Just as I was talking about inconsistencies in Turkish economics thinking, here are some smart words from today's Econ news:
First, Economics Minister Simsek, who has often been criticized by your truly, really made sense this time around by stating that Turkey cannot spend its way out of the crisis. Now, he has to convince the PM, who BTW threatened to sack six ministers and seems to be in a foul mood. Good luck! BTW, another phrase in the same WSJ phone interview is really one of the best one-sentence summaries (no pun intended this time, I swear) of Macro a la Turca: "We cannot just increase our budget deficit; that would increase external financing needs".
Second, head of the Banks Association did a fine job (sorry only in Turkish) in dismantling the "greedy bankers" explanation of high deposit-loan margins, to which I had referred to in my latest column as well.
First, Economics Minister Simsek, who has often been criticized by your truly, really made sense this time around by stating that Turkey cannot spend its way out of the crisis. Now, he has to convince the PM, who BTW threatened to sack six ministers and seems to be in a foul mood. Good luck! BTW, another phrase in the same WSJ phone interview is really one of the best one-sentence summaries (no pun intended this time, I swear) of Macro a la Turca: "We cannot just increase our budget deficit; that would increase external financing needs".
Second, head of the Banks Association did a fine job (sorry only in Turkish) in dismantling the "greedy bankers" explanation of high deposit-loan margins, to which I had referred to in my latest column as well.
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3 comments:
Thanks for sharing! I've subscribed your blog. Do you know of other turkish economic news and analysis sites that have english content? Thanks.
There are two main English newspapers, but in my very subjective:) opinion, Hurriyet Daily News & Econ Review is by far the better one:) Other than that, there isn't much free stuff out there, unfortunately.
You could also subscribe to Research Turkey: http://groups.yahoo.com/group/research_Turkey/: They post research reports about Turkey.
Emre, I would appreciate if you could get in touch. I am working on an emerging markets project that you may be interested in.
Please have a look at - http://mystockvoice.wordpress.com for some info on the project.
You can contact me directly on paul.harper@connectionservices.com
regards
Paul
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