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Turkish deputy PM: Possibility of eurozone break-up dangerous

Türkiye Materials 21 September 2012 05:06
Turkish Deputy Prime Minister Ali Babacan said on Thursday that Turkey thought that a possibility of break-up of eurozone was dangerous.
Turkish deputy PM: Possibility of eurozone break-up dangerous

Turkish Deputy Prime Minister Ali Babacan said on Thursday that Turkey thought that a possibility of break-up of eurozone was dangerous.

This would be a "disaster" for any country which had possibility of breaking away from the eurozone, said Babacan during his speech at the High Growth Markets Summit of The Economist in British capital of London.

Babacan said that many countries needed urgent reforms in their fiscal structure.
There were several reasons to be concerned regarding economic situation of Europe, he said.

Babacan said that the European Central Bank's latest decisions should not relieve governments which had to fulfill structural reforms.

One country's breaking away from the eurozone could lead other countries to break away, he said. Turkey advised its European friends to have solidarity, he said. Touching on the developments that have taken place in Turkish economy in the past decade, he said that Turkish economy grew by 9.2 percent in 2010 and 8.5 percent in 2011, adding that a lower growth was expected this year.

Turkish Central Bank did a good job in fighting inflation and ensuring financial stability, he said.

Asked whether Turkey was eager to join the EU, Babacan said that what was important for Turkey was to be in the negotiation process. "The process is beneficial for Turkey and especially for political reforms," he said.

In regard to Syria, Babacan said that the international community did not do anything about the current situation in Syria, and the UN Security Council was not effective on the issue.

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