TR Economy & Updates

[what]

'Hollow victory': Iraq is not really a winner in the Turkey oil arbitration case

Ankara is likely to pay only a few hundred million dollars to Iraq, which could be indemnified by the Kurdistan Regional Government under a secret deal

www.middleeasteye.net

 

[Saithan]

https://twitter.com/i/web/status/1649408444393291784

 

[Peter66]

https://twitter.com/i/web/status/1649408444393291784

Is it really as simple like he says?

 

[Lool]

Is it really as simple like he says?

Yes it is
Turkey doesnt suffer from chronic debts and has good reserves either in gold or foreign assets. Moreover, Turkey posts a surplus in non-oil related sector thus it is way too easy for the lira to rebound

The real problem here is the economic implications of high interest rates and that is why Erdogan is keeping them low

 

[No Name]

Yes it is
Turkey doesnt suffer from chronic debts and has good reserves either in gold or foreign assets. Moreover, Turkey posts a surplus in non-oil related sector thus it is way too easy for the lira to rebound

The real problem here is the economic implications of high interest rates and that is why Erdogan is keeping them low

The economic implications of high-interest rates?

 

[YeşilVatan]

The economic implications of high-interest rates?

Inflation. Leading to currency value loss, leading to more expensive imports. And we import a shit ton of high-value stuff still. It's getting better but we're still not halfway there. A lot of the machinery for the industry, the software and expensive consumer products still come from abroad. Or they are produced here by foreign brands like most cars in circulation.

If we had a really capable industrial base that produces not only the stuff, but also the machines and codes that make the stuff, we'd be in a WAY better shape. Also we need a smartphone brand and a car brand (which produces mid level cars and construction machines etc.).

If the Black Sea gas is as good a deal as it is advertised (which I believe is mostly true), then Turkey need those things to not only become self reliant, but also build the developing world to a substantial degree, getting richer in the process.

 

[dBSPL]

Argentina is about to go bankrupt again. They have done all the privatisations that the IMF stipulated, all the structural reforms have taken place. They raised the policy interest rates over to 80 per cent. Banks started to pay over 100 per cent interest on deposits. However, the negotiations to restructure the debts to the creditors did not yield results. The country was literally looted by the foreign creditors. The people got nothing from the $55 billion IMF packages.

 

[Baryshx]

Argentina is about to go bankrupt again. They have done all the privatisations that the IMF stipulated, all the structural reforms have taken place. They raised the policy interest rates over to 80 per cent. Banks started to pay over 100 per cent interest on deposits. However, the negotiations to restructure the debts to the creditors did not yield results. The country was literally looted by the foreign creditors. The people got nothing from the $55 billion IMF packages.

This is normally Turkiye's end, but we are delaying it by protecting the oil and gas-rich Arabs.

 

[Lool]

This is normally Turkiye's end, but we are delaying it by protecting the oil and gas-rich Arabs.

Protecting the oil and gas rich arabs?

And no, Turkey still has a lot of cards to play that Argentina doesnt have
First of all, Turkey's national manufacturing base is at a higher level than Argentina. Moreover, its geographical position is more favourable than Argentina due to its cheapness, qualified workforce, proper infrastructure, geographical closeness to the largest single market in the world. Furthermore, Turkey has over 500 tonnes of gold (~200-300 billion dollars) and around 250 billion dollars worth of foreign assets owned by the govt. Not only is Turkey's interest rate is sooo low at 8% (which gives a lot of leeway when raising it up) but also its total debt isnt even half of the GDP which is a healthy indicator

To sum it up, Argentina and Turkey's situations are just way too different

 

[Baryshx]

Protecting the oil and gas rich arabs?

And no, Turkey still has a lot of cards to play that Argentina doesnt have
First of all, Turkey's national manufacturing base is at a higher level than Argentina. Moreover, its geographical position is more favourable than Argentina due to its cheapness, qualified workforce, proper infrastructure, geographical closeness to the largest single market in the world. Furthermore, Turkey has over 500 tonnes of gold (~200-300 billion dollars) and around 250 billion dollars worth of foreign assets owned by the govt. Not only is Turkey's interest rate is sooo low at 8% (which gives a lot of leeway when raising it up) but also its total debt isnt even half of the GDP which is a healthy indicator

To sum it up, Argentina and Turkey's situations are just way too different

I guess the sound of the drum sounds good from afar.

Türkiye has neither foreign currency nor gold. It has plenty of foreign debt.

Argentina ranks third in world lithium reserves. It is tens and hundreds of times more expensive than oil.

 

[Ecderha]

Before Erdogan: $291 billion in debt in the vault because of the bankrupt banks.

"When Erdogan took over the state, there was $291 billion in debt in the vault because of the bankrupt banks."
"In present people keep saying:
Erdoğan stole it,
Erdoğan hosed it.
Actually Erdoğan paid your debts.
Now present same people say that we will be held accountable without shame."
Tansu Çiller

https://twitter.com/i/web/status/1650191786684325888

Who is Tansu Çiller- She was Turkiye first and only female prime minister from 1993 to 1996.

Tansu Çiller - Wikipedia

en.wikipedia.org

 

[Lool]

I guess the sound of the drum sounds good from afar.

Türkiye has neither foreign currency nor gold. It has plenty of foreign debt.

Argentina ranks third in world lithium reserves. It is tens and hundreds of times more expensive than oil.

It seems that you have been reading too much anti-govt propaganda that you came to believe it; as they say: "a lie is believed when it is said a million times" but whatever, I guess people tend to believe whatever suits their fantasies after all

Firstly, the turkish state has around 550 tonnes of gold making it one of the top 20 in terms of gold held by the states worldwide
Secondly, as I said, Turkish foreign assets are around 300 billion dollars
Finally, Turkish debt to GDP stood at a low 31% in december 2022

Turkey Gold Reserves

Gold Reserves in Turkey increased to 584.93 Tonnes in the second quarter of 2024 from 570.30 Tonnes in the first quarter of 2024. This page provides - Turkey Gold Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

Foreign assets stand at $303 billion - Latest News

Türkiye’s foreign assets declined by 2.3 percent from the end of 2022 to stand at $303 billion as of February, the Central Bank has said.

www.hurriyetdailynews.com

Turkey Government Debt: % of GDP, 2001 – 2024 | CEIC Data

Turkey Government debt accounted for 26.1 % of the country's Nominal GDP in Jun 2024, compared with the ratio of 28.2 % in the previous quarter.

www.ceicdata.com

 

[dBSPL]

The foundation of Europe's largest Lithium Ion battery factory for electric vehicles is being laid today in Gemlik in partnership with Farasis. By 2031, Siro, which production capacity will reach over 20 GWh per year, will own the intellectual property of all products and solutions it develops. This also serves as an exemplary model in the opportunities for Turkish-Chinese industrial co-operation. Siro will provide stationary energy storage services for industrial applications, marine vessels, renewable energy to the European region as well as Turkiye.

On a broader scale, with other big facilities like ASPİLSAN Enerji Lithium Ion Battery Production Facility, there are aims to become the biggest production centre of the region within 10 years in the very large product range area of new generation batteries, from drones to vehicles.

 

[Lool]

The foundation of Europe's largest Lithium Ion battery factory for electric vehicles is being laid today in Gemlik in partnership with Farasis. By 2031, Siro, which production capacity will reach over 20 GWh per year, will own the intellectual property of all products and solutions it develops. This also serves as an exemplary model in the opportunities for Turkish-Chinese industrial co-operation. Siro will provide stationary energy storage services for industrial applications, marine vessels, renewable energy to the European region as well as Turkiye.

On a broader scale, with other big facilities like ASPİLSAN Enerji Lithium Ion Battery Production Facility, there are aims to become the biggest production centre of the region within 10 years in the very large product range area of new generation batteries, from drones to vehicles.

