Vice President of  Socialist International: ‘Turkey is at risk of bankruptcy’
21.03.2017 00:08 BİRGÜN DAİLY

Former CHP MP and current Vice President for the Socialist International, Umut Oran, stated Turkey can go bankrupt unless it is able to deal with its debt.

According to reports of OdaTv news portal, Oran gave statements about the current state of the country’s economy, which has been hit harshly with terror attacks, coup attempt, and the extended state of emergency law, and said the following: “The country has come to a point of inability to handle its debt. Though there is a high need for foreign sources, there is currently no cash flow from abroad. Public banks, games of fortunes, the National Lottery (Milli Piyango), horse races, and many other public wealth sources have been transferred into the new Sovereign Wealth Fund, which was established in an unreasanable manner. These wealth of these institutions, which have now been taken away from legal monitoring mechanisms, will be used to find loans from abroad... If Turkey cannot handle its debts, it is at risk of bankruptcy. And, it is a political crisis that can not be lasted. A better Turkey is possible. But its economy needs a regeneration. The current state of affairs will change and the primary and most important agenda topic will have to be economy. More employment opportunities and peace will prevail... We are going to establish that together...”

Inflation in Turkey has reached a double-digit rate; unemployement has come to the highest level in the past 7 years; tourism in the country has received a hard blow; and foreign trade has been in a very low state especially since last summer.