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Economic News

Postby observer » Mon Nov 05, 2012 2:12 pm

A coincidence that these two items should follow one another on the Guardian newspaper's Eurozone crisis live page

Turkey is no turkey - FitchA small slice of credit rating news -- Turkey is officially Investment Grace, with Fitch just announcing that it has raised the country's rating by one notch to BBB-.
Fitch said that Turkey's public finances are in better shape, and that the country is now "more resilient" to external shocks
The news that Turkey's debt is no longer classed as 'junk' will be warmly welcomed by the Ankora government (which has been pushing to join the EU for many years). It also brought a bit of joviality so an otherwise subdued City.

Germany's intelligence agency is concerned that nefarious money launderers and Russian oligarchs will benefit if the International Monetary Fund bails Cyprus out.
So reports German news magazine Der Spiegel, which says the German BND intelligence service believes there is $26bn of Russian money deposed in Cypriot banks. Much of it has a grubby tinge, it claims:
In a confidential report, the BND said Russians have deposited $26 billion (€20.25 billion) in Cyprus banks, an amount greater than the island's annual gross domestic product. These deposits will be guaranteed if European bailout money is paid to shore up the island's banks.
The BND also accused Cyprus of still providing opportunities for money laundering.
Here's the full story: Aid to Cyprus Could Benefit Russian Oligarchs
Cyprus's bailout has been delayed because its left-wing president, Dimitris Christofias, has refused to accept tough labour market reforms in return for IMF help.
Ironic that Russia's new elite must wait for a communist president...
observer
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