Financial crises

Current account registers $2.9 bln gap in June

Turkey's current account balance posted a deficit of $2.93 billion in June, slightly down from the market expectation, according to the Turkish Central Bank data on Aug. 14.

The June figure widened by $2.8 billion from the same month last year, data showed.

The country's 12-month rolling deficit totaled at $11.1 billion, the bank said.

Turkey's current account posts $5.06 bln gap in April

Turkey's current account balance posted a $5.06 billion gap in April, widening from a $469 million deficit in the same month last year, the Turkish Central Bank announced on June 12.

According to the balance of payments figures released by the bank, the country's 12-month rolling deficit totaled $3.3 billion.

Eurobank seeks to join Greece's bad loan scheme with third securitisation

Eurobank applied to take part in Greece's Hercules bad loan reduction scheme with a third securitisation, dubbed Cairo-III, the country's third-largest bank said on Friday.

Banks in Greece have been working to reduce a pile of about 75 billion euros in bad loans, a legacy of a financial crisis that shrank the country's economy by a quarter.

A moral clause

The decision to exclude from state loan guarantees any enterprises that had outstanding debts before the coronavirus crisis, or had been funded through a state guarantee but became insolvent, was a necessary one.

The rule will ensure that strategic defaulters will not seek to take advantage of the crisis.

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