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  • Professor warns State banks may need taxpayer funding to meet losses from cheap lending and high interest rates on deposits.
    • Notes Treasury capital transfers may soon be required if banks' profits diminish further: profits declined 77.4% to TRY1.36bn in the first 4 months of the year.
    • Former CBRT chief economist Sozcu says issues in the banking sector will persists as long as govt pursues populist policies without battling inflation
  • 15 AKP MPs push for Interior Minister Soylu's resignation over organized crime allegations – Duvar
  • Macron says he wats to meet with Erdogan despite 'profound disagreements' just before the NATO Summit (14 June).
    • Noted, however, that Turkey's purchase of S-400s is an issue within NATO. Despite this, Macros said he wished to tell Erdogan that France's struggle does not target Islam in any way
  • Experts warn the $25bn Canal Istanbul project increases the risk from earthquakes. Notes Istanbul is also at risk of a strong earthquake in the near future that could cut it off from the mainland as the canal would turn Istanbul into an island.
    • Erdogan says groundwork for the canal will be laid by month-end. Survey shows most locals oppose the plan
  • World Bank Revises Turkey's growth forecast upwards by 0.5% to 5% for 2021 as exports benefit from firming external demand, particularly in the Euro area.
    • Noted the forecast masks growing vulnerabilities: reoccurring covid outbreaks, weak tourism, tightening of external financing conditions, rise in policy uncertainty, especially in monetary policy