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    Turkish PM reiterates economy strong, slams banks on higher rates

    HotNewsTurkey Staff
    23.10.2008 - 15:40 | Son Güncelleme:

    The Turkish prime minister reiterated Thursday that the impacts of the global financial crisis on the local economy would be minimal, and slammed banks for their attitude towards the real sector.

    "I don't approve of the treatment of the financial sector on real sector through calling them to meetings to force them into the early repayment of the (debts) or renewing their loan agreements with higher interest rates," Tayyip Erdogan told at a press conference on Thursday.

     

    He urged banks to change their attitude to manufacturers, which he described as "unpleasant" in a reference to high interest rates charged by banks.

     

    The government was making efforts to help establish better relations between banks and manufacturers through measures that will be announced soon, he added.

     

    The Turkish economy is strong and the impacts of the global financial crisis are going to be minimal, Erdogan said.

     

    Market players have been calling for the Turkish government to take concrete steps against the global turmoil which has dragged the currency and stock prices to multi-year lows.

     

    However government officials insist the economy is in good shape and would survive the turmoil, adding that such measures would give the impression that the economy is suffering and would create panic.

     

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