"We have closed the chapter of the IMF credits in order not to open it anymore," Turkish President Recep Tayyip Erdogan said on Sunday addressing the activists of Turkey's ruling Justice and Development Party in the town of Kizilcahamam.Turning East.
Sputnik International
Turkey 'Closed Chapter of IMF Credits', Never to Borrow Again - Erdogan
1 comment:
Turkey will no longer borrow from the IMF?
Good for them (if it is true).
Turkey has no choice but to continue borrowing from someone, since Turkey has had a gigantic trade deficit for at least ten years. This means that Turkey already has a huge foreign debt load.
The question is who will Turkey continue to borrow from.
Russia? The European Central Bank?
Turkey is in severe economic trouble. Shortages in consumer goods are causing 15% inflation. The lira has lost 45% of its value against the US dollar this year, causing imports to be more expensive, and causing Turkey’s foreign debt to climb higher than ever.
HERE’S THE THING: Regardless of what you hear about Turkey, its government is in so much trouble economically that Turkey must quickly choose between staying in NATO’s orbit, or moving toward Russia.
I did not say “think about choosing.” I said Turkey must choose now. Otherwise Turkey will become Greece.
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