Warning of fallout from global crisis, OECD's Gurria urges deal with IMF

Angel Gurria, secretary-general of the Organization for Economic Cooperation and Development (OECD), yesterday arrived in Ankara at the invitation of Finance Minister Kemal Unakitan. Speaking at a panel on Turkey and the international economy, co-organized by the Turkish Industrialists' and Businessmen's Association (TUSIAD), Foreign Economic Relations Board (DEIK), and Istanbul Stock Exchange (IMKB), Gurria urged the government to sign a deal with the International Monetary Fund as soon as possible. "Don't be too optimistic about financial measures under the current conditions. No country is immune to the global crisis," he added. Also addressing the panel, TUSIAD Chairwoman Arzuhan Dogan Yalcindag claimed that in the second half of next year growth will halt abruptly, sending Turkey into a recession. Rifat Hisarciklioglu, chairman of the Turkish Union of Chambers and Commodities Exchanges (TOBB), said that rating agencies have misled the public, adding, "Control and supervision mechanisms have become ineffectual due to big companies' lust for excessive profit." On the sidelines of the panel, Gurria met with President Abdullah Gul and Unakitan.