Paul Rawkins News
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Turkey’s agreement to import lower- cost oil and gas from Iraq’s Kurdish region could help Prime Minister Recep Tayyip Erdogan cut the nation’s current-account deficit by more than a third.
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Turkey’s bond yields fell for a third day, erasing half of their gains since central bank Governor Erdem Basci said on March 1 that he may tighten liquidity to curtail domestic demand.
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Turkey is seeking to gain a foothold in northern Iraq’s energy industry, which would help it obtain oil and gas supplies and cut the current-account deficit.
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Iceland may keep its junk credit rating as long as two years or until it can completely lift capital controls that the government has warned could stay in place until 2015, Fitch Ratings said.
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Hungary needs to secure a bailout from the International Monetary Fund in the first half to restore market confidence, said Paul Rawkins, head of the emerging Europe sovereign ratings group at Fitch Ratings.
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Iceland’s efforts to restore financial stability and scale back capital controls are at risk after a ruling last month made banks liable for foreign currency losses on some retail and corporate loans, Fitch Ratings said.
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As an unshaven student leader in the 1980s, Viktor Orban urged his fellow Hungarians to reject Soviet rule and embrace democracy. Now, as prime minister, he’s fighting western capitalists in the name of freedom.
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Lehman Brothers Holdings Inc. and Danske Bank A/S agreed to reduce the Danish bank’s bankruptcy claim to $580 million and have it support Lehman’s reorganization plan.
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The lira headed for the biggest gain in four days after Fitch Ratings said it was “quite close” to reviewing the country’s top junk status.
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The credit rating companies that were too slow in predicting Iceland’s economic collapse in 2008 may be underestimating the strength of its resurrection.
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