Greece PM Warns of Sanctions if Ankara Returns to an Aggressive Attitude

LOCAL NEWS

• Greek PM Misotakis says Turkey has not fundamentally changed and that sanctions will be imposed if Ankara returns to an aggressive attitude towards it and Cyprus.
  • Says this is why Greece has extended a hand in friendship, but also have a set of restrictive measures prepared
• Iraq-Turkey crude pipeline was knocked out by an explosion this morning, adding upside pressure to oil prices.
  • Operator Botas said the fire was out, cooling operations underway and would reopen once necessary measures had been taken. The pipeline provides 450k bbls/day
• Cattle breeders’ association warns against possible shortages in meat and milk. “As of April, shortages will start,” he says.
  • “The products will be so expensive that people won’t be able to buy them. Prices may increase by 30%, 40%.”
• Yesterday, Erdogan alluded to a return to gradual rate cuts. “The exchange rate, this interest rate will fall slowly, gradually without hurry to make 2022 our brightest year.
  • We are continuing efforts for additional initiatives to increase interest in the lira”