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Turkey is among the top 3 countries facing bankruptcy

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Turkey is among the top 3 countries facing bankruptcy

Through attempting to invade vast parts in Cyprus, Syria and Iraq, through supporting militant factions in Syria and Libya, by establishing military bases in Europe , the Middle East and the Balkans, and by breaching Greece’s airspace on a regular basis, Turkey has put tremendous pressure on its economy.

Just how much burden does that have?

A recently published New Economy survey considers Turkey to be the world’s third-ranked nation at risk of bankruptcy.

That comes as three senior Turkish officials cited Friday by Reuters said they expected a second currency crisis.

Turkey’s facing bankruptcy

Treasury and central bank officials have had bilateral talks in recent days with Japanese and UK counterparts on establishing currency swap lines, and with Qatar and China on expanding existing facilities, authorities said to Reuters.

On Thursday, Cevdet Yilmaz, deputy chairman for foreign affairs of the ruling AK Party, reported that Turkey is pursuing swap agreements.

“We are negotiating swap opportunities with different central banks,” he said in a panel discussion, adding: “There are other countries as well as the U.S ..”

He gave no further details.

“Particularly with Qatar, China and Britain, the talks are in a stronger place”. The first senior official who demanded anonymity said. “I am confident that it will have a certain amount of money” and an arrangement will “not take too long.”

The other two officials said that, if a swap line will happen, Turkey reached out to Japanese leaders about potential financing. With one noting that discussions need to be speeded up, Reuters said.

Nevertheless, as each day passes, the possibility of recession is becoming increasingly turkish. As previously stated by the Greek City Times. There is also a high chance of bankruptcy among Turkey’s three major banks. Garanti banks, Akbank and the Mustafa Kemal Atatürk-founded şbank.

The Reuters report came out a couple of days earlier and there was no news on the swap deals. Every day that passes also places Turkey at a more fragile and indebted position.

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