Erdogan: "Our economy's firm foundations will cushion it from the global crisis"

Prime Minister Recep Tayyip Erdogan yesterday attended a meeting in Ankara held as part of the 11th Foreign Trade Week. Addressing the gathering, Erdogan said, "Given recent developments in international stock exchanges, triggered by the US global financial crisis, Turkey, which is a developing country, will surely be affected by these global fluctuations, but their effect will be minimal." Stating that Turkey had learned a great deal from previous financial crises, he said, "Over the last six years we restructured our financial and banking systems in light of these experiences, and now they're in a solid position. Today, Turkey is better positioned financially than many developed countries." About the impact on exports, he said, "I believe our foreign trade won't be greatly affected by the crisis, but will turn it into an opportunity." Erdogan also criticized what he called fear mongering by some, saying that the government was taking all necessary measures to protect the country from the crisis.