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2020-05-19 The Grand Turk
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Turkey is now top 3 country at most risk of bankruptcy
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[GREEKCITYTIMES] By continuing to occupy large areas of Cyprus, Syria and Iraq, funding jihadists groups in Syria and Libya, maintaining military bases in Africa, the Middle East and the Balkans, and violating Greece’s airspace on a daily basis, The Sick Man of Europe Turkey
...the only place on the face of the earth that misses the Ottoman Empire...
has put a major strain on its economy.
But how much of a strain?
Continued from Page 2
A newly released report by New Economy has found that Turkey is the third ranked country worldwide at risk of bankruptcy.
This comes as three senior Ottoman Turkish officials quoted by Rooters on Friday said they feared a second currency crisis.
Treasury and central bank officials have held bilateral talks in recent days with counterparts from Japan and the United Kingdom on setting up currency swap lines, and with Qatar
...an emirate on the east coast of the Arabian Peninsula. It sits on some really productive gas and oil deposits, which produces the highest per capita income in the world. They piss it all away on religion, financing the Moslem Brotherhood and several al-Qaeda affiliates. Home of nutbag holy manYusuf al-Qaradawi...
and China on expanding existing facilities, the officials said according to Rooters.
Cevdet Yilmaz, the ruling AK Party’s deputy chairman for foreign affairs, confirmed on Thursday that Turkey was seeking swap agreements.
"We are having negotiations with different central banks for swap opportunities," he told a panel discussion, adding: "It is not only the U.S., there are also other countries."
He did not give further details.
"Talks are in a better position especially with Qatar, China and Britannia," said the first bigwig, who requested anonymity. "I am optimistic that a certain amount of resources will be provided" and an agreement should "not take too long".
The two other officials said Turkey reached out to Japanese representatives about possible funding, with one adding that talks need to be speeded up if a swap line is to be secured, Rooters reported.
However,
today is that tomorrow you were thinking about yesterday...
as each day passes, Turkey becomes ever increasingly risk of bankruptcy. As previously reported by Greek City Times, Turkey’s three big banks of Garanti, Akbank and the Mustafa Kemal Ataturk-founded Isbank, are at high risk of bankruptcy too.
The Rooters report was a few days ago and there has not been an update on the swap agreements. Each passing day puts Turkey in a more vulnerable and indebted position.
In addition, the report that Turkey’s three big banks are at high risk of bankruptcy was reported over a week ago. So what is new?
According to the New Economy report, "during the last two weeks, the CDS (Credit Default Swaps) of both the Ottoman Turkish state and its banks have been went kaboom! at desperately high prices, indicating that Turkey’s probability of bankruptcy is extremely high. The CDS level for Ottoman Turkish state bonds remain so high, that they moved from ranking 6th globally a few days ago, to third position now."
New Economy explains that "CDS are the so-called risk premiums, that indicate the ’cost’ for someone to insure their money in the event that an obligation such as currency bond is not paid. In other words, the price of CDS is the safest indicator of whether an organization, company or state will go bankrupt. Prices in CDS below 100 points show bankruptcy probability below 1%, while prices above 600 points show that the probability of bankruptcy exceeds 5%. [...]"
The report explains that Turkey’s failed wars against Libya and Syria have been a major problem for its economy, putting the country’s bankruptcy probability at over 30% in the forthcoming period. This has put Turkey behind only Venezuela
 ...a country in Central America that sits on an enormous pool of oil. Formerly the most prospereous country in the region, it became infested with Commies sniffing almost unlimited wealth. It turned out the wealth wasn't unlimited, the economy collapsed under the clownish Hugo Chavez, the murder rate exceeded places like Honduras and El Salvador. A significant proportion of the populace refugeed to Colombia and points south...
and Argentina
...a country located on the other side of the Deep South. It is covered with Pampers and inhabited by Grouchos, who dance the Tangle. They used to have some islands called the Malvinas located where the Falklands are now. They're not supposed to cry for Evita...
, but "without having the US embargo that Venezuela has, nor the vast debt that Argentina brings." 
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Posted by Fred 2020-05-19 00:00||
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Posted by M. Murcek 2020-05-19 15:42||
2020-05-19 15:42||
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Posted by Clem 2020-05-19 19:39||
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Posted by trailing wife 2020-05-19 21:29||
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