Turkey financial sector ready to meet US economic crisis impact

Business Materials 27 September 2008 11:39 (UTC +04:00)

Turkish President Abdullah Gul said that "regardless of the election results on November 4th, the relations between Turkey and the United States will remain strong and stay as it is now."

Speaking live to CNN International tv channel at the New York Stock Exchange, Gul said that Turkey went through an economic crisis in the year 2001, a crisis that is identical to the one that the U.S. is going through now, reported Worldbulletin.

"We had exactly a similar crisis in Turkey. We overcame the crisis and everything is alright now in Turkey. Turkish financial sector is very much strong," Gul stressed.

"The crisis in Turkey helped us make the financial sector more transparent. We are very strong now and not feeling any difficulties. The Turkish economy and financial sector became ready for outside shocks," Gul noted.

Asked if Turkey is feeling the impact of the U.S. economic crisis, Gul said that "at the moment we are comfortable in Turkey. Our financial sector is ready to meet such conditions."

"In the long term, not only Turkey, but everybody will be touched by this crisis in the U.S. The sooner the decisions are made, the better it will be. It is important to make quick decisions so that the costs of the crisis would be lesser," Gul said.

In reference to a question on the upcoming U.S. election, Gul said that "Turkey has respect for the decision of American citizens. Regardless of the result of the U.S. election, relations between Turkey and the U.S. would remain strong."

Pointing out the importance of Iraq's territorial integrity and political union for Turkey, Gul said that "this is crucial not only for Turkey, but the Iraqis and its neighbors."

"We want to see an Iraq that lives in peace, welfare, democracy and good relations with its neighboring countries," Gul also said.