Via Dmitriy Sedov of The Strategic Culture Foundation,
The things European politicians have had to listen to from Recep Tayyip Erdo?an! Over the 14 years of his administration, this charismatic Turkish leader has managed to tally up a long list of the sins committed by the European Union and has often promised to make the EU pay a price for each of them.
When one thinks of unstable, risky banking systems, the first thing that comes to mind are visions of insolvent, state-backed building - with or without long ATM lines - in China, Greece, Italy or, in recent times, Germany. However, according to the most recent report by the Bank for International Settlements, the country with the riskiest banking system is neither of these, and is a rather "unusual suspect."
The Germans are once again angry at the Americans over spying. Just a few years after Obama's infamous apology for hacking Merkel's phone, Germany's chief federal prosecutor announced plans to carefully examine documents from Wikileaks (related to a secret CIA cyber-spy hub in Frankfurt), and will launch an investigation if it sees concrete indications of wrongdoing.
Despite its widely telegraphed $8.5 billion public offering with another $2 billion expected to be raised from asset sales, Germany's biggest lender is down sharply this morning as much as 6.9% (currently 6.1% lower) as Wall Street analysts dig through the details of the bank's latest massive restructuring, which as reported yesterday seeks to undo many of the changes implemented by CEO John Cryan over the past two years (and which will lead to an 80% reduction in the bank's 2016 bonus pool).
Turkish President Recep Tayyip Erdogan blasted Germany on Sunday, accusing the government to reviving Nazi era ideology. Erdogan’s complaint comes after Germany barred Turkish ministers and government officials from attending rallies held by Turks living in Germany, as part of the campaign of constitutional reform referendum. Merkel’s government is desperate to prevent Turkish officials from meeting Turkish people living in Germany, fearing that they will persuade them to vote “the wrong way”.