

Currently released so far... 51122 / 251,287
Articles
Brazil
Sri Lanka
United Kingdom
Sweden
00. Editorial
United States
Latin America
Egypt
Jordan
Yemen
Thailand
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
2011/05/13
2011/05/14
2011/05/15
2011/05/16
2011/05/17
2011/05/18
2011/05/19
2011/05/20
2011/05/21
2011/05/22
2011/05/23
2011/05/24
2011/05/25
2011/05/26
2011/05/27
2011/05/28
2011/05/29
2011/05/30
2011/05/31
2011/06/01
2011/06/02
2011/06/03
2011/06/04
2011/06/05
2011/06/06
2011/06/07
2011/06/08
2011/06/09
2011/06/10
2011/06/11
2011/06/12
2011/06/13
2011/06/14
2011/06/15
2011/06/16
2011/06/17
2011/06/18
2011/06/19
2011/06/20
2011/06/21
2011/06/22
2011/06/23
2011/06/24
2011/06/25
2011/06/26
2011/06/27
2011/06/28
2011/06/29
2011/06/30
2011/07/01
2011/07/02
2011/07/04
2011/07/05
2011/07/06
2011/07/07
2011/07/08
2011/07/10
2011/07/11
2011/07/12
2011/07/13
2011/07/14
2011/07/15
2011/07/16
2011/07/17
2011/07/18
2011/07/19
2011/07/20
2011/07/21
2011/07/22
2011/07/23
2011/07/25
2011/07/27
2011/07/28
2011/07/29
2011/07/31
2011/08/01
2011/08/02
2011/08/03
2011/08/05
2011/08/06
2011/08/07
2011/08/08
2011/08/09
2011/08/10
2011/08/11
2011/08/12
2011/08/13
2011/08/15
2011/08/16
2011/08/17
2011/08/18
2011/08/19
2011/08/21
2011/08/22
2011/08/23
2011/08/24
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Antananarivo
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Alexandria
Consulate Adana
American Institute Taiwan, Taipei
Embasy Bonn
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Brazzaville
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangui
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Belfast
Consulate Barcelona
Embassy Cotonou
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chiang Mai
Consulate Chennai
Consulate Chengdu
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
DIR FSINFATC
Consulate Dusseldorf
Consulate Durban
Consulate Dubai
Consulate Dhahran
Embassy Guatemala
Embassy Grenada
Embassy Georgetown
Embassy Gaborone
Consulate Guayaquil
Consulate Guangzhou
Consulate Guadalajara
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Hong Kong
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kolonia
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Krakow
Consulate Kolkata
Consulate Karachi
Embassy Luxembourg
Embassy Lusaka
Embassy Luanda
Embassy London
Embassy Lome
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy Libreville
Embassy La Paz
Consulate Leipzig
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Mission Geneva
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Mogadishu
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maseru
