Erdogan reiterrates no IMF deal if Turkey won't benefit

Some critics are trying to falsely paint the global economic crisis as Turkey's crisis or the result of government economic policies, said Prime Minister Recep Tayyip Erdogan yesterday. At a ceremony honoring Turkey's most successful small- and medium-seized enterprises (SMEs), Erdogan stressed that the crisis originated in the US and now has spread across the globe to affect all countries, including Turkey. As soon as initial signals of the crisis emerged, the government began to take necessary measures to counter it, he added. Pointing to a comprehensive government package to combat the crisis, he said that the Central Bank had injected TL 10 billion into Turkey's financial markets in the first half of last year. Touching on ongoing talks with the International Monetary Fund, Erdogan said the government will sign a new standby agreement with the Fund so long as doing so serves Turkey's interests. If the IMF puts forth unacceptable provisions, Turkey can go its own way with its own resources, he said, adding that a standby agreement should be based on mutual benefits. Pointing to how Turkey's debt to the IMF had dropped from some $23.5 billion when his party came to power in 2002 to $8 billion today, Erdogan said, "Turkey is a powerful country and we must be aware of this power." Talks on a new Turkey-IMF deal were suspended late last month, but both sides have said they hope an agreement will be reached soon. Turkey's previous successful standby agreement with the Fund ended last May. In related news, Erdogan yesterday attended the opening of a historic building restored by the Istanbul Chamber of Commerce (ITO). Speaking at the event, Erdogan said that all of Turkey's historic heritage from the civilizations and cultures which once called Anatolia home should be protected without exception, adding that they all belong to this land and the Turkish people.