Financial crises

Several key macroeconomic data will be released this week, including current account, industrial production and unemployment rate.

It is hard to overstate how far Greece has come. Less than a decade ago, the country was teetering on the brink of default, with its economy having lost a quarter of its output, a soaring debt burden, and global investors deeming its markets uninvestable. In 2012, the country implemented the largest debt restructuring in history. In 2015, it introduced capital controls.

The combined net profit of Turkish banks amounted to 233.6 billion Turkish Liras in the January-May period, rising 23 percent from a year ago, according to data from the Banking Regulation and Supervision Agency (BDDK).

In May alone, banks posted a net income of 42.93 billion.

Despite an annual decline in revenues, the automotive industry once again topped the list of Türkiye's largest exporting sectors with shipments to foreign markets amounting to $2.6 billion in June.

The automotive sector's exports, which plunged 12.4 percent last month from a year ago, accounted for 14.1 percent of the country's export revenues.

On July 1, 1997, Bulgaria implemented a currency board system, known as the "currency board," in response to a severe economic crisis marked by hyperinflation and widespread social unrest. The crisis was precipitated under the government of the Bulgarian Socialist Party led by Zhan Videnov, which prioritized preserving jobs and maintaining state-owned enterprises, neglecting market reforms.

Any proposed reductions in the Tax are not an appropriate tool for solving the structural problem of high prices, says the House Budget Office in its quarterly report.

The Bank of Greece’s report on the real estate market presents a detailed analysis of the current situation. Over the past seven years, property prices have surged by 66.4%, and they are projected to increase by 10.4% in the first quarter of 2024. This growth rate is significantly higher than the rise in income.

A survey by the Turkish Statistics Institute (TÜİK) has shown that confidence in the economy further eroded.

The economic confidence index declined for a third month in a row, falling 2.5 percent month-on-month to 95.8 in June, the statistics authority said on June 27.

The gauge of confidence was down 1 percent in April and declined 0.8 percent in May.

Fitch Ratings has revised its outlook for the Turkish banking sector from neutral to improving, citing reduced financial risks and increased investor confidence following the country's adoption of more conventional economic policies.

The government has threatened banks with state intervention unless they reduce the fees they charge clients for various banking activities.