Elvan Discusses Economic Reforms; Turkey Plays Nice Pre-EU Summit

LOCAL NEWS

• FinMin Elvan to speak 0700GMT on economic reforms
  • Turkey issues diplomatic note to Israel, Greece & EU requesting permission ahead of planned work on a $900m 1,000-2,000mw power cable project traversing its East Med continental shelf (Est completion by 2024).
  • Earlier this month, Israel, Greece & Cyprus agree to the construction of a power cable, but the sentiment from Turkey is more important than the deal itself ahead of next week's EU summit
  • showing adherence to EU rules/standards and less autonomous decision-making in the East Med
• NATO Chief Stoltenberg says yesterday he maintains serious concerns over Turkish actions in the East Med and on S-400s. Notes the NATO platform is important for discussing these issues and concerns
• Israeli analyst says Turkey's attempts to revive relations with Egypt are not indicative of a change in heart, but rather an attempt to bury relations with Greece.
  • Notes Cavusoglu's comments heralding a resumption of talks when none had been confirmed by Egypt were operationalized to push its anti-Greece narrative forward
• EU's Borrell says EU should renew the EUR 6bn migrant deal with Turkey – noting it has produced tangible results. This will likely see the remaining unallocated EUR 3bn delivered to Turkey once the proposal has been confirmed
• Erdogan says new Covid restrictions are inevitable if rules are flouted. Experts warn that cases are spiking domestically, and risks of a third wave are rising. 7.94m first round vaccines have been administered locally and 3.5m second doses