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    TOBB President Says: Turks are Paying for the Banking Crisis

    Hürriyet Haber
    28.02.2005 - 00:00 | Son Güncelleme:

    Turkish Chamber of Exchange and Commerce (TOBB) President, Rifat Hisarcıklıoğlu gave his opinion with regards to what is and isn't being done correctly in banks and to the economy: Banks are being established with the aim of going bankrupt At a meeting in Knoya, which was to focus on "A Look at the Nation's Economy", Hisarcıklıoğlu started by pointing out that in the past 20 years Turkey has shown important development. However, unfortunately banks have cost Turkish citizens huge amounts of money, as most of the banks that had been established have subsequently gone bankrupt. “In the last ten years, 21 banks have gone under. Of the banks that went under, 16 were established in the last ten years. These banks were established in order to go bankrupt. Turkish citizens are paying a billion dollar price tag for the banks that have gone bankrupt through high prices on petrol and diesel fuel.” Hisarcıklıoğlu went on to point out that the money lost with these banks has helped to cause a $174 billion deficit over the past 10 years. Early Retirement When quizzed on the subject of "Early Retirement", Hisarcıklıoğlu had this to say, “At first Turkey was the only country where you could take 30 years retirement pension for 20 years of work.  This cost the state 40 million dollars. This sort of mistake caused Turkey's debt to rise. As a result of this we should leave behind the populist tradition. First we should fix the governments budgets then we can fix our own.” He also pointed out that answers can be found in the private sector, “For the past three years the private sector has grown tremendously and continues to grow.” Hisarcıklıoğlu also commented on the unsteady exchange rates, recalling that it has often been criticized, “In the past 20 years Turkey has experienced 52 exchange rate crisis with19 countries. When the fifty-first crisis hit, Turkey fixed the exchange rate. The fixed exchange rate has seen us through the last crisis. In the future the central bank has to intervene in exchange rates as soon as they begin to fall.”


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