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Merida
Consulate Melbourne
Consulate Matamoros
Consulate Marseille
Embassy Nouakchott
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Nuevo Laredo
Consulate Naples
Consulate Naha
Consulate Nagoya
Embassy Pristina
Embassy Pretoria
Embassy Praia
Embassy Prague
Embassy Port Of Spain
Embassy Port Moresby
Embassy Port Louis
Embassy Port Au Prince
Embassy Podgorica
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Hillah
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Surabaya
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy Tirana
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
Consulate Thessaloniki
USUN New York
USMISSION USTR GENEVA
USEU Brussels
US Office Almaty
US Mission Geneva
US Mission CD Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
UN Rome
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vientiane
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
AMGT
ASEC
AEMR
AR
APECO
AU
AORC
ADANA
AJ
AF
AFIN
AMED
AS
AM
ABLD
AFFAIRS
AMB
APER
ACOA
AND
AA
AE
AADP
AID
AO
AL
AG
AORD
ADM
AINF
AINT
ASEAN
AORG
ABT
APEC
AY
ASUP
ARF
AGOA
AVIAN
ATRN
ANET
AGIT
ASECVE
ABUD
AODE
ALOW
ADB
AN
ADPM
ASPA
ARABL
AFSN
AZ
AC
AIAG
AFSI
ASCE
ASIG
ACABQ
ADIP
AFGHANISTAN
AROC
ADCO
ACOTA
ANARCHISTS
AMEDCASCKFLO
AK
ARABBL
ASCH
ANTITERRORISM
AGRICULTURE
AOCR
ARR
ASSEMBLY
AORCYM
AFPK
ACKM
AGMT
AEC
APRC
AIN
AFPREL
ASFC
ASECTH
AFSA
AINR
AOPC
AFAF
AFARI
AX
ASECAF
ASECAFIN
AT
AFZAL
APCS
AGAO
AIT
ARCH
AEMRASECCASCKFLOMARRPRELPINRAMGTJMXL
AMEX
ARM
AQ
ATFN
AMBASSADOR
AORCD
AVIATION
ARAS
AINFCY
ACBAQ
AOPR
AREP
AOIC
ASEX
ASEK
AER
AGR
AMCT
AVERY
APR
AEMRS
AFU
AMG
ATPDEA
ASECKFRDCVISKIRFPHUMSMIGEG
AORL
ACS
AMCHAMS
AECL
AUC
ACAO
BA
BR
BB
BG
BEXP
BY
BRUSSELS
BU
BD
BTIO
BK
BL
BE
BMGT
BO
BM
BX
BN
BWC
BBSR
BTT
BC
BH
BILAT
BUSH
BHUM
BT
BTC
BMENA
BOND
BAIO
BP
BF
BRPA
BURNS
BUT
BBG
BCW
BOEHNER
BOL
BASHAR
BIDEN
BFIN
BZ
BEXPC
BTIU
CPAS
CA
CASC
CS
CBW
CIDA
CO
CODEL
CI
CROS
CU
CH
CWC
CMGT
CVIS
CDG
CTR
CG
CF
CHIEF
CJAN
CBSA
CE
CY
CB
CW
CM
CHR
CD
COE
CV
COUNTER
CT
CN
CPUOS
CTERR
CVR
CVPR
CDC
COUNTRY
CLEARANCE
CONS
COM
CACS
CR
CONTROLS
CAN
CACM
COMMERCE
CAMBODIA
CFIS
COUNTERTERRORISM
CITES
CONDOLEEZZA
CZ
CTBT
CEN
CLINTON
CFED
CARC
CTM
CARICOM
CSW
CICTE
CYPRUS
CBE
CMGMT
CARSON
CWCM
CIVS
COUNTRYCLEARANCE
CENTCOM
CAPC
COPUOS
CKGR
CITEL
CQ
CITT
CIC
CARIB
CVIC
CAFTA
CVISU
CDB
CEDAW
CNC
CJUS
COMMAND
CENTER
COL
CAJC
CONSULAR
CLMT
CBC
CIA
CNARC
CIS
CEUDA
CHINA
CAC
CL
DR
DJ
DEMOCRATIC
DEMARCHE
DOMESTIC
DISENGAGEMENT
DB
DA
DHS
DAO
DCM
DAVID
DO
DEAX
DEFENSE
DEA
DTRO
DPRK
DOC
DTRA
DK
DAC
DOD
DRL
DRC
DCG
DE
DOT
DEPT
DOE
DS
DKEM
ECON
ETTC
EFIS
ETRD
EC
EMIN
EAGR
EAID
EFIN
EUN
ECIN
EG
EWWT
EINV
ENRG
ELAB
EPET
EIND
EN
EAIR
EUMEM
ECPS
ES
EI
ELTN
ET
EZ
EU
ER
EINT
ENGR
ECONOMIC
ENIV
EFTA
ETRN
EMS
EUREM
EPA
ESTH
EEB
EET
ENV
EAG
EXIM
ECTRD
ELNT
ENVIRONMENT
ECA
EAP
EINDIR
ETR
ECONOMY
ETRC
ELECTIONS
EICN
EXPORT
EARG
EGHG
EID
ETRO
EINF
EAIDHO
ECIP
EENV
EURM
EPEC
ERNG
ENERG
EIAD
EXBS
ED
EREL
ELAM
EK
EWT
ENGRD
EDEV
ECE
ENGY
EXIMOPIC
ETRDEC
ECCT
EUR
ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID
EFI
ECOSOC
EXTERNAL
ESCAP
ETCC
EENG
ERA
ENRD
ECLAC
ETRAD
EBRD
ENVR
ECONENRG
ELTNSNAR
ELAP
EPIT
EDUC
EAIDXMXAXBXFFR
EETC
EIVN
EDRC
EGOV
ETRA
EAIDRW
ETRDEINVECINPGOVCS
ESA
ETRDGK
ENVI
ELN
EPRT
EPTED
ERTD
EUM
EAIDS
EFINECONEAIDUNGAGM
EDU
EV
EAIDAF
EDA
EPREL
EINVEFIN
EAGER
ETMIN
EUCOM
ECCP
EIDN
EINVKSCA
ENNP
EFINECONCS
ETC
EAIRASECCASCID
EINN
ETRP
ECONOMICS
ENERGY
EIAR
EINDETRD
ECONEFIN
EURN
ETRDEINVTINTCS
EFIM
ETIO
EATO
EIPR
EINVETC
ETTD
ETDR
EIQ
ECONCS
ENRGIZ
EAIG
ENTG
EUC
ERD
EINVECONSENVCSJA
EEPET
EUNCH
ESENV
ECINECONCS
ETRDECONWTOCS
ECUN
FR
FI
FOREIGN
FARM
FIR
FAO
FK
FARC
FAS
FJ
FREEDOM
FAC
FINANCE
FBI
FTAA
FM
FCS
FAA
FORCE
FDA
FTA
FT
FCSC
FMGT
FINR
FIN
FDIC
FOR
FOI
FO
FMLN
FISO
GM
GERARD
GT
GA
GG
GR
GTIP
GH
GZ
GE
GB
GY
GAZA
GJ
GEORGE
GOI
GCC
GMUS
GI
GLOBAL
GV
GC
GL
GOV
GKGIC
GF
GWI
GIPNC
GUTIERREZ
GTMO
GANGS
GAERC
GUILLERMO
GASPAR
HR
HA
HYMPSK
HO
HK
HUMAN
HU
HN
HHS
HURI
HUD
HUMRIT
HUMANITARIAN
HUMANR
HL
HSTC
HILLARY
HCOPIL
HADLEY
HOURANI
HI
HUM
HEBRON
HUMOR
IZ
IN
IAEA
IS
IMO
ILO
IR
IC
IT
ITU
ID
IV
IMF
IBRD
IWC
ICAO
ICRC
INF
IO
IPR
ISO
IK
ISRAELI
IQ
ICES
IDB
INFLUENZA
IRAQI
ISCON
IGAD
IRAN
ITALY
IRAQ
ICTY
ICTR
ITPGOV
ITALIAN
IQNV
IADB
INTERNAL
INMARSAT
IRDB
ILC
INCB
INRB
ICJ
ISRAEL
INR
IEA
ISPA
ICCAT
IOM
ITRD
IHO
IL
IFAD
ITRA
IDLI
ISCA
INL
INRA
INTELSAT
ISAF
ISPL
IRS
IEF
ITER
INDO
IIP
IND
IEFIN
IACI
IAHRC
INNP
IA
INTERPOL
IFIN
ISSUES
IZPREL
IRAJ
IF
ITPHUM
ITA
IP
IRPE
IDA
ISLAMISTS
ITF
INRO
IBET
IDP
IRC
KMDR
KPAO
KOMC
KNNP
KFLO
KDEM
KSUM
KIPR
KFLU
KE
KCRM
KJUS
KAWC
KZ
KSCA
KDRG
KCOR
KGHG
KPAL
KTIP
KMCA
KCRS
KPKO
KOLY
KRVC
KVPR
KG
KWBG
KTER
KS
KN
KSPR
KWMN
KV
KTFN
KFRD
KU
KSTC
KSTH
KISL
KGIC
KSEP
KFIN
KTEX
KTIA
KUNR
KCMR
KCIP
KMOC
KTDB
KBIO
KBCT
KMPI
KSAF
KACT
KFEM
KPRV
KPWR
KIRC
KCFE
KRIM
KHIV
KHLS
KVIR
KNNNP
KCEM
KLIG
KIRF
KNUP
KSAC
KNUC
KPGOV
KTDD
KIDE
KOMS
KLFU
KNNC
KMFO
KSEO
KJRE
KJUST
KMRS
KSRE
KGIT
KPIR
KPOA
KUWAIT
KIVP
KICC
KSCS
KPOL
KSEAO
KRCM
KSCI
KNAP
KGLB
KICA
KCUL
KPRM
KFSC
KQ
KPOP
KPFO
KPALAOIS
KREC
KBWG
KR
KTTB
KNAR
KCOM
KESS
KINR
KOCI
KWN
KCSY
KREL
KTBT
KFTN
KW
KRFD
KFLOA
KHDP
KNEP
KIND
KHUM
KSKN
KOMO
KDRL
KTFIN
KSOC
KPO
KGIV
KSTCPL
KSI
KPRP
KFPC
KNNB
KNDP
KICCPUR
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KDMR
KFCE
KIMMITT
KMCC
KMNP
KSEC
KOMCSG
KGCC
KRAD
KCRP
KAUST
KWAWC
KCHG
KRDP
KPAS
KTIAPARM
KPAOPREL
KWGB
KIRP
KMIG
KLAB
KSEI
KHSA
KNPP
KPAONZ
KWWW
KGHA
KY
KCRIM
KCRCM
KGCN
KPLS
KIIP
KPAOY
KTRD
KTAO
KJU
KBTS
KWAC
KFIU
KNNO
KPAI
KILS
KPA
KRCS
KWBGSY
KNPPIS
KNNPMNUC
KNPT
KERG
KLTN
KPREL
KTLA
KO
KAWK
KVRP
KAID
KX
KENV
KWCI
KNPR
KCFC
KNEI
KFTFN
KTFM
KCERS
KDEMAF
KMEPI
KEMS
KBTR
KEDU
KIRL
KNNR
KMPT
KPDD
KPIN
KDEV
KFRP
KTBD
KMSG
KWWMN
KWBC
KA
KOM
KWNM
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KRGY
KNNF
KICR
KIFR
KWMNCS
KPAK
KDDG
KCGC
KID
KNSD
KMPF
KWMM
MARR
MX
MASS
MOPS
MNUC
MCAP
MTCRE
MRCRE
MTRE
MASC
MY
MK
MG
MU
MILI
MO
MZ
MEPP
MCC
MEDIA
MOPPS
MI
MAS
MW
MP
MEPN
MV
MD
MR
MC
MCA
MT
MIL
MARITIME
MOPSGRPARM
MAAR
MOOPS
ML
MA
MN
MNUCPTEREZ
MTCR
MUNC
MPOS
MONUC
MGMT
MURRAY
MACP
MINUSTAH
MCCONNELL
MGT
MNUR
MF
MEPI
MOHAMMAD
MAR
MAPP
MNU
MFA
MTS
MLS
MEETINGS
MERCOSUR
MED
MNVC
MIK
MBM
MILITARY
MAPS
MARAD
MDC
MACEDONIA
MASSMNUC
MUCN
MQADHAFI
MPS
NZ
NATO
NI
NO
NU
NG
NL
NPT
NS
NA
NP
NASA
NSF
NEA
NANCY
NSG
NRR
NATIONAL
NMNUC
NC
NSC
NAS
NARC
NELSON
NATEU
NDP
NIH
NK
NIPP
NR
NERG
NSSP
NE
NTDB
NT
NEGROPONTE
NGO
NATOIRAQ
NAR
NZUS
NCCC
NH
NAFTA
NEW
NRG
NUIN
NOVO
NATOPREL
NV
NICHOLAS
NPA
NSFO
NW
NORAD
NPG
NOAA
OPRC
OPDC
OTRA
OECD
OVIP
OREP
ODC
OIIP
OAS
OSCE
OPIC
OMS
OFDP
OFDA
OEXC
OPCW
OIE
OSCI
OM
OPAD
ODPC
OIC
ODIP
OPPI
ORA
OCEA
OREG
OMIG
OFFICIALS
OSAC
OEXP
OPEC
OFPD
OAU
OCII
OIL
OVIPPRELUNGANU
OSHA
OPCD
OPCR
OF
OFDPQIS
OSIC
OHUM
OTR
OBSP
OGAC
OESC
OVP
ON
OES
OTAR
OCS
PREL
PGOV
PARM
PINR
PHUM
PM
PREF
PTER
PK
PINS
PBIO
PHSA
PE
PBTS
PA
PL
POL
PAK
POV
POLITICS
POLICY
PO
PRELTBIOBA
PKO
PIN
PNAT
PU
PGOVPREL
PALESTINIAN
PTERPGOV
PELOSI
PAS
PP
PTEL
PROP
PRELAF
PRHUM
PRE
PUNE
PIRF
PVOV
PROG
PERSONS
PROV
PKK
PRGOV
PH
PLAB
PDEM
PCI
PRL
PRM
PINSO
PERM
PETR
PPAO
PERL
PBS
PETERS
PRELBR
PCON
POLITICAL
PMIL
POLM
PKPA
PNUM
PLO
PTERM
PJUS
PARMP
PNIR
PHUMKPAL
PG
PREZ
PGIC
PAO
PROTECTION
PRELPK
PGOVENRG
PATTY
PSOC
PARTIES
PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ
PMIG
PAIGH
PARK
PETER
PHUS
PKPO
PGOVECON
POUS
PMAR
PWBG
PAR
PGOVGM
PHUH
PTE
PY
POLUN
PDOV
PGOVSOCI
PGOVPM
PRELEVU
PGOR
PBTSRU
PHUMA
PHUMR
PPD
PGV
PRAM
PARMS
PINL
PSI
PKPAL
PPA
PTERE
PGOF
PINO
PREO
PHAS
PAC
PRESL
PORG
PS
PGVO
PKFK
PSOE
PEPR
PINT
PRELP
PREFA
PNG
PTBS
PFOR
PGOVLO
PHUMBA
PREK
PHJM
POLINT
PGOVE
PHALANAGE
PARTY
PECON
PEACE
PROCESS
PLN
PEDRO
PF
PGPV
PCUL
PGGV
PSA
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PGIV
PHUMPREL
POGOV
PEL
PBT
PAMQ
PINF
PSEPC
POSTS
PAHO
PHUMPGOV
PGOC
PNR
RS
RP
RU
RW
RFE
RCMP
RIGHTSPOLMIL
REFORM
RO
ROW
ROBERT
REACTION
REPORT
REGION
RELATIONS
RAY
ROBERTG
RIGHTS
RM
RATIFICATION
RREL
RBI
RICE
ROOD
REL
RODHAM
RGY
RUEHZO
RELIGIOUS
RELFREE
RUEUN
RELAM
RSP
RF
REO
REGIONAL
RUPREL
RI
REMON
RPEL
RSO
SCUL
SENV
SOCI
SZ
SNAR
SO
SP
SU
SY
SI
SMIG
SYR
SA
SW
SF
SR
SYRIA
SNARM
START
SPECIALIST
SG
SNIG
SCI
SGWI
SE
SIPDIS
SANC
SELAB
SN
SETTLEMENTS
SCIENCE
SENVENV
SENS
SPCE
SPAS
SECURITY
SENC
SOCIETY
SOSI
SENVEAGREAIDTBIOECONSOCIXR
SEN
SPECI
ST
SL
SENVCASCEAIDID
SC
SECRETARY
STR
SNA
SOCIS
SADC
SEP
SK
SHUM
SYAI
SMIL
STEPHEN
SNRV
SKCA
SENSITIVE
SECI
SCUD
SCRM
SGNV
SECTOR
SAARC
SENVSXE
SWMN
STEINBERG
SOPN
SOCR
SCRS
SWE
SARS
SNARIZ
SUDAN
SENVQGR
SAN
SM
SFNV
SSA
SPCVIS
SOFA
SCULKPAOECONTU
SENVKGHG
SHI
SEVN
SH
SNARCS
SNARN
SIPRS
TBIO
TW
TRGY
TSPA
TU
TPHY
TI
TX
TH
TIP
TSPL
TNGD
TZ
TS
TC
TK
TURKEY
TERRORISM
TPSL
TINT
TRSY
TERFIN
TPP
TT
TECHNOLOGY
TE
TAGS
TRAFFICKING
TJ
TN
TO
TD
TP
TREATY
TR
TA
TIO
TECH
TF
TRAD
TNDG
TWI
TPSA
TWL
TAUSCHER
TRBY
TL
TV
THPY
TSPAM
TREL
TRT
TNAR
TFIN
TWCH
THOMMA
THOMAS
TERROR
TRY
TBID
UK
UNESCO
UNSC
UNGA
UN
US
UZ
USEU
UG
UP
UNAUS
UNMIK
USTR
UY
USUN
UNEP
UNDC
UV
UNPUOS
UNSCR
USAID
UNODC
UNRCR
UNHCR
UNDP
UNCRIME
UA
UNHRC
UNRWA
UNO
UNCND
UNCHR
USAU
UNICEF
USPS
UNOMIG
UNESCOSCULPRELPHUMKPALCUIRXFVEKV
UR
UNFICYP
UNCITRAL
UNAMA
UNVIE
USTDA
USNC
UNCSD
USCC
UNEF
UNGAPL
USSC
UNMIC
UNTAC
UNCLASSIFIED
USDA
UNCTAD
USGS
UNFPA
UNSE
USOAS
UE
UAE
UNCHS
UNDESCO
UNC
UNSCS
UKXG
UNGACG
UNHR
UNBRO
UNCHC
UNFCYP
UNIDROIT
WHTI
WIPO
WTRO
WHO
WTO
WMO
WFP
WEET
WS
WE
WA
WHA
WBG
WILLIAM
WI
WSIS
WCL
WEBZ
WZ
WW
WWBG
WMD
WWT
WMN
WWARD
WITH
WTRQ
WCO
WEU
WB
WBEG
Browse by classification
Community resources
courage is contagious
Viewing cable 09ISTANBUL167, TURKISH BUSINESS LEADERS EXPRESS OPTIMISM IN
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09ISTANBUL167.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09ISTANBUL167 | 2009-05-15 05:44 | 2011-08-24 01:00 | UNCLASSIFIED | Consulate Istanbul |
VZCZCXYZ0001
PP RUEHWEB
DE RUEHIT #0167/01 1350544
ZNR UUUUU ZZH
P 150544Z MAY 09
FM AMCONSUL ISTANBUL
TO RUEHC/SECSTATE WASHDC PRIORITY 8944
INFO RUEATRS/DEPT OF TREASURY WASH DC PRIORITY
RUEKJCS/DIA WASHDC PRIORITY
RUEAIIA/CIA WASHDC PRIORITY
RUFOADA/JAC MOLESWORTH RAF MOLESWORTH UK PRIORITY
UNCLAS ISTANBUL 000167
SIPDIS
TREASURY FOR INTERNATIONAL AFFAIRS - ABAUKOL, FPARODI,
JWEISS
E.O. 12958: N/A
TAGS: ECON EFIN TU
SUBJECT: TURKISH BUSINESS LEADERS EXPRESS OPTIMISM IN
ISTANBUL DURING TREASURY VISIT
¶1. (SBU) Summary: On May 8 U.S. Department of
Treasury officials, after a day of meetings in Ankara with
high level government officials (septel), came to Istanbul to
speak with bankers, economists and real sector
representatives about Turkey,s economy. The consensus among
the interlocutors was that Turkey will come out of the
financial crisis in good shape, though not until 2010. The
construction and financial sectors, anchored by a sound
banking system, will lead the economy out of the wilderness.
