Turkey debt: East-West Debt news update on the debt situation in TURKEY

Turkey's consumer inflation rose by 29.7% in 2002. It was lower than the 35% target set in the country's economic recovery program supported by the International Monetary Fund.

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East-West Debt march 2003 news, update : TURKEY

We are pleased to present another issue of East-West Debt news update on the debt situation in the world. International events influence the solutions for solving overdue trade and bank debts. East-West Debt can offer our readers attractive financial solutions for solving non-performing trade and bank debts ...

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East-West Debt offers financial solutions to multi-nationals, banks, governments, and insurance companies in solving overdue debts in high-risk countries in:

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For solving overdue debts, East-West Debt is using the following solutions:

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defaulted emerging market debt

Turkey

Turkey's consumer inflation rose by 29.7% in 2002. It was lower than the 35% target set in the country's economic recovery program supported by the International Monetary Fund. The wholesale inflation stood at 30.8% in 2002.

Turkey's new government is aiming for 20% inflation in 2003, in accordance with the IMF program. The government, which came to power in November 2002, has pledged to follow the IMF guidelines. However, it wants to make some revisions to help the poor. The IMF has given Turkey $16 billion in loans to help it recover from a recession that saw the economy shrink by 9.4% and prices rise by 68.5% in 2001.

Since 1980, Turkey has been following a program of economic liberalization promoted by the multilateral institutions, and designed to protect the assets of foreign creditors. During this period, the country has experienced a series of severe financial crises, and its economy has been characterized by wildly fluctuating capital flows, persistent inflation and continuously mounting domestic and external debt. The country is now one of the IMF's largest borrowers, and has received four major bailouts by the Fund in the last two and a half years alone (December 1999, December 2000, May 2001 and February 2002).

The IMF's latest $12 billion rescue package in 2002 is to be disbursed in several tranches over the next three years. A new "intensified" Fund-supported economic program has been initiated, with disbursement conditional on bimonthly IMF reviews of progress. Much of this latest bailout is designed to enable Turkey to repay existing debts. For instance, two thirds of the first year's disbursement of $9 billion are designed to service previous loans.

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