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Turkish Press Review, 08-09-24Turkish Press Review Directory - Previous Article - Next ArticleFrom: Turkish Directorate General of Press and Information <http://www.byegm.gov.tr>Summary of the political and economic news in the Turkish press this morning24.09.2008CONTENTS
[01] PRESIDENT GUL ADDRESSES UN GENERAL ASSEMBLYPresident Abdullah Gul yesterday delivered a speech at the 63rd term UN General Assembly meeting in New York, US. Underlining Turkey's role on regional issues, Gul asked support from the General Assembly for Turkey's candidacy for a non-permanent seat at the UN Security Council. Gul said that Turkey extended full support to the efforts to find a political solution on Cyprus, adding that any solution should be based on a new state with two founding states of the equal status. Stating that that the Caucasus Stability and Cooperation Platform proposed by Turkey would make a contribution to peace in the region, Gul said that Turkey also took part in reconstruction of Afghanistan. In related news, Gul met with his Pakistani counterpart Asif Ali Zardari. Foreign Minister Ali Babacan also attended the meeting. During the meeting Gul and Zardari agreed on Turkey hosting a trilateral meeting including Pakistan and Afghanistan in Istanbul within one or two months. Afghan President Hamid Karzai had reportedly accepted Turkey's proposal. /Cumhuriyet-Milliyet/[02] ERDOGAN VISITS HAKKARIPrime Minister Recep Tayyip Erdogan yesterday went to eastern province of Hakkari to attend a series of openings. Speaking at Harran University 2008- 2009 academic year opening ceremony, Erdogan said that universities are the basic elements for democracy, and that 53 new universities had been founded so far during his ruling Justice and Development Party (AKP) government. Stating that the university, as known the first one in the history had been established in Harran, he said that these soils have been accepted a bridge between civilizations, and also a cradle of science and universal values. "That's why, we have to be high position in science," he added. Touching on recent global crisis in the economy, he said that the most powerful companies and banks have bankrupted. Erdogan stated that Turkey can transform the crisis into an advantage, saying, "Turkey stands at the 17th rank in the world and 6th rank in Europe the basis of Purchase Power Parities (PPP), GDP (gross domestic product)." Pointing to the Southeastern Anatolian Project (GAP), he thanked those who started the GAP initiative, Erdogan added that bringing to an end is important as starting. Erdogan also attended a hospital inaugurating ceremony, and an iftar dinner at his party's provincial branch. /Star/[03] POLICE DETAIN 14 MORE IN ERGENEKON PROBEAs part of the ongoing Ergenekon probe, police have detained 14 more suspects yesterday during raids in Ankara, Istanbul and Izmir. Tuncay Ozkan, a journalist known for his strong opposition to the ruling Justice and Development Party (AKP) government and a leading name in the anti- government protests of last year was detained by police at his home in Istanbul early yesterday. As Ozkan's house was being searched, a group of demonstrators protested the arrest with waving Turkish flags and chanting slogans. A retired member of judiciary, as well as a retired police chief was also among the suspects taken into custody. /Hurriyet/[04] IZMIR HOSTS COMMERCE SYMPOSIUMA symposium highlighting the historical significance of the Mediterranean region will kick off today in Izmir. Seventy participants from 16 countries will attend the first International Mediterranean Coastal Commerce: Past and Future symposium, organized by the Izmir Chamber of Commerce (ITO) which will be held today and tomorrow. "Scholars will discuss centuries of cultural interaction and history in the Mediterranean, which is known as the cradle of civilization," said ITO President Ekrem Demirtas. /Turkish Daily News/[05] TOP BUSINESSWOMAN BELIEVES TURKEY CAN CONTAIN ADVERSE EFFECTS OF THE GLOBAL ECONOMIC TURMOILSabanci Holding Chairwoman Guler Sabanci yesterday hosted a reception in Ankara's Hilton Hotel with the attendance of many high-level government officials, economy bureaucrats, businessmen and foreign diplomats. Deputy Prime Minister Cemil Cicek, State Minister for Foreign Trade Kursad Tuzmen, Energy and Natural Resources Minister Hilmi Guler, Central Bank (TCMB) head Durmus Yilmaz, Turkish Union of Chambers and Commodity Exchanges (TOBB) head Rifat Hisarciklioglu were also in attendance. During the reception, conversations focused on the recent US-oriented global economic crisis and its impacts on Turkey. Commenting on the crisis, Sabanci said, "Nothing