla four years ago will soon be signed, Turkish Deputy Prime Minister Bulent Arinc said Tuesday.

“We have received a final agreement document from Israel,” Arinc was quoted as saying by Hurriyet newspaper.

After next Sunday’s local elections, “our first job will be making sure the compensation is bound by a legal document,” the official added.

Talks on compensation over the nine Turks killed in the raid began in March 2013 after Israel extended a formal apology to Ankara.

Background to the Story

Israeli Prime Minister Benjamin Netanyahu has apologised to the Turkish people for “any errors that could have led to loss of life” during the commando raid on an aid flotilla bound for the Gaza Strip on 31 May 2010. Nine activists were killed and dozens wounded, when Israeli troops boarded the lead ship as it attempted to breach the naval blockade of the Palestinian territory. http://www.bbc.co.uk/news/10203726

The Gaza flotilla raid was a military operation by Israel against six ships of the “Gaza Freedom Flotilla” on 31 May 2010 in international waters of the Mediterranean Sea. The flotilla, organized by the Free Gaza Movement and the Turkish Foundation for Human Rights and Freedoms and Humanitarian Relief (İHH), was carrying humanitarian aid and construction materials, with the intention of breaking the Israeli-Egyptian blockade of the Gaza Strip. https://en.wikipedia.org/wiki/Gaza_flotilla_raid

Reuters – BBC – Wikipedia – Hurriyet – RT

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#UK ” Major Crisis for `British Bankers’ on the Cards as `Exposure’ to `Asia and Pacific Regions’ to `Large Debt’ Risk”

#AceFinanceNews says `Europe Exposed: Over $3 trillion in Emerging Market Loans – time to bail-out!

Published time: February 04, 2014 15:09
Edited time: February 05, 2014 13:03
  
AFP Photo/Lionel BonaventureAFP Photo/Lionel Bonaventure
​The Fragile Five, BRICS and MINT are acronyms for countries like Turkey, Mexico, Indonesia, and China that are at the focus of the emerging crisis. But Europe may be the most vulnerable, as banks have more than $3.4 trillion in loans in shaky markets.

European companies have a bigger exposure to emerging markets than US or Japanese firms, according to research by Morgan Stanley Capital International.

Europe’s most vulnerable banks the ones with the most risk in emerging markets – are BBVA, Erste Bank, HSBC, Santander, Standard Chartered, and UniCredit, according to analysts, Reuters reported. Deutsche Bank analysts estimate the six most exposed European banks have more than $1.7 trillion tied up in developing markets.

Spain’s Santander is deeply intertwined in Latin America with bank earnings sourced from Brazil (23 percent) and 132 billion euro in loans across the region at the end of 2013.

Another big Spanish lender BBVA is very involved in Mexico, which in 2013 made up 80 percent of group profits. The bank has $55 billion in exposure to Mexico, whose peso weakened nearly 3 percent in January.

BBVA and UniCredit have high exposure in Turkey, Standard Chartered and HSBC have exposure to India and Indonesia, according to analysts cited by Reuters.

At the end of September, European banks had $3.4 trillion of loans in developing countries, according to data from the Bank for International Settlements. British banks had a $518 billion exposure in Asia and Pacific regions, Spanish banks had a $475 billion in Latin America, and French and Italian banks both loaned $200 billion in ‘southern’ European economies.

European banks hold about 12 percent of their assets in emerging markets, which are high risk but high return, Deutsche Bank analyst Matt Spick told Reuters.

Weak economic growth, paired with the US’s decision to wind-down its stimulus bond-buying program has sent emerging markets into a financial frenzy and currencies in South Africa, Turkey, and Mexico to pre-crisis lows. Investors are selling off their emerging market assets to Europe and the US, which are regaining economic strength and may bump up interest rates soon.

Reuters/Luke MacGregorReuters/Luke MacGregor

‘Threat’ to Europe’s banks

“When currency [volatility] combines with revenue slowdowns and rising bad debts, we see compounding threats to the exposed banks,” Spick told Reuters.

According to Spick, Standard Chartered may be the most exposed bank, as 90 percent of the bank’s earnings are dependent on Asian, African, and Middle Eastern loans.

Brazil, Russia, India, China, and South Africa, the BRICS nations account for 25 percent of global gross domestic product, and as a whole their growth disappointed in 2013: Russia’s economy only grew 1.3 percent by preliminary estimates, and China expanded by less than 8 percent for the first time in 20 years, with growth slowing to 7.5 percent.

With the exception of China – which keeps tight control over the yuan – BRICS currencies have been badly weakened. India’s rupee has had one of its worst years ever, and in 2013 lost 11 percent against the dollar. The Russian ruble has hit a 5-year low against both the dollar and euro.

Mexico, Indonesia, Nigeria, and Turkey make up the ‘MINT’ countries – economies that are forecast to eventually eclipse the BRICS. MINT nations continue to be hit hard by the emerging crisis, and have seen large currency devaluation.

Devaluation is partly a reaction to the US decision to taper, but domestic monetary policy set by central banks- like interest rates and currency controls- also have a big effect on currency strength. Turkey and India have raised rates in an attempt to counter weaker currencies.

Negative shocks in the emerging market – fueled both internally and externally, have resulted in a $7 billion leak out of exchange traded funds in developing nation assets in January 2014, according to Bloomberg data.

Europe is currently trying to reform its banking system by performing stress tests to make sure banks have adequate capital, and it can expose weak points and boost investor sentiment after it was pummelled by the 2008 financial crisis.

 

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