Turkey terminates decades of IMF debt, officials say

Turkey terminates decades of IMF debt, officials say

Turkey terminates decades of IMF debt, officials say

Turkey has paid off all debt owed to the IMF which extended its first loans more than 50 years ago, and is now set to contribute to the Fund's operations, owing to economic growth that gave a priority to the private sector, Turkish officials said on Tuesday.

(visit the link for the full news article)

Damn, good for you Turkey! Paying off debts like a boss!

The last instalment of $412 million was paid Tuesday to the International Monetary Fund by the Turkish central bank, bringing to an end a series of loans extended by the IMF since 1958.

Deputy Prime Pinister Ali Babacan was quoted by the Anatolia news agency as saying that Turkey had also committed to contributing a sum "on the order of five billion dollars" to IMF operations.

Damn giving away 5 billion to the IMF for operations? What operations? That's a lot of money.

Babacan told Turkish television on Monday that the country's economic turnaround was the result of making private sector growth a priority.

The country's public debt has been cut from 46 percent of gross domestic product (GDP) to 36 percent in four years, he added.

By way of comparison, European Union members are bound to maintain public debt below 60 percent of GDP, but very few have done so.

Yeah, Greece hears that.

In other IMF news, IMF calls on U.S. to develop credible budget plan

Be nice if the more countries could follow Turkey's lead.



Turkey terminates decades of IMF debt, officials say
(visit the link for the full news article)

reply to post by Swills


Deposit to the IMF when you have paid back all debt or prepare to be invaded! People think the US is a superpower...the IMF could destroy it easily.

So it took 55 years to pay off the loan plus interest to the loan shark and now they have to pay protection money. Basically it never ends.

reply to post by Carreau


You said that perfectly and in reality, that is what is happening. I would like to find out how much money my own country gives away, it is a lot. IMF gets some, part of the stupid Carbon Tax goes overseas for some strange reason. It would be nice for citizens to know how much of their taxes get sent to someone, somewhere overseas for some reason.

Us citizens would have a heart attack if they knew the whole story.

P

Originally posted by Carreau
So it took 55 years to pay off the loan plus interest to the loan shark and now they have to pay protection money. Basically it never ends.

Actually, I'd hazard to guess, they become the loansharks. Money isn't free, I'm curious what kind of returns Turkey will see on that...

reply to post by boncho

Deputy Prime Pinister Ali Babacan was quoted by the Anatolia news agency as saying that Turkey had also committed to contributing a sum "on the order of five billion dollars" to IMF operations.

That's not a loan. Contribute.

reply to post by Swills

Thats not how its supposed to work.

Your nation is supposed to receive loans (comprised of paper) which it cant possibly pay back. Then the "bank" forecloses on collateral, your nation's real assets: natural resources, Greek land, Fort Knox gold etc.

The IMF Rothschilds are getting sloppy.

Originally posted by Carreau
reply to post by boncho

 

Deputy Prime Pinister Ali Babacan was quoted by the Anatolia news agency as saying that Turkey had also committed to contributing a sum "on the order of five billion dollars" to IMF operations.

That's not a loan. Contribute.

Says you.

Now, the Turkish government is enjoying declaring not only that it will no longer be a debtor, but also that it will be a lender to the fund as Turkey and the IMF have agreed on a $5 billion contribution from Turkey.

www.hurriyetdailynews.com...

Originally posted by pheonix358
reply to post by Carreau

 

You said that perfectly and in reality, that is what is happening. I would like to find out how much money my own country gives away, it is a lot. IMF gets some, part of the stupid Carbon Tax goes overseas for some strange reason. It would be nice for citizens to know how much of their taxes get sent to someone, somewhere overseas for some reason.

Us citizens would have a heart attack if they knew the whole story.

P

edit on 14/5/2013 by pheonix358 because: (no reason given)

Pretty certain the Carbon Tax goes into a numbered offshore account that Julia and Tony split between themselves....because we definitely don't see them using the money here. Although, in saying that, Australian debt is down to something like 8 billion, so we may very shortly be following Turkey into a world of financial freedom (under the protection of the SkyWhale )

reply to post by windslayer


We were all ready there! We even had money in the kangaroo's pouch for a rainy day. All compliments of Howard! Then the US of A came along blowing like the pied piper screaming spend, spend, spend like there is no tomorrow for if you do not spend like a looney there will be no tomorrow!

And the idiots spent and wasted wealth at a rate never before seen. Now we need to climb back out of the hole.

Idiotic peanuts. We avoided the recession that we were never going to have and the only countries to benefit were China and Taiwan who sold thousands and thousands of TVs and such like.

P

Wow, so they paid off debts finally? Good for them. Naive of some people to think they are now "free".

This is just one piece of the puzzle. Which the OP conveniently doesn't even bother with, but hey, if he wants to remain ignorant and clueless, that's his choice.

So Turkey paid off the IMF loans? Excellent.
Now I wonder when they will pay off other government debt. What other government debt you say? The other government debt that has fueled this so called economic growth.

Let's look at facts..

Unemployment of 10%. For a country which some people think is in the midst of some sort of economic boom, why is 10% of the population without work? I'd believe all the hype if their unemployment rate was 5%.
Nearly 20% are living below the poverty line. But they paid off the IMF, let's all copy Turkeys economic model.
GDP Per Capita, ranked alongside economic powerhouse Gabon.
Turkey doesn't even make the top 50 on the Human Development Index. Even Libya, which has only recently seen a nation wide civil war and foreign intervention, ranks higher.

