The collapse of the inter-bank lending market has reduced the global liquidity available, most banks, especially those with limited deposit bases, have raised funds even on short maturities. Project finance and PPP lending are competing for scarce regulatory capital allocations with more...

On the eve of the outbreak of the world conflict, the Ottoman Empire was most similar in some respects to the current European Union, a decadent entity, but after 683 years of domination, with many internal conflicts, with an unreliable army, weighed down by a self-referential bureaucracy and...