will ever be the same again in the financial markets and investment banking sector," and stressed the gravity of the crisis. Pointing to the shrinking European markets, Sabanci said, "If European economic growth faces a considerable slowdown due to the current crisis, this will also affect Turkey's real economy. Turkey should seek new markets in this period to export with an eye to turn the crisis into an opportunity." She also stressed the importance of budget discipline and fiscal restraint to minimize the adverse impacts of the crisis on Turkey. Stating that Turkey cannot remain unaffected by a global economic crisis, she said, "However Turkey has now a stronger financial system thanks to its economic reforms in recent years. This is an important advantage for Turkey. We must preserve Turkey's atmosphere of stability and trust at a time of global economic crisis." Yilmaz also made evaluations on the crisis and its impacts on Turkey, and said, "Turkey has achieved a sound macro economic foundation through its economic reform efforts for the last six years, and now has a stronger banking sector and fiscal structure. In addition to these advantages, Turkey's strict monetary policy will also contribute to minimize the impacts of the crisis." He also said, "Turkey could be negatively affected by the crisis due to the economic slowdown in its foreign trade partners. But this kind of effect is currently at the lowest level." /Sabah/FROM THE COLUMNS… FROM THE COLUMNS… FROM THE COLUMNS… [06] IMPACT OF THE US ECONOMIC CRISIS ON TURKEYBY FIKRET BILA (MILLIYET)Columnist Fikret Bila comments on possible impacts of the US economic crisis on Turkey. A summary of his column is as follows: “The US is preparing for passing a huge ‘rescue operation’ at its Congress against the economic crisis it suffers. If the Congress passes the rescue budget totaling $700 billion, the US would perform the greatest nationalization projects of the world, huge finance institutions would takeover the banks and rehabilitate and sell them to their old or new owners. Thus it would be saving the system. The price of this operation will be paid by the middle-class Americans, just like in Turkey and an additional burden of $2,000 will be placed on each tax payer. When the financial crisis starts to be reflected on the real economy, the US economy will tend to shrink and the number of the unemployed will increase, which will be another dimension of this price to be paid by the people. So the incidents in the US look like those experienced in Turkey, that is, leaving the banks to the state, transferring the banks and newspapers under the Saving Deposit Insurance Fund’s (TMSF) management, the disappearance of billions of American dollars, making the people pay the price for this, etc. So the essence and the state’s function don’t change. How was the US dragged to this crisis? Bilkent University’s lecturer Professor Erinc Yeldan who has lived in the US for some period of time to go back to Turkey replied my question briefly as follows: 1. The US has already had the public deficit and the cost of the war in Afghanistan and Iraq is also another important factor. 2. The US finance system took excessive risks and got into excessive debt in 2003 " 2006. 3. There was no real increase in the middle-class Americans’ salaries in this period, but the consumption was motivated. Banks and finance institutions continued to offer risky credits, just like in the mortgage system. This situation has been continuing for 15-20 years. But then an average American started to face difficulties about repaying these credits. Thus the banks’ balance sheets started to deteriorate and credits were recalled. This situation forced the system more and the middle-class started to suffer greater problems. The rate of bankruptcies increased and the investment banks collapsed, when repayments had ceased. 4- The US started to make cheap import from China and Japan, got into excessive debt and started to be unable to carry this burden. Mr. Yeldan estimates that this crisis will have an impact mostly on the US economy and all the other economies depending on this system and cause a shrink and recession. He thinks that the crisis will probably influence Turkey as well. He doesn’t expect a crisis like the one we suffered in 2000-2001, but believes that it will cause negative impacts. He argues that this year a great growth shouldn’t be expected, which is also shown by indicators. For him, the crisis in the US might create difficulties about import and thus the export might shrink and a recession might occur in the real economy.” Turkish Press Review Directory - Previous Article - Next Article |
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