ColdFusion Developer Center

Turkey on the brink of total bankruptcy – ex-economy minister Babacan

The chairman of Turkey’s opposition DEVA party, Ali Babacan, said on Wednesday that the country was on the verge of total bankruptcy, according to the T24 news site. reported.

Babacan criticized the government for its handling of the economy during a weekly meeting held at his party headquarters in Ankara.

“Today I want to say that we are on the verge of bankruptcy as a country and ask the government to do their homework immediately,” he said.

“I am worried because our country’s default risk, namely the risk of bankruptcy, has reached an unprecedented level. The future of our children is at stake. We are faced with a question of economic and financial survival. Turkey’s credit rating has fallen to the worst level in history,” Babacan said.

Babacan served as Minister of Economy, Minister of Foreign Affairs and Deputy Prime Minister under the government of President Recep Tayyip Erdoğan.

“What is default for Turkey, what is bankruptcy? This means that the Republic of Turkey cannot pay for the natural gas and oil it imports. Bankruptcy means that basic needs such as gas and diesel cannot be met even with cash. You have money, you can’t get more than half a tank of gas or you wait in a queue for 3 hours. It’s bankruptcy,” Babacan said.

“The bankruptcy means widespread and long-lasting power cuts across the country. Imagine the electricity being cut off for six hours, 10 hours a day. This is the danger. They do not know. Bankruptcy means total economic and financial collapse. Bankruptcy means chaos.

Babacan called on Erdoğan to immediately change the country’s economy and financial management.

“Make up your mind immediately. Do what is necessary for the management of economy and finance based on reason and science,” he said. “Immediately appoint qualified personnel to the Central Bank and the Turkish Statistical Institute and do not interfere in these independent institutions”.