You actually believe that their government debt has come down from 40% to 35%?
They have been running a budget deficit as long as Greece has.
Currently they have $20-30 BILLION in budget deficits. This is an annual thing btw.

I'll let you in on a little secret or two about Turkey, and where the money comes from.

First, the Gulf Arab states. One prime example is Saudi Arabia who basically bought Turkey's first F16 fleet.

Second, people smuggling. The Turkish state, and it's various agencies, are involved in the people smuggling trade.

Third, drug trafficking. Like people smuggling, the Turkish state is involved in drug trafficking activities.

Guess where the drugs and illegal immigrants end up? Europe!!

Guess who else is involved in these trades? The very same groups the West is allegedly fighting against in the War on Terror.

They call this the Turkish deep state. And it is just one aspect of it.

They are involved in a lot of other nasty things.
Do a Google search for the female Turkish agent who blew the lid on some of the illegal activities that Turkey is involved in, that involved Pakistan and I believe the USA as well.

And this is the stuff that manages to see the light of day in the mainstream.
There's a lot more that doesn't get out to the mainstream.


So before coming on an Internet forum, holding up Turkey as some example of economic success, check the facts.



Turkey is like Indonesia, in that it is a giant "factory/assembly plant/textiles plant" for the globalist corporations.
They exploit the cheap labor in these countries.
Take away all these globalist corporations which send western jobs to these third world and developing countries, and these countries will be right back where they started before the globalist agenda kicked into over drive with the outsourcing of western jobs.

There is nothing to be learned from places like Turkey in relation to better economic management.
It is external factors which has seen their economies grow.
But that growth hasn't come for the benefit of the Turkish people, who in the eastern provinces don't even have a basic telephone service in the year 2013.

The government might be building high speed trains, but it is neglecting a large portion of it's citizens who don't even have basic services yet.
Those trains and skyscrapers are there to mask the reality. They are there to portray an image of a strong, advanced country, when the opposite is in fact the truth.
They need these "Turkey strong!!1!" projects however as distractions to the general population, because Turkey is a mix of various ethnic groups who were united 100 years ago under brutal violence, atrocities, and forced conversion to islam(forced as in convert of be killed. The atrocities and brutality of them back in those days are all well documented by western sources. The Nazis learned a lot of lessons from observing the Turks.)
The need for these projects is to distract people with "Turkey strong" stuff, to stop the various ethnic groups from having "national consciousness" awakening moments.

reply to post by Swills


"Turkey has paid off all debt owed to the IMF which extended its first loans more than 50 years ago, and is now set to contribute to the Fund's operations, owing to economic growth that gave a priority to the private sector, Turkish officials said on Tuesday."

Now set to contribute?
Bollux to that Turkey, look after yourself first, get some money in your coffers THEN decide if you want to pay money to the International Mafia Fund.

this is good for Turkey
and to think they wanted to Join the EU
their economy is better then most EU nations and if they had joined they would be bleed dry by the EU
and have their laws decentralized

Originally posted by iBallinU

Second, people smuggling. The Turkish state, and it's various agencies, are involved in the people smuggling trade.

Third, drug trafficking. Like people smuggling, the Turkish state is involved in drug trafficking activities.

Guess where the drugs and illegal immigrants end up? Europe!!

Guess who else is involved in these trades? The very same groups the West is allegedly fighting against in the War on Terror.

They call this the Turkish deep state. And it is just one aspect of it.

Do you have a link/source for this? Not doubting it, just wanting to read up on it.

Originally posted by pheonix358
reply to post by windslayer

 

We were all ready there! We even had money in the kangaroo's pouch for a rainy day. All compliments of Howard! Then the US of A came along blowing like the pied piper screaming spend, spend, spend like there is no tomorrow for if you do not spend like a looney there will be no tomorrow!

And the idiots spent and wasted wealth at a rate never before seen. Now we need to climb back out of the hole.

Idiotic peanuts. We avoided the recession that we were never going to have and the only countries to benefit were China and Taiwan who sold thousands and thousands of TVs and such like.

P

Haha... Kangaroo's pouch. I remember when we had that, it was pretty amazing. Problem is, I'm in Canberra, and we get the least say of anyone. Even though we're the "capital"
Hopefully we don't get stuck like Turkey... I doubt we'll end up with people smuggling, we're already on the wrong end of that.

But, enough negativity and such. We're meant to be on here, denying ignorance, so let's not be ignorant of the fact that, no matter what other rubbish is in the background, Turkey has managed to get itself onto the good side of the line with the IMF

reply to post by iBallinU

Informative post.

I wonder how much of that "debt" was squashed because Turkey allows Nato to use their country side and borders for training and incursions into Syria? The eventual overthrow of Syria will be a Boon for the World Bank, right? Any thing that quickens that pace and destroys Syria's infrastructure will result in fresh business for the Global Banking Industry. Afetr Syria's "fall" they can then extend loans through the IMF for "reconstruction" and charge endless interest on never being paid back.

War is business. Business is goood.

Seems like Turkey did very well for itself 10 years ago by allowing the US access in order to stage operations for Iraq and Afghanistan. I believe we helped pay off a great deal of their debt.

Please see: rense.com...

Originally posted by FissionSurplus
Seems like Turkey did very well for itself 10 years ago by allowing the US access in order to stage operations for Iraq and Afghanistan. I believe we helped pay off a great deal of their debt.

Please see: rense.com...

Wrong. Turkey did allow access, to an extent, but that's because it was obligated to under existing agreements.
Even Greece took part in the Iraq war, technically through the use of the Souda Bay military facilities.
The only facilities in Turkey that were used for the Iraq war was the NATO/US airbase at Incirlik.

The USA wanