Cyprus-Forum.com

[Gasman]

http://www.hurriyetdailynews.com/n.php?n=turkish-advice-across-aegean-may-help-greece-with-debt-crisis-2010-04-30

...Turkey in 2001 “had the option of going into default but obviously they decided not to,” said Simon Quijano-Evans, head of emerging market research at Credit Agricole Chevreux in Vienna. “It was absolutely the right decision. Now Turkey stands as one of the most credible countries in the Europe region in fiscal terms.”

There’s no reason why Greece can’t follow a similar path, Quijano-Evans said.

[Nikitas]

It is natural, although circumstance are not identical. Greece and Turkey are major trading partners, and Turkey has experience of the IMF process. Although Greece is receiving more bailout money from the EU than the IMF.

[Tim Drayton]

It is natural, although circumstance are not identical. Greece and Turkey are major trading partners, and Turkey has experience of the IMF process. Although Greece is receiving more bailout money from the EU than the IMF.

As I have said before, what has saved Turkey from apparently crippling crises in the past is the fact that the official economy there is only the tip of the iceberg. It is believed that Turkey's earnings from the heroin trade alone are equivalent to about 25% of the country's reported GDP. I do not know how much Turkey's experiences are really valid for Greece. I remember that during a very serious crisis at the beginning of 1994, the Turkish government slapped a one-off 'asset tax' on all businesses, as a percentage of the company's assets as reported in its most recent annual accounts. It was quite a punitive tax which led to some companies going out of business, but as a desperate measure to raise some quick cash, it was effective. Perhaps something similar could be done in Greece.

[Gasman]

Turkey has had to go to the IMF in the past. Greece is the first EU country going to them now.

[Tim Drayton]

Turkey has had to go to the IMF in the past. Greece is the first EU country going to them now.

Correct.

[PushDaddy]

I love the article about the 40 men employed as Hospital gardeners. They received a monthly wage plus a bonus for not being off sick etc.

Just one snag.

The Hospital didn't have a garden !!!!

[SKI-preo]

As I have said before, what has saved Turkey from apparently crippling crises in the past is the fact that the official economy there is only the tip of the iceberg. It is believed that Turkey's earnings from the heroin trade alone are equivalent to about 25% of the country's reported GDP. I do not know how much Turkey's experiences are really valid for Greece. I remember that during a very serious crisis at the beginning of 1994, the Turkish government slapped a one-off 'asset tax' on all businesses, as a percentage of the company's assets as reported in its most recent annual accounts. It was quite a punitive tax which led to some companies going out of business, but as a desperate measure to raise some quick cash, it was effective. Perhaps something similar could be done in Greece.

maybe Turkey can advise the psorokalamaraes how to sell heroin.

[SKI-preo]

I love the article about the 40 men employed as Hospital gardeners. They received a monthly wage plus a bonus for not being off sick etc.

Just one snag.

The Hospital didn't have a garden !!!!

Sounds like the Australian public service