EU commissioner opposes economic aid for Turkey

Turkey’s economic problems cannot be resolved by aid packages from the European Union, Johannes Hahn, EU enlargement commissioner, told Germany’s Die Welt newspaper.

Hahn’s comments came ahead of a visit to Germany by Turkish President Recep Tayyip Erdoğan on Friday, which the Turkish government hopes that may lead to European efforts to help Turkey out of its economic crisis.

The Turkish lira has lost 40 percent of it value against the dollar this year and some Turkish firms are struggling to repay their short-term foreign-denominated debts.

“Turkey’s economic problems are homemade,” Hahn said. 

To revive its economy, Turkey should return to sound economic policies, ensure the independence of its central bank, and respect to democratic principles, he said. 

Western companies would resume investing in Turkey once they regain confidence in its politics, Hahn said.