2/9/2009

Nobel winner Stiglitz: Turkish finance sector less vulnerable than US and EU

Hurriyet Daily News - The Turkish finance sector has been less vulnerable than the United States and the European countries in the recent global financial crisis thanks to measures taken after the local economic crisis in 2001, US Nobel-winning economist Joseph Stiglitz told the Anatolian Agency. The rearrangements to the Turkish banking industry after the crisis in 2001 has now become beneficial, Columbia University Professor Stiglitz told the Agency in an interview regarding the relations between Turkey and the International Monetary Fund (IMF). The Turkish banks and firms have been less affected by the recent crisis as they used fewer external loans compared to other countries, he said, adding that fewer mortgages also made Turkey less vulnerable. But, Turkey will be affected by the stagnation in its biggest trading and tourism partner, Europe, he also told AA. Turkey will however be one of the less affected countries in Europe, he added.
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