However, all agreed that the GOT must continue to liberalize
and that the European Union (EU) and the International
Monetary Fund (IMF) should anchor this process. Greater
reform of the legal system, as well as greater transparency
and emphasis on human capital (education) are all crucial to
Turkey,s future. Turkey is economically stronger than the
other countries in the region, but according to Ersin Ozince
of Isbank, Turkey should be viewed as a part of the larger
regional picture, albeit a very important part. (End
summary).
¶2. (SBU) The Treasury group was headed by Deputy
Assistant Secretary Andy Baukol, who was accompanied by a
department director and a senior economist. Istanbul
interlocutors included Ersin Ozince (CEO of Isbank and
Chairman of the Turkish Banks Association); Ekrem Keskin
(Secretary General of the Association); Ferit Sahenk
(Chairman of Dogus Holding); Cevdet Akcay (lead economist at
Yapi Kredi) and banker Ilker Domac of Citibank.
CHAIRMAN OZINCE EXPRESSES CONFIDENCE
¶3. (SBU) Istanbul is doing fine, Ersin Ozince declared,
although Turkey,s culture and vision need to broaden. "We
are not worried about the government. The business and
financial community will force the government toward
liberalization." An IMF deal would be nice, but Ozince is
not overly concerned. There will be a "rational" IMF deal,
but the IMF must also be flexible and view Turkey as part of
the region. Such a deal, he believes, is more important
politically than financially. In many ways he thinks that
Turkey is head of its peers. "Why is Romania rated higher
than Turkey?", he asks. "Fortis Bank (in Europe) went bust,
but Fortis Turkey didn,t." He also noted that Iraqi and
Chinese bankers are coming to Istanbul for seminars. Turkish
banks are doing fine, though he noted non-performing loans
(NPL,s) are up. Ozince mentioned that the Port of Mudanya
on the Sea of Marmara has benefitted from serious upgrades
and heavy infrastructure investment. The entire system will
be electronically controlled. This port will do fine, though
perhaps not all ports will do as well. An initial planned
investment of USD 100 million will now take place in slower
stages, but one third has already been invested. "There is
no doubt the economic revival will occur," he declared. "The
country and region have to grow." Ozince is bullish on the
Anatolian Tigers ("Gaziantep is innovative and
entrepreneurial"), and he sees great potential for them in
Northern Iraq and possibly Syria, particularly in textiles
and machinery. Turkish firms made inroads into the CIS and
North Africa, and now are trying to penetrate central Africa.
