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Turkey is bankrupt

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Re: Turkey is bankrupt

Postby Maximus » Thu Aug 06, 2020 7:41 pm

repulsewarrior wrote:...religion.

What has that to do with Turkey's bankruptcy?

...no one wants to see the misery of "religious" contempt, anywhere.

...good idea Max, haven't been to Church in a long time, with the end of Turkey's and Cyprus' oppression, (which i pray for everyday), i will do the same.


I was taking the p!$$ because he was.

Just playing up to the stereotypes MR-NG projects on to the other.

:roll:

And he fell for it, hook line and sinker.

:lol:
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Re: Turkey is bankrupt

Postby Maximus » Thu Aug 06, 2020 8:24 pm

Anyway,

This is making headlines in a lot of media,

Quoted in Bloomberg, Nikolay Markov, senior economist at Pictet Asset Management said “We have a lot of ingredients here to have a full blown crisis, The hope is to have a more proactive policy response from the central bank.”

But, all they can do is raise interest rates through the roof, which is prohibited under erdoganomic theory.

What Turkey has here is

- depleted foreign currency reserves.
- depleting savers reserves, she is spending the foreign currency savings of her citizens to defend;
- A currency that becomes even more worthless over time, losing purchasing power parity on the international stage.
- ballooning current account deficit.
- A market flooded with cheap credit, soon to become non performing loans spread across the balance sheet of several domestic banks.
- rising inflation,
- rising unemployment
- rising covid cases,
- a tourism drought,
- blood sucking "TRNC", "TRNS" and "TRNL"
- and maxed out EU and US credit cards that she was trying to use to become a global super power.

Endorgan wont swallow his pride to implement the necessary IMF reforms to get a bail out either. because that would mean dismantling his corrupt regime.

He would rather Turks starve and not allow them to tell the world about it on social media.
Last edited by Maximus on Thu Aug 06, 2020 9:02 pm, edited 1 time in total.
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Re: Turkey is bankrupt

Postby Kikapu » Thu Aug 06, 2020 8:42 pm

Maximus wrote:.

He would rather Turks starve and not allow them to tell the world about it on social media.


What social media?

Didn’t Erdogan recently put a control on all the social media in Turkey?
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Re: Turkey is bankrupt

Postby Maximus » Thu Aug 06, 2020 8:46 pm

Kikapu wrote:
Maximus wrote:.

He would rather Turks starve and not allow them to tell the world about it on social media.


What social media?

Didn’t Erdogan recently put a control on all the social media in Turkey?


Yeah he did,

Thats why I said "and not allow them to tell the world about it on social media."

What a shame really, because Turkey could have been a bedrock of stability and prosperity for the region.

But she is the complete opposite and her delusions of grandeur will cost her dearly.

"peace at home, peace in the neighborhood". She doesn't get it,
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Re: Turkey is bankrupt

Postby Maximus » Fri Aug 07, 2020 11:30 am

The Lira is extending its losses today, sinking further into new all time lows.

people are calling for the resignation of Endorgans son in law as treasury and finance minister,

But, Endorgans cabal says no. :lol:

Only opposition figures get fired or thrown in jail.

As long as you are in the AKP, you are immune and can carry on destroying the country.
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Re: Turkey is bankrupt

Postby erolz66 » Fri Aug 07, 2020 12:49 pm

Maximus wrote:The Lira is extending its losses today, sinking further into new all time lows.


not looking that way right now vs sterling ? Yesterday close / peak was around 9.6 to pound. right now it looks like 9.5 ?
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Re: Turkey is bankrupt

Postby Maximus » Fri Aug 07, 2020 8:07 pm

Well spotted Erolz,

Erdogan says that; Nobody should try to trick our people,we are stronger than yesterday, we will be stronger tomorrow.

Turkeys gross domestic product rose from $236 billion in 2002, when his regime came to power to $754 billion until the end of 2019.

Car sales and refrigerator sales, in turkey rose, he says...... :D Turkey is soaring.

Do you agree with him?

Well, no, the lira is worth 20% of what it was when his regime came to power.

All this growth was created from hot money and credit, which is gone. Its time to pay it back. Which the average person cant.

The private and public sector is seriously indebted and the 3 largest banks are at high risk of going bankrupt due to this unsecured debt on their books that they cant recover. Taking how much of the peoples money with them if they go down?

As if it is all being made up. If there wasn't a serious problem, no one would be talking about it.
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Re: Turkey is bankrupt

Postby erolz66 » Fri Aug 07, 2020 9:39 pm

Maximus wrote:Well spotted Erolz,...


My views on Erdogan are little different from your I would guess. Turkey, probably not quite so much but Erdogan I think so. I do not think you are 'wrong' in over all terms on the current sate of the Turkish economy in general terms either. I personally would be surprised if lira does not break 10 to a pound within months if not days or weeks.

I just made the comment, with ? marks because as someone with income and expenditure in sterling euro and lira I watch the exchange movements between these various pairs a lot and when you said yesterday slide was accelerating today, I went and looked and saw something different. I put the question marks in in case I had missed something. That is all really.
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Re: Turkey is bankrupt

Postby Maximus » Fri Aug 07, 2020 9:52 pm

I was saying the same things months ago but you were not convinced.

Not that it matters, it is what it is.

I think your projection for TRY is reasonable. 8 to the dollar is within sight.

Unless the central bank raises interest rates (closer to 30%), the country is is pretty fudged.

(practically) no one has confidence that this will be done while erdogan dictates..
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Re: Turkey is bankrupt

Postby Maximus » Fri Aug 07, 2020 9:59 pm

I was saying the same things months ago but you were not convinced.

Not that it matters, it is what it is.

I think your projection for TRY is reasonable. 8 to the dollar is within sight and not in the too distant future either.

Unless the central bank raises interest rates (close to or around 30%) and stay there for a long while, the country is is pretty fudged.

Not that this will fix much but it will somewhat slow things down so the economy can have a chance of changing course.

but

(practically) no one has confidence that this will be done because erdogan is in charge.
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