Economic Crisis in Turkey
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Nations have been minting their own currencies for thousands of years, and individuals in most countries are used to using currency as a medium of exchange. In most countries, pieces of paper are readily exchanged for goods and services. When checks or bank drafts are used, the symbolic use of currency is taken one step further: the checks represent the currency that represents the value of the thing in question. So long as governments are secure and able to back their currencies, this system works well. When governments fall, the currency becomes as worthless as the paper it is printed on.Because each nation issues its own currency, each currency is worth something different in relation to every other currency in the world. Nations which have strong economies generally have strong currencies, which is why today's currency markets are dominated by the yen, the American dollar and the mark. At some point in history, enterprising traders devised ways to trade not in goods or services from one country to another, but in the currency of various countries. This research considers recent economic events in Turkey, the effect on the currency, and the macroeconomic explanations for these events. Turkey has been courting the International Monetary Fund (IMF) and other international lenders since the early months of 2001 when it suffered a significant (40 percent) devaluation in its currency. The currency devaluation is attributed to fail
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Article 2 of 27
International
Turkey Drafts Plan
To Mend Economy
Amid Bleak Outlook
By Hugh Pope
04/16/2001
The Wall Street Journal
Page A12
(Copyright (c) 2001, Dow Jones & Company, Inc.)
ISTANBUL, Turkey -- Turkey still needs a few more days to clinch a vital $10 billion to $12 billion in support from the International Monetary Fund and other lenders, Economy Minister Kemal Dervis said in his first major presentation on how he plans to steer Turkey out of its worst economic crisis in two decades.
The government's 30-page report painted a bleak scenario for the year ahead. The economy is set to shrink by 3%, compared with 6% growth last year. Wholesale inflation is now set to hit 58% after falling to 33% last year. Mr. Dervis ruled out major new taxes, hoping instead to cut state spending by 9%.
" Turkey is going through bad days ... but we can't go on like this. In the past decade, our national debt has doubled relative to GNP," Mr. Dervis told reporters Saturday. "Work continues on securing foreign support."
Mr. Dervis said a long-awaited announcement on foreign financing would be made this week. Without these data, or clear current
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Approximate Word count = 5366
Approximate Pages = 21 (250 words per page)
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