On free fall before the visit to Germany… “Pre-accession funds for Turkey canceled, Moody’s Downgrades Ratings of more banks…

Germany to host Euro 2024 after beating off competition from Turkey

• Decision made in vote by Uefa’s executive committee
• VAR to be used in Champions League from next season

Turkey’s Erdogan Changes His Tune, Seeking Support and Cooperation in Germany

A state visit is aimed at normalizing relations with a NATO partner, but it also underscores that Europe has to deal with a budding dictator on its border.
International credit rating agency Moody’s has downgraded the foreign currency deposit ratings of Akbank, Alternatifbank, ING Bank, QNB Finansbank, Ziraat Bank, Türk Ekonomi Bank, Garanti Bank, Türkiye Vakıflar Bank and Yapı ve Kredi Bank.

EU lawmakers agree to cancel pre-accession funds for Turkey

Members of the European Parliament’s Budget Committee on Sept. 25 agreed to cancel 70 million euros in pre-accession funds earmarked for Turkey on grounds the conditions to improve the rule of law were not met.
Moody’s has lowered Turkey’s country ceiling for long-term foreign currency bank deposits from B1 to B2, stating that there is a “risk that the government places constraints on deposit holders’ access to their foreign currency deposits.”



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