Global crisis and its effects are discussed in the panel…
Director of the School of Social Sciences Asst. Prof. Alp Limoncuoğlu made the opening speech and said that the foot steps of the crisis were rising and Vice-Rector Prof. Dr. Cemali Dinçer pointed out that some precautions had to be taken before the unemployment and other parameters created a social crisis.
Dr. Ali Nail Kubalı resembled Turkey to a car that was slowing down by sparking its wheels and said “Let’s have a deficit in the budget, do not be afraid of inflation. The continuation of public investments is essential. The government should support the real sector.” Denizbank Dexia Express Investment Head Economist Güldem Atabay stated that the economy gave recession signs. Atabay drew the attention to the social problems that will be caused by unemployment resulted after the recession and stated that the debt of Turkish private sector for 81 billion dollars was extended to medium and long terms and only 4 billion dollars of debt was short termed. Atabay said “An agreement with IMF will give the massage that there will be no loosening in financial side to the banks that give credit and the institutions that open syndicated loan. Turkey needs a balanced policy that follows the increase in demand in finance market and domestic market. Turkey can direct this crisis if it does not make big mistakes.” Atabay pointed out that current deficit would regress to 30 billion dollars in 2009.
Vestel Corporate Group Chief Executive Officer and Member of Board of Directors Ömer Yüngül evaluated the effects of crisis to real sector. Yüngül stated that the global crisis was over and the rules of economics were being rewritten and said “In this new term the production will gain importance. I believe that the regional protectionism will gain importance too. We treated very liberal in intermediate good, luxury goods import. We are in a term that we have to reconsider these rules. We will experience an era that we have to become bigger by becoming smaller. In this era, we must give more importance to agriculture. Turkey did not give importance to energy investments and it could not benefit from the liquidity that the world economics experienced in last 6 years. Turkey can turn this crisis into an advantage. European buyers are unwilling for Fareast in terms of letters of accredit due to the problems in finance sector. Near production markets come to the fore in this term. We saw it in our exports in recent months.”
Natixis Pramex Turkey Representative Rıza Kadılar stated that it would be appropriate for Turkey to make an agreement for 25 billion dollars with IMF. Dr. Rıza Kadılar pointed out that Turkey is what keeps IMF alive and said “The government should make decisions and implement them in order to get over this crisis with minimum damage. While the world makes agreement with IMF for hot money, precautions must be taken for SME credits, consumer credits and personal credits.”
