2/29/2008

Is global turmoil an opportunity for Turkish economy?

Today's Zaman - Sabanci Holding Chairwoman Guler Sabanci has said cash injections to world markets in order to deal with the sub-prime mortgage-induced crisis will cause a rise in global liquidity, adding that Turkey will be a prime destination for this capital if it maintains a political environment free of controversy. Sabanci and Ahmed Dorduncu, CEO of Sabanci Holding, announced the 2007 financial results and 2008 goals for the holding at a press conference yesterday in Istanbul. Sabanci said "Turkey should avoid political controversies if it wants to benefit from the liquidity surplus thanks to the cash injections to the market to deal with the subprime crisis. Turkey is one of the places for this liquidity to flow." She said the slowdown has not occurred in European countries, to which Turkey sends the most exports, noting that, she therefore does not foresee a drop in Turkey's exports.

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