10/6/2008

Turkey to be least affected by global crisis: PM

Hurriyet English - Turkey is likely to be the country "least effected" by the crisis and is strong enough to weather the global financial crisis, Turkish Prime Minister Recep Tayyip Erdogan said at a news conference presenting the Turkish Lira's new bank notes and coins. He stated “Turkey is now more resistant to financial crises and that the government will take any necessary measures in order to minimize the impact of the current global financial problems”. Turkey reformed its banking system amid a deep financial crisis in 2001 that saw 21 banks being taken over by a government agency. The Turkish banks also have limited foreign exposure, reducing risks.