A good investment

 

[Heartbang]

The foundation of Europe's largest Lithium Ion battery factory for electric vehicles is being laid today in Gemlik in partnership with Farasis. By 2031, Siro, which production capacity will reach over 20 GWh per year, will own the intellectual property of all products and solutions it develops. This also serves as an exemplary model in the opportunities for Turkish-Chinese industrial co-operation. Siro will provide stationary energy storage services for industrial applications, marine vessels, renewable energy to the European region as well as Turkiye.

On a broader scale, with other big facilities like ASPİLSAN Enerji Lithium Ion Battery Production Facility, there are aims to become the biggest production centre of the region within 10 years in the very large product range area of new generation batteries, from drones to vehicles.

Good news. Although a similar breakthrough is sorely needed in the field of semiconductors.

 

[dBSPL]

Good news. Although a similar breakthrough is sorely needed in the field of semiconductors.

I think that the very bad state of relations with the US has prevented us from using the window of opportunity that has been valid for the last few years.

 

[Heartbang]

I think that the very bad state of relations with the US has prevented us from using the window of opportunity that has been valid for the last few years.

US and its western suppliers arent the only player in semiconductors. We can sway places like Korea and Japan to move their less cutting-edge fabs to Turkish soil. That would be a good point to start buliding expertise and develop the link between Turkish academia and the semiconductor industry in general, which will inevitably lead to domestic breakthroughs.

And if all else fails, there's still China. They might not be in the cutting edge, but they're pretty damn close.

 

[Baryshx]

Before Erdogan: $291 billion in debt in the vault because of the bankrupt banks.

"When Erdogan took over the state, there was $291 billion in debt in the vault because of the bankrupt banks."
"In present people keep saying:
Erdoğan stole it,
Erdoğan hosed it.
Actually Erdoğan paid your debts.
Now present same people say that we will be held accountable without shame."
Tansu Çiller

https://twitter.com/i/web/status/1650191786684325888

Who is Tansu Çiller- She was Turkiye first and only female prime minister from 1993 to 1996.

Tansu Çiller - Wikipedia

en.wikipedia.org

The reason for the 2001 crisis was to bring AKP to power. Even the child on the street knows this. Anyway, afterwards, the US pumped dollars into Türkiye and relieved Akp.

By the way, the Çiller family are AKP business people, his whole family. It's normal for him to talk like this and defend AKP.

 

[Lool]

The reason for the 2001 crisis was to bring AKP to power. Even the child on the street knows this. Anyway, afterwards, the US pumped dollars into Türkiye and relieved Akp.

Iam asking this for fun but what IF the current economic crisis is exacerbated by the West in order to kick Erdogan out and place a more loyal dog in his place since Erdogan has been way out ofnline in recent years?

I mean if they created the 2001 economic crisis to remkve a pain in the ass who was hunting kurds at the time, what prevents them from repeating the same scenario to kick out a pain in the ass who is hunting the kurds today? And at the end, the average joe is the loser

 

[Baryshx]

Iam asking this for fun but what IF the current economic crisis is exacerbated by the West in order to kick Erdogan out and place a more loyal dog in his place since Erdogan has been way out ofnline in recent years?

I mean if they created the 2001 economic crisis to remkve a pain in the ass who was hunting kurds at the time, what prevents them from repeating the same scenario to kick out a pain in the ass who is hunting the kurds today? And at the end, the average joe is the loser

Akp came with the economic crisis thanks to the US. He will be sent away again thanks to the US. Türkiye is such a helpless country. A country whose economy, democracy and politics are not fully established. It's easy to toss such countries around.

Akp has done nothing to change this. He lived in the tulip age of economic abundance. It only dealt with the army and religion. He made his supporters rich.

We need a proper leader and a political party to get rid of this helplessness and being the plaything of other countries.