Turkey seeks financing from China, says Erdogan

[haidian]

Turkey seeks financing from China, says Erdogan
President calls on citizens to mount a ‘national resistance’ in face of worsening currency crisis
By ASIA TIMES STAFF AUGUST 9, 2018 1:32 AM (UTC+8)

Photo: AFP/Greg Baker

Speaking in Ankara on Wednesday, Turkey’s President Recep Tayyip Erdogan announced that Turkey will issue so-called panda bonds in China to “diversify its sources of financing,” raising money in Chinese yuan rather than in US dollars or euros. He also called on Turkish citizens to engage in “national resistance” and to convert the foreign currency they kept under their mattresses into Turkish lira.

Turkey’s lira has lost 30% of its value this year and the Turkish stock market has lost more than 40% of its value in US dollar terms, most of it before the United States introduced sanctions against Turkey in retaliation for the jailing of an American Christian clergyman. Turkey is running a current account deficit equal to 6.5% of GDP, one of the highest in the world, and is running out of financing sources.

The idea of borrowing in Chinese yuan has been in preparation for months. Last February, the Turkish Treasury announced that it had asked several Chinese and foreign banks to prepare for panda bond issuance during the second half of 2018.

Last week, the Industrial and Commercial Bank of China announced that it would refinance US$2.7 billion of loans to some of President Erdogan’s prestige infrastructure projects in Istanbul.

China views Turkey as a terminus on the New Silk Road project. With Turkish equity valuations close to all-time lows, selective Chinese bottom-fishing in the Turkish market is to be expected. Turkey has also expanded military cooperation with China during recent months, the website Al-Monitor reported yesterday.

http://www.atimes.com/article/turkey-seeks-financing-from-china-says-erdogan/

 

[haidian]

Turkey secures $3.6 billion loan package from China
Jul 26 2018

The Industrial and Commercial Bank of China (ICBC) has agreed a loan package worth $3.6 billion for Turkey’s energy and transportation sector, Turkey’s Finance and Treasury Minister, Berat Albayrak, announced on Thursday.

The announcement comes during Albayrak’s visit to China, one of his first overseas trips since being named Finance and Treasury minister earlier this month.

The provision of a multi-billion dollar loan package has come at a fortunate time for Turkey, which will likely face U.S. sanctions , including restrictions on development loans, as a response to the imprisonment in Turkey of U.S. citizens and employees.

ICBC gained a foothold in Turkey in 2015 by acquiring over 75 percent of shares in the Turkish TekstilBank in a $316 million deal.

http://www.hurriyetdailynews.com/chinese-bank-to-lend-3-6-billion-to-turkey-albayrak-135083

 

[khansaheeb]

Seems like China is the cash cow now for all those who are unable to manage their finances. Turkey is supposed to be the economic power house in that region, it's astonishing that they are now in financial crisis.

 

[haidian]

Seems like China is the cash cow now for all those who are unable to manage their finances. Turkey is supposed to be the economic power house in that region, it's astonishing that they are now in financial crisis.

Turkey is never as strong and rich as what they claim to be. They brag a lot.

 

[Pan-Islamic-Pakistan]

Turkey is never as strong and rich as what they claim to be. They brag a lot.

As Turkey shifts toward China, shouldn’t you let go of your anti-Turkish views?

 

[Ishq Dewana]

Haha! Can’t wait to see the burning American as*ses over this! Middle finger to the West! Every country should ally with China, rather than the US.

 

[haidian]

As Turkey shifts toward China, shouldn’t you let go of your anti-Turkish views?

Everything happens for a reason, we don't dislike them for no reaons, those Turks like "atatwolf " call our Xinjiang and the people "My beautiful land and my beautiful people" and harbor the scheme of Pan Turkistan to separate Xinjiang from China. The problem we have with India is they host Dalai Lama and so called Tibetan exile government, the one with Turkey is their tacit support of Xinjiang separatists and their various anti China groups operating in Turkey.

Who’s going to buy Turkey?
1,500 years after the Han dynasty kicked out the Turks, China may buy them out as well
By DAVID P. GOLDMAN AUGUST 7, 2018 9:13 PM (UTC+8)

With the Turkish lira in free fall, just as Asia Unhedged has predicted this past year, Turkey’s stock market has shrunk to rounding-error dimensions.

The whole of the Istanbul 30 Index, the country’s blue chip gauge, is presently worth just 176 billion Turkish lira, or a mere US$33 billion. That’s the market cap of the Monster Beverage Company in the US.

US$33 billion is a rounding error in China’s global net asset position, and the likeliest outcome of the crash of Tayyip Erdogan’s kleptocracy is that Turkey will simply be a wholly-owned subsidiary of China. 1,500 years after the Han dynasty kicked the Turks out of Central Asia, it will buy them out as well.

http://www.atimes.com/article/whos-going-to-buy-turkey/

 

[Pan-Islamic-Pakistan]

those Turks like "Atilla the Hun" call our Xinjiang and the people "our land and our people" and harbor the scheme of Pan Turkistan to separate Xinjiang from China. The problem we have with India is they host Dalai Lama and so called Tibetan exile government, the one with Turkey is their tacit support of Xinjiang separatists and their various anti China groups operating in Turkey.

Let me tell you the secret to solve your problems forever. Co-opt the Pan-Turkestan movement and ally with Turkey. Ease tensions and restrictions, and start talking highly of Muslims and Islamic culture. Make the Uyghur identity and its Islamic dimension a part of Chinese nationalism

China and Turkey can be the major forces in Central Asia. If you don't do it willfully, destiny is pushing everyone in the region together, whether they like it or not. Russia, China, Turkey, Iran, Pakistan, Afghanistan, the CARs have a shared future.

 

[Beast]

Seems like China is the cash cow now for all those who are unable to manage their finances. Turkey is supposed to be the economic power house in that region, it's astonishing that they are now in financial crisis.

As Turkey shifts toward China, shouldn’t you let go of your anti-Turkish views?

That is not anti turkish but the truth. He never say Turkey is a bad country.

 

[haidian]

Co-opt the Pan-Turkestan movement

It will never happen, we always know who they are and what they are up to in the end. They themselves will find it a pipe dream and laughable in the future, no countries share this idiocy except for Turkish themselves.

 

[royalharris]

Just don’t argue with this illusional radical Pakistani guy

An roguish beggar ask you give him 1 million $,why waste your time to tell him it is not right

 

[Pan-Islamic-Pakistan]

Just do argue this illusional radical Pakistani guy

You better watch your tongue. You are on a Pakistani forum.

 

[haidian]

I cherish Pakistan as our best friend and understand Pakistan-Turkey hand and glove friendship and I have nothing against it, just wish that Pakistan won't love Turkey so much to the point that she has to be against China. China won't budge on the issues concerning her territorial integrity and national security.

 

[royalharris]

In every country, there are different people, just like in the forest, there are lions and there are aslo flys

Just ignore the flys, especially the group, living outside pakistan, spraying nonsence everyday,without standing the true pakistani point

 

[Feng Leng]

It will never happen, we always know who they are and what they are up to in the end. They themselves will find it a pipe dream and laughable in the future, no countries share this idiocy except for Turkish themselves.

We can make deals with Turkey even while we maintain border security. In the past 10 to 15 years, Turkey's economy grew so fast that it greated an inflated ego and some people started envisioning a restored Ottoman Empire. We don't want to see an Ottoman Empire so big that it threatens our Western territory but having a strategic partner in Turkey is better than a pro-US Turkey.