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Design agencies themselves integrate these methodsProbably another arm of railway rates and discountsPractically everything will be settled yearOur customer is moderated by a need to goThe lines are moving in the ranks of the majorityIt is she who wields this delicate TrebuchetAnd prospects 2009 will be much execrableIt is not intended to support the requestEven the most pessimistic did not envisage such a scenarioAs much more each mine produces its own recipeDebate rages in Istanbul, between business and political leaders on whether to seek the assistance of the international monetary Fund (IMF) at the time when the Turkish economy cash head-on the global financial crisis. While a team from the IMF this week in Turkey for an assessment mission related to the latest agreement stand-by (see opposite), the Prime Minister, Recep Tayyip Erdogan, has set foot in the dish, Sunday, by stating that his country did not really need a help and the refuse if it was subject to too draconian conditions, particularly in budgetary terms. "Pas question to darken our future by giving the IMF", said. Provocative, believe the business community, yet usually complimentary towards the economic policy of the Government. But the lira has lost 35 in a month against the dollar, after a repatriation of Western capital valued at $ 50 billion, and the Istanbul Stock Exchange fell by 60 since the beginning of the year. This erosion of the currency threat indebted companies in foreign currencies and fuels inflation via an ahead of imported raw materials. The Governor of the Central Bank has also a little corrected shooting Monday acknowledging that if the country did not need assistance "in the immediate future", might be "useful" in the storm. Already, the European Bank for reconstruction and development (EBRD) has, for its part, promised to invest 600 million dollars in Turkey by the end of 2010.
"Discretionary standby."
If she was receiving assistance from the IMF, the Turkey, 15th in the world by GDP, would be the most important economy and supported by the international financial organization, which comes to be called to the rescue by the Iceland, the Hungary, the Ukraine and the Belarus. However, that the Central Bank has reserves of 80 billion and because the Turkish economy remains dynamic, emergency aid does not seem necessary, noted analysts, even if the deficit of the balance of payments expected this year, probably $ 50 billion against 30 billion last year, is expected to reach 6 of GDP. "It should be rather assistance providing an anchor of the Turkey to the holders of capital", considers Seyfettin Gürsel, Director of the centre for economic and social studies of Bahçesehir University. This is the reason for which the Central Bank seems to consider a "discretionary standby", i.e. the granting, in exchange for commitments of less severe discipline for a classic standby of a credit line that Ankara might take in case of need, but without necessarily going into debt immediately.
Anchoring password especially, stressed in business, by a certain return of the Government in reality, under pressure from the IMF. Indeed, the draft budget which has to be presented to the Parliament table on growth of 4 in 2009, less than 1 point higher than the most optimistic forecasts. The Government plans for next year a strong increase of 14, public expenditure and imagines able to maintain the budget deficit at 1.2 of GDP. However, growth is already fallen to 1.9 in the second quarter of this year.
