Kommentar til Tyrkiet har forhøjet renten brutalt

Flag 29-01-14 ~2 minutters læsning · 228 ord

Ja, det går ikke så godt længere for den «Tiger Økonomi» - måske fordi det hele er bygget på varm luft og skyhøje ambitioner, der har haft svært ved at få jordforbindelse.

«The Turks can spin polyester into sweaters for the Russian market, build washing machines for Southern Europe, and assemble cars for the Koreans. They can’t build a smart phone, let alone a modern aircraft, although their military has put some down-drones in the air. There are a handful of fine universities that produce good engineers and financial types, but not enough to make a dent in the country’s overall economic backwardness.»

Nu ankommer virkeligheden efterhånden til Erdogan´s drømme om en økonomisk supermagt.

«Turkey is in trouble because the Turks aren’t very good at anything in particular, but acted as if they were the next China. They borrowed vast sums from the international market against a glorious future that was never to be. Among all of the world’s big economies Turkey has the worst current account deficit, at nearly 8% of economic output, roughly where Greece was before its national bankruptcy. Investors reckoned that with high economic growth, Turkey would have no problem carrying its debt

what they did not take into account is that the growth itself was largely an illusion, a carnival of consumption and construction that depended on increasing debt in the first place.»


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