This post already appeared in the blog; Europe Economonitor is just republishing it, but I just wanted to cross link for the readers who might have missed it the first time around...
But while I am at it, I have a few things to say on the IMF deal: There are many rumors on why the IMF deal fell through, ranging from transfers to local administrations to the fiscal rule. But Econ. tzar Babacan recently dismissed all these and said that the disagreement was on future projections.
I really hate it when I am taken for a simple Na'vi, but that's exactly what is going on here: Those innocent long-term projections, especially one about the country's growth rate, were figuring a great deal on the fiscal rule. Even I originally thought that the long-term growth projection was conservative enough, but then was convinced otherwise after discussing the issue with a knowledgeable blog reader.
So what do I have to say to His Excellency? If you are looking for selling BS, go somewhere else. We are all stocked up here, as Melvin Udall would say:)
But while I am at it, I have a few things to say on the IMF deal: There are many rumors on why the IMF deal fell through, ranging from transfers to local administrations to the fiscal rule. But Econ. tzar Babacan recently dismissed all these and said that the disagreement was on future projections.
I really hate it when I am taken for a simple Na'vi, but that's exactly what is going on here: Those innocent long-term projections, especially one about the country's growth rate, were figuring a great deal on the fiscal rule. Even I originally thought that the long-term growth projection was conservative enough, but then was convinced otherwise after discussing the issue with a knowledgeable blog reader.
So what do I have to say to His Excellency? If you are looking for selling BS, go somewhere else. We are all stocked up here, as Melvin Udall would say:)
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