Mar 31 2018

Erdoğan crowd boo deputy PM

Turkish President Recep Tayyip Erdoğan has encouraged a crowd to boo his own deputy prime minister with reference to the economy at a rally of his Justice and Development Party in the Istanbul district of Pendik, opposition Cumhuriyet newspaper said.

“Some people have come out and said strange, strange things” about the economy, Erdoğan said, leading the crowd to boo.

“They say the economy this, the economy that, ‘we need to be careful’ etc. You must always be careful, but you do not shoot yourself in the foot. If you get up and continue to run the country with an economy based on interest, then it will resemble a carelessly (driven) car.”

It was the continuation of a theme he had taken up in a previous speech.

“Some of our colleagues among us have participated in (the global credit rating agencies’) plot, and – I’m sorry to say – have fallen into error so far as to make certain statements about the economic situation being problematic, and we are saddened to hear that they have done it at meetings. Does a man shoot himself in the foot?” Erdoğan asked about Deputy Prime Minister Mehmet Şimşek.

The former senior economist at Merill Lynch had told state news channel TRT Haber on Monday that Turkey had economic problems but they could be overcome.

“These problems are being most clearly reflected of course in the exchange rate, because Turkey has insufficient savings,” Şimşek said.

“Developments have negatively effected the permanent, long-term cash flow, and this has been reflected in the exchange rate.”

Erdoğan also said that financial interest was damaging the Turkish economy.

“The root of all evils in the economy is interest. Interest makes the rich richer and the poor poorer. Where is its lobby? The financial institutions. I am openly saying this – the state banks are also in this business,” he said.

“We need to solve this business and sooner or later we will solve it. Because that is the education we have received. We cannot act while looking into the mouth of George or Hans.”