Page 18 - bne IntelliNews Georgia country report November 2017

Southeast Europe
November 11, 2017 www.intellinews.com I Page 18
have been recently criticized by President Klaus Iohannis who did not rule out the organization of a referendum on the topic. However, he admitted some provisions in the amendments are needed in order to put the current legislation in line with rulings of the Constitutional Court and European legislation.
“I am open to use all the presidential power in order to intervene in this process, meaning to keep justice independence,” Iohannis said.
Iohannis announced in January he will start
Turkish lira remains under strain as Pence- Yildirim tête-à-tête produces little
Will Conroy in Prague
The Turkish lira (TRY) remained under pressure on November 10 as the much hyped Washington, DC meeting between Turkish Prime Minister Binali Yildirim and US Vice President Mike Pence did not immediately produce much by way of resolving tensions over an outbreak of issues straining bilateral relations.
Since 11 October, the TRY has slid from 3.63/USD to 3.87/USD (as of around 15:15 Istanbul time on November 10), with analysts considering that the psychologically important 4.00/USD mark might not be far away if Turkey’s inflationary and other various economic problems continue to mount up and the relationship with the US either goes unrepaired or deteriorates. Ahead of the Yildirim-
procedures to organise a referendum on the continuation of the anti-corruption fight. The president announced the plan the day after he attended a massive rally in Bucharest against the government’s plans to use an emergency decree to amend criminal legislation, partly decriminalising abuse of office. Unnamed sources close to the Romanian presidency told local media in March Iohannis has not given up plans to launch the referendum and will do it if the ruling Social Democratic Party (PSD) tries again the weaken criminal legislation or attacks key institutions in the judiciary system.
Officials on both sides tried to put a positive spin on the meeting of Pence (left) and Yildirim, but there was no immediate sign of any breakthroughs in resolving key issues of contention.
Pence tête-à-tête, foreign buying of Turkish local-currency government bonds had slowed
to a trickle, a big concern for Ankara given that the Turks are dependent on portfolio inflows to help finance a current account deficit which the International Monetary Fund forecasts will expand to 4.6% of GDP this year, from 3.8% last year.
Pence and Yildirim did not even hold a press conference after emerging from their relatively short meeting on November 9though efforts were made by officials from both sides afterwards to put as positive a spin on relations as possible.
The hoped for full restoration of visa processing — first the US, then Turkey in retaliation, suspended