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Turkey's investment grade hangs in balance as post-coup purges deepen

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The Welfenschatz was collected for centuries by the Brunswick Cathedral in Brunswick, Germany, according to court records. In 1929, a group of Jewish art dealers in Germany bought the art from the Duke of Brunswick.

The Prussian Cultural Heritage Foundation (SPK), which manages Berlin's main museums, said Iran's refusal to issue the necessary paperwork forced it to cancel the exhibition that had been agreed with the Tehran Museum of Contemporary Art.

The Prussian Cultural Foundation (SPK) said the claim, which seeks the return of the Welfenschatz collection including centuries-old busts of saints and golden crucifixes, was without merit and did not involve a forced sale due to Nazi persecution.

The German commission assessing Nazi-era property claims concluded in 2014 that the low sales price was a product of a collapse in the art market during the Great Depression, and not because the Jewish art collectors were persecuted.

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"Sienna, Orange black on Dark Brown" by Mark Rothko is on display at Tehran's Museum of Contemporary Art (TMOCA) and is part of a collection bought in the 1970s by Farah Pahlavi ©Atta Kenare (AFP/File)

Since the 1979 Islamic revolution that overthrew shah Mohammad Reza Pahlavi, the works assembled under the patronage of his wife Farah Pahlavi have not been shown together outside Iran, according to the SPK.

"This kind of action will inevitably bring self-censorship, less criticism of policy, fewer checks and balances in the system, and this might be seen as part of the institutional weakening that the ratings agencies highlighted," said Timothy Ash, a strategist at Nomura.

"It would be naive to think that Turkey's legal and judicial system operated to anything close to Western standards pre-coup ... Has the coup and subsequent purge likely resulted in a meaningful deterioration of the rule of law in Turkey? Actually likely not, as the bar was set low anyway."

"SPK's long-standing practice shows that we are committed to the fair and just resolution of legitimate claims to Nazi-confiscated art, consistent with the Washington Conference Principles - this has not changed," Parzinger said in a statement.

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A lawyer for the heirs said the money the dealers received was then deposited in a bank account they were unable to access because it was blocked by the Nazis. (Reporting by Andrea Shalal; Editing by Tom Heneghan)

The Prussian Cultural Heritage Foundation (SPK), which manages Berlin's main museums, said it had agreed a deal with the Tehran Museum of Contemporary Art for a major exhibition of the collection in the German capital from December until February For those who have any inquiries relating to where by along with the way to make use of download apk, you'll be able to e-mail us at the web-page. next year.

He said SPK had returned more than 350 works of art, including a van Gogh drawing and a painting by Caspar David Friedrich, and more than 1,000 books from its collections in response to over 50 restitution claims since 1999.

BERLIN, April 21 (Reuters) - A German foundation appealed on Friday a decision by a U.S. federal judge to allow a lawsuit to proceed against Germany over claims of a Nazi-era theft from Jewish art dealers of a collection of medieval art treasures.

ISTANBUL, July 28 (Reuters) - A crackdown in Turkey after a failed coup could further weaken its institutions and threaten its investment grade status, investors fear, as dismissals and detentions stretch from the judiciary into the private sector and even the central bank.

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