Turkish Economy Falling Down again, in a Context which is No more that of 1999/2001...
*A News-Viewpoint/- Falling growth, Serious Trade Deficit, Higher Inflation, and constantly Growing Unemployment, are among the factors which obviously push towards more Social Tensions and Unrest in Turkey :
F.ex., among others, instead of the more than +10 % of Growth that had been reached in a few Past years, now Turkey struggles with only 2,9%. But, given the State's policy to push for more and more Births, Turkey generaly needs at least 5% of Growth in order to absorb the number of Youngsters arriving each year at the Labour Market, (unless it exports them to Europe via Mass Migration)...
In addition, "an unexpected Leap" in Turkey's "current account Deficit", reportedly "caused by a severe Fall in Exports", "surprised" the markets this May, which have seen, in general, "the Slowdown to have Intensified in 2015"
Thus, Unemployment, rising steadily during the last 5 Years, reached almost 12 % at the beginning of 2015, i.e. the Highest level since before 2010, affecting more than 3,3 Millions of workless aged "15 - 64", (while among Young people aged 15 - 24, the Unemployment has passed over 20%).
The problem is that, at the same time, Inflation jumped up to more than + 7,63% annualy, while Consumers' Prices augmented + 1,63% only on April, (fuelled also by a Devaluation of the Turkish Lira, whose Weakening makes Imports more Expensive), with reportedly "Record High Prices for Food", etc.
To the point that experienced observers were led to count on "Informal" Social Aid networks for the "worst affected" among the extending number of needy.
Recently, this goes on almost Every Day, confirming a gradual Trend towards a Worsening of the situation : F.ex., Lira stood at 2.5785 against US Dollar last Friday evening, but immediately Fell down to 2,5830 for 1 USDollar Today early Morning, while, on the contrary, Turkish Government's 10-year Bonds yield rose from 8,96 % on Friday, up to 8,99 % this Monday, persisting to slowly but continuously restrict the money available in the market, as Turkish State's Deficit may become Higher than the almost - 9 Billions USA $ predicted now by Ankara.
Thus, among various other concrete examples, 2 Turkish Factories assembling Italian and French Cars for "Fiat" and "Renault", still "remained" Blocked Yesterday, "as (Turkish) Workers protested employment conditions", reported Reuters earlier this Monday.
If these recent Trends persist longer, the aggravation of Economic and Social problems in Turkey, (given also the current overall Context in its Surrounding Area), may become, sooner or later, Worse even than the 1999-2001 Big "Krach", from which, controversial Economist Dervis, a long-time Global bodies' Bureaucrat, struggled to get Turkey out, thanks to IMF Austerity, profiting from an unprecedented Mass Destruction of unsustainable Traditional Industry after Izmit area's Historic Earthquake, which notoriously Killed more than 30 Thousands of mainly Poor People, and from an equally unprecedented massive influx of EU Funds, thanks to a controversial attribution of a Status of EU "Accession Candidate" to Ankara then, (etc).
But, Today, on 2015, none of those exceptional factors of the Past can't exist, no more, with a more Critical than ever EU Parliament elected last May 2014, and particularly after the recent British Elections, where a strong Majority of British People voted for even more EU Financial Austerity and Mass Immigration Restrictions, earlier this Month...
In this new context, EU Parliament's forthcoming Debates and Votes on EU Commission's 2015 Report on Turkey's political and economic developments and prospects, next week in Strasbourg, must examine the situation more seriously than before.
(../..)
