Cyprus-Forum.com

[Viewpoint]

Ho no Turkey is about to explode into thin air, keep on dreaming.

[bill cobbett]

Well, well, well... would you believe it...

After blowing 6.5 Billion USD in trying to prop up the weak TL in recent weeks, the Turkish Central Bank has capitulated and is now indicating that it may raise interest rates after all...!!!

Reserves have been depleted and are now under 40 Billion USD.

http://www.reuters.com/article/2013/07/ ... VL20130715

[repulsewarrior]

...a cabinet shuffle is in order.

[Demonax]

Credit cards are the Devil. Advice from Erdogan to the Turkish people:

Turkey: May God Give Salvation To Anyone Who Gets A Credit Card

The Wall Street Journal's Emre Peker writes Turkish PM Recep Tayyip Erdogan believes credit cards are undermining society.

Erdogan has lately been blaming an “interest-rate lobby” for sparking unrest and manipulating markets, Peker says.

Tuesday, during an address in Ankara to break the Ramadan fast, he narrowed his attack to greedy citizens:

"May God give them salvation, they love getting their hands on a credit card, as if that will let them show off,” Mr. Erdogan said. “Then the salary is spent before month’s end, there is interest payments, etc. This is a big game being played [on Turkey], we need to get together and disrupt it. If everyone can learn cut one’s coat according to one’s cloth, they [the interest rate lobby and credit card issuers] won’t see this money.

http://www.businessinsider.com/turkey-c ... z2ZOQBRF9l

[Kikapu]

Credit cards are the Devil. Advice from Erdogan to the Turkish people:

Turkey: May God Give Salvation To Anyone Who Gets A Credit Card

The Wall Street Journal's Emre Peker writes Turkish PM Recep Tayyip Erdogan believes credit cards are undermining society.

Erdogan has lately been blaming an “interest-rate lobby” for sparking unrest and manipulating markets, Peker says.

Tuesday, during an address in Ankara to break the Ramadan fast, he narrowed his attack to greedy citizens:

"May God give them salvation, they love getting their hands on a credit card, as if that will let them show off,” Mr. Erdogan said. “Then the salary is spent before month’s end, there is interest payments, etc. This is a big game being played [on Turkey], we need to get together and disrupt it. If everyone can learn cut one’s coat according to one’s cloth, they [the interest rate lobby and credit card issuers] won’t see this money.

http://www.businessinsider.com/turkey-c ... z2ZOQBRF9l

It is a common practice in Turkey for people to have a holiday on a lay-away plan as well as most other purchases, because the people simply do not have the money to pay for the trip but they want to go anyway, just so not to be seen poor by their neighbours, where if the trip costs say 1200 TL, the payments are divided over 12 months, which would come to 100TL a month, interest free. If the 100 TL is not paid on time, then they will get Royally screwed with high interest rate and penalty. Perhaps this is what Erdogan wants, it's for people to borrow the money from Turkish banks to make their high purchases, and when they can't pay back on time, for the Turkish banks to screw the people and keep all that money in the Turkish banks rather that it going to Credit Card companies from abroad.

[bill cobbett]

Turkey raises some interest rates.

Reported by bloomberg today under the headline...

Turkey Raises Rates for First Time Since 2011 on Lira Slide

..."Turkey’s central bank raised interest rates for the first time in almost two years after the lira slumped to a record low this month.
The bank increased its overnight lending rate by 75 basis points to 7.25 percent today, and said that “additional monetary tightening will be implemented when necessary.” It kept its benchmark one-week repo rate and overnight borrowing rate unchanged at 4.5 percent and 3.5 percent respectively, according to an announcement on its website..".

http://www.bloomberg.com/news/2013-07-2 ... 7-25-.html

[Lordo]

i have seen it in the coffee cup this morning. terkey will sink below the black sea next week on tuesday at 12 noon. enjoy.

[kurupetos]

i have seen it in the coffee cup this morning. terkey will sink below the black sea next week on tuesday at 12 noon. enjoy.

Don't forget to flush the toilet.

[supporttheunderdog]

Article in the FT today with lots of pretty diagrams showing trade deficits, decline of the Lire vis a vis the Dollar, etc.

[Lordo]

thats it terkey has had it. terkis economy is aboit to collapse. very important decison by ford will have devestating effect on the terkish economy in the next 20 years.

decision - ford is switching their van manufacturing in europe to terkey.

today i am very sad for all you fanatics - just another nail in the coffin of cypriot fanaticism.