Ozince concedes that after the crisis began there was loan
contraction in Turkey and a higher rate of NPL,s, but the
latter rose only from 3.5% to a present level of 4.6%.
During the 2001 crisis, the NPL rate was more than 25%. High
capital adequacy ratios in the banking sector allow more
leverage. NPL,s remain low in conservative parts of the
country such as Van.
¶4. (SBU) Ozince believes that construction, tourism and
agriculture will help to improve employment. Tourism will be
okay this year. Manufacturing is not the solution to
unemployment, since it is generally not as labor intensive as
other sectors. Construction potential in Istanbul is huge,
with 60% of Istanbul,s building stock sub-standard and in
need of renovation. Ozince claims that Turkey has the best
construction expertise in the region, and noted that most
airports in the region have been built by Turkish companies.
In housing, mortgages represent only 5% of GDP, and the
financial infrastructure for home lending and refinancing is
still limited, since banking in Turkey is still fairly basic.
This will provide a great growth opportunity -- housing is
growing and will continue to grow.
SOCIAL AND LEGAL INFRASTRUCTURE MUST IMPROVE
¶5. (SBU) Ozince maintained that "Turkey must insure
basic, conventional business and create a functional
marketplace." The region needs good financial
infrastructure, although there is a great deal of offshore
capital. A better functioning legal system is essential to
Turkey,s economic future, and Ozince along with some of the
other interlocutors repeatedly stressed the need for an
independent tax system and judicial reform. At present there
is a large gray area in business, legal and accounting work,
in part because there are few competent special courts in
Turkey, and Ozince believes that the EU will continue to be a
virtuous influence in this arena.
¶6. (SBU) Secretary General Keskin said the banking system
is ready to extend credits to the private sector, but is
still risk sensitive. Export unit growth is improving, but
not price. Keskin views the public sector as a problem.
Aggregate demand in Turkey must increase, but there is a
growing fiscal deficit. The state should restructure
expenditures, stop borrowing so much and generate more
revenue. "Ideally Turkey should have a higher current
account deficit (CAD), but one which is more financeable."
Better revenue collection is necessary. Keskin describes
Turkey,s capital markets as shallow, with fixed income
borrowing dominated too much by the state, which leads to
crowding out of private sector borrowing. The private sector
wants to see better exports and higher incomes before
borrowing and investing. On the plus side, Keskin concurs
with the popular view that Turkish corporates have enormous
amounts of offshore capital, some of which has come back to
Turkey in recent months.
THE CENTRAL BANK SHOULD "MARKET" LOWER RATES
¶7. (SBU) Cevdet Akcay, lead economist for Yapi Kredi and
one of Turkey,s most refreshing and provocative economic
analysts, is more bullish on both the United States and
Turkey than the consensus. He believes that credit markets
are slowly improving in the United States, though he worries
whether there will be greater demand for bank loans in the
near term, and he thinks U.S. households will have to save
more. Akcay believes that growth in Turkey is crucial, and
sees a 3.2% contraction in growth this year followed by a
1.4% expansion in 2010. Trend lines show that industrial
production may have troughed in late 2008 and early 2009, but
industrial production accounts for only 20% of GDP, and Akcay
hopes for a pickup in the services sector. Unemployment will
remain a problem, but this is a lagging indicator. "2009 is
a lost year, but hopefully there will be a primary surplus in
2010," he noted. The Yapi Kredi economist is also optimistic
on inflation and sees it coming down to 5.5% by this summer.
He thinks the Central Bank has embarked on an "unannounced"
policy of restructuring interest rates as inflationary
expectations have come down, and believes the Central Bank
should be more transparent and aggressively "market" a
regime change in interest rates and inflation. In addition,
he thinks that Central Bank reports are too long and
academic. It,s okay to do academic research for a specific
audience, says Akcay, but the daily reports for the general
public should be "brief and convincing".
¶8. (SBU) Akcay sees the Turkish Lira (TL) in a range
between 1.50 and 1.65, and scoffs at the notion that it will
depreciate to 1.80 or worse. "We have run this scenario
through our econometric models and it simply can,t happen."
He thinks Turkey should have low interest rates and an
exchange rate in the 1.60-1.65 range. Akcay sees only a
10-15% chance of no IMF deal this year, and thinks Turkey
qualifies for an FCL (flexible credit line) although it seems
headed for a stand-by agreement with the Fund. Turkey , he
believes, needs the EU for political monitoring and the IMF
for fiscal monitoring. "We need a fiscal roadmap, and I
trust IMF officials more than GOT officials," he offers,
though wryly adding that this is hardly a ringing
endorsement. European bank exposure to emerging markets is
extremely worrisome, Akcay believes, and we should really be
worried about Europe. There is huge European exposure to
emerging market debt, and "God help them if that implodes."
Turkey will feel this if it occurs, but not like Europe.
TURKEY WANTS A PEACEFUL NEIGHBORHOOD
¶9. (SBU) Ferit Sahenk, Chairman of Dogus Holding, along
with three senior executives in his group participated in a
later discussion. Sahenk, a self-described "Kemalist and
CHP supporter," acknowledges that times are changing. He
joked that he recently sold a corporate division named after
a family member, something his father would not have done.
He stressed the need for vision in Turkey, vision which would
emphasize reform of the legal system, greater transparency
and investment in education. Turkey will not be Iran, he
declares. "Turkey wants a peaceful neighborhood." Echoing
Chairman Ozince,s sentiments, Sahenk said Turkey should
continue to "normalize" in the region. IMF funding is
fiscally necessary, not just symbolic, but Turkey also needs
to restructure to make the corporates more competitive. (See
para 12 below).
¶10. (SBU) Ergun Ozen, president of Garanti Bankasi,
noted that after the economic crisis in 2001, the banking
sector became more transparent and most of its business was
on balance sheet. This has helped the sector avoid many of
the debacles that Western banking has experienced in recent
months. Rate spreads will help profits in the first half of
this year, but when that game ends in the second half volume
will have to pick up based on economic growth. Garanti Bank
forecasts a contraction in growth of 5-6% in 2009, and mild
positive growth in 2010. Industrial production improved last
month, but unemployment will be sticky and could go to 20% at
the trough.
¶11. (SBU) Ozen stated that exports are still very
important in Turkey, and European growth will probably be
slow. Dollarization is rising as real interest rates
decline. Since Ozen believes that inflation will be higher
next year, he worries about the longer term trend for
interest rates. "How does the Central Bank reverse monetary
policy?" he asks. He also echoes Ekrem Keskin,s concern
about the public sector crowding out private borrowing, since
the government roll over rate could eventually exceed 100%,
and public expenditures will continue to grow. Ozen thinks
a 4% budget deficit to GDP ratio would be reasonable.
¶12. (SBU) Sahenk thinks that Turkish corporates must be
more efficient, and emphasized the need for investment in
intellectual capital. Risk management and feasibility
studies are not conducted at a high level in Turkey, he
noted. "We have engineers but not site managers."
Government should not be subsidizing the corporate sector, he
argued. Sahenk feels strongly that education in Turkey must
be democratized, and he states emphatically that education is
America,s greatest export. If the United States and Turkey
enthusiastically continue to promote student visas, both
countries will benefit. "And," he implored his Treasury
guests, "please tell your government to resist trade
protectionism at all costs."
A NOTE OF CAUTION FROM CITIBANK
¶13. (SBU) Ilker Domac of Citibank was more cautious
than the other interlocutors on Turkey's near-term prospects.
Domac worries that the government is not putting its fiscal
house in order, and therefore cannot continue to cut interest
rates, since large corporations in Turkey have a big open
foreign exchange (FX) position and continued Central Bank
easing will lead to currency depreciation. In addition,
with a roll over rate of public debt of close to 100% he
fears that government will crowd out private sector borrowing
just as the private sector's external payment schedule is
about to increase. Domac views an IMF deal as essential to
Turkey's fiscal and economic stability, and ideally would
like to see an IMF program that restrains current
expenditures, especially transfers and discretionary
spending. The Citibank official thinks that growth this year
will contract by 4% and that the budget deficit will go to 5%
of GDP. He believes that in 2010 Turkey needs a primary
deficit of at least 2% in order to keep its debt at
manageable levels.
¶14. (SBU) (Comment). Noteworthy in these discussions
was that the mixture of bankers, economists and real sector
executives was basically optimistic about Turkey,s economic
future, with obvious caveats such as those raised by Ilker
Domac. The general theme of these meetings was that if and
when the global situation stabilizes, Turkey will be well
positioned to grow. Consistent with this was the view that
the United States remains Turkey's strategic partner, with
the EU and the IMF as crucial institutional monitors.
"Stabilize Turkey and you stabilize the region," Ozince
notes.
Wiener