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*Paris/ACM/12 October 2008/-
When Europeans really feel a vital need to urgently launch common replies to challenging World Crisis, as the present Financial turmoil of Global Markets, they forge new decision-making tools and new dynamics :
The 1st in History EuroZone Heads of State and Government Summit, organized in Paris at the invitation of French President, and current EU chair, Nicolas Sarkozy, with the participation of 15 national leaders and EU institutions' chairmen, partly enlarged to British Prime Minister Gordon Brown, after a highly symbolic duo with German Chancelor Angie Merkel, at General De Gaulle's birth-village, 50 Years after he welcomed there former German chancellor Adenauer (1958-2008), may have not one, but two results :
- The first, and more urgent, was to launch an "ambitious", "coherent", and "efficient" common European movement, able to stimulate "solutions" to the World Economic Crisis, as Sarkozy anounced from the outset : State Garantees (to new Bank debts up to 5 years), fresh Capital input (f.ex. by buying shares), support to distressed banks, (while also restructuring them), incite the European Central Bank to facilitate commerial bills europe-wide, etc.
"Acting swiftly", from tomorrow, national measures will quantify all these targets, with coordinated actions from all EuroZone's Governments : France, Germany, Italy and others, decided to anounce, at the same time, such concrete measures, according to agreements that we have already made all together, revealed Sarkozy at the final Press Conference, flanked by EuroZone's chairmen : EuroGroup's Jean-Claude Juncker, and Central European Bank's Jean-Claude Truchet, as well as EU Commission's Jose Baroso, to solemnly stress the will to find common European solutions.
- "United and Determined, all EuroZone's Countries will act to prove that Citizens can Trust" the Economy, Sarkozy concluded. If we attract also all EU's 27 countries, Wednesday in Brussels, then we can coordinate action with our American Friends at a Global level, he anounced.
- "With this new Toolbox, we do not want to serve Bankers, but to work for Europe and its Citizens' interests", added Juncker.
- "For the moment, we want to act urgently to regulate the Crisis. But the time will come when those responsible for this, will have to account for their actions. Yes to real Capitalism, No to Speculators. Those who abused, will face sanctions, Sarkozy warned.
Need stimulates activities which create new organs, say biologists, and Gordon Brown, compatriot of Spencer, the famous bio-Historian, would certainly not deny that, after his surprise visit to EuroZone's Summit in Paris, which attracted him one hour more than scheduled...
Decisions include also the creation of a Crisis-management European mechanism, which "requires constant Monitoring", as well as strengthening Economic policy cooperation between EuroZone's countries.
Sarkozy will be judged by History not just by the immediate Economic results, expected at the end of this week's decision-making proces at National and EU level, but also by the more far-reaching consequences at the aftermath of this Historic EuroZone 1st Summit : Will it succeed to become a precursor forging a New era in European institution's revitalization ?
Significantly, the French President sat, during discussions, between German Chancelor Merkel, and British Prime Minister Brown, facing the chairmen of EuroGroup, Juncker, ECB : Truchet, and EU Commission, Baroso, with Prime Ministers of Spain, Zapatero (a hot partisan of EuroZone's Summit) at his right side, and Italy's Berlusconi, at his left, surrounded by Austrian, Belgian, Cyprus', Finland's, Greece's, and Ireland's leaders, as well as Slovakia's, Slovenia's, Portugal's, Netherlands', Malta's and Luxembourg's leaders.
Meanwhile, those who tabled for a rift between French and German positions were faced with a smiling Merkel at De Gaulle-Adenauer's meeting place, a sunny Saturday morning, and a particularly active-looking Merkel inside the French Presidential Palace at Elysee's gardens on Sunday, (as happy few photographers discovered)..
- "De Gaulle's hilltop, at Colombey-les-2-Eglises, gave an astonishing overview to a huge landscape, entirely surrounded by splendid Nature, as far as eyes could see", said to EuroFora an obviously charmed German Journalist.
She was describing Saturday's inauguration of a High-Tech Memorial close to the Historic Giant Double Lorraine's Cross, built by famous Novelist Andre Malraux, to perpetuate the Memory of his famous call for "Resistance" to NAZI, and his vision for the creation of New Institutions and Franco-German reconciliation, to foster Europe's role in the World, also for the Future.
Children playing at Elysee's gardens before the Historic 1st EuroZone's Summit : What Europe's Future will look like ?
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