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International outcry over Istanbul election re-run

International outcry over Istanbul election re-run

World
Media playback is unsupported on your device The EU and leading member states have sharply criticised a decision in Turkey to re-run Istanbul's mayoral election, after a shock opposition win.An EU spokesperson called on Turkey's electoral body to explain the controversial decision "without delay".Germany's Foreign Minister Heiko Mass called the re-run "incomprehensible".The move was also criticised by the French government and by leading MEP Guy Verhofstadt, who said Turkey was "drifting towards dictatorship".The ruling Justice and Development Party (AKP) of President Recep Tayyip Erdogan last month lost the mayorship of Turkey's biggest city by a narrow margin, but Mr Erdogan refused to accept defeat.The AKP claims that there were irregularit...
Turkey’s Erdogan defends Istanbul election re-run amid protests

Turkey’s Erdogan defends Istanbul election re-run amid protests

World
Turkish President Recep Tayyip Erdogan says there was "illegality" in Istanbul's local elections, after the country's electoral body ordered them to be re-held. "We sincerely believe there is... organised corruption and complete illegality," he said on Tuesday.The decision to re-run last month's vote, which returned a slim win for the opposition, sparked protests on Monday.The opposition CHP's victorious mayoral candidate said it was "treacherous".The European Parliament has also said the decision to re-run the election on 23 June would end the credibility of democratic elections in Turkey.What did the president say?Speaking at a parliamentary meeting of his AK Party, Mr Erdogan said that re-doing the vote was the "best step" for...
View: A bad loan farce gets another rerun in India

View: A bad loan farce gets another rerun in India

Finance
by Andy MukherjeeA new year, a new central bank governor. Yet the first salvo to come out of the Reserve Bank of India’s policy arsenal in 2019 is encouragement of good old “extend and pretend” lending. Banks and shadow banks are being allowed a one-time restructuring of loans of up to 250 million rupees ($ 3.6 million) to micro, small and medium enterprises that were in default on Jan. 1, without having to mark them as nonperforming, the RBI said on Tuesday. Lenders are being given an extension of 15 months (up to March 31, 2020) to pretend that these stressed loans are standard. All they have to do is to make additional 5 percent loss provisions. By contrast, a secured loan classified as nonperforming attracts immediate provisioning of 15 percent, rising progressively t...