Financial crises

One of the key figures that captured the hardship of the decade-long economic crisis in Greece was the unemployment rate, which peaked at 28 percent in the summer of 2013. Today, the latest statistics show that Greece's unemployment rate has fallen below 10 percent for the first time since the onset of the crisis.

Briefing the press on Friday, government spokesperson Pavlos Marinakis spoke about the state of the Greek economy, which he described as "very resilient."

Refinancing pressures have reduced for Turkish banks, following the post-election policy shift that includes progress towards a more conventional policy mix, and normalization of monetary policy, as evidenced by banks' recent market access, Fitch has said in a recent report.

Investor confidence will be further strengthened and foreign fund inflows into Türkiye will accelerate, Finance Minister Mehmet Şimşek has said.

Greece's economy is expected to expand by 2.5% this year due to strong domestic demand, investments and EU funds, the International Monetary Fund said on Tuesday.

Growth will slow down to 2.0% next year, the fund said in staff concluding statement.

[Reuters]

The automotive industry's production increased by 18.6 percent in October from a year ago to 136,177, data from the Automotive Manufacturers' Association (OSD) have shown.

Last month, more than 91,000 passenger cars were produced, pointing to a 46.7 percent increase compared with October 2022, while carmakers' commercial vehicle production plunged 15 percent to around 45,000.

Structural reforms will help the government bring inflation down to single digits, Vice President Cevdet Yılmaz has said.

"Inflation has reached levels we do not desire, and we see this as a problem," Yılmaz said at a speech he delivered at a meeting of the ruling Justice and Development Party's (AKP) Ankara branch.

The annual inflation rate slowed from 61.5 percent in September to 61.36 percent in October, data from the Turkish Statistical Institute (TÜİK) have shown.

We were very late in succeeding, but, even now it is recognized that the sacrifices and reforms made in the last 10 years in Greece following the country's debt crisis have had a positive effect. That is why two international rating agencies have recently removed Greek bonds from the "junk" category and upgraded them to investment status.

European Central Bank (ECB) President Christine Lagarde on Wednesday praised the return of Greece's economy to health and the resilience of the Greeks following its debt crisis more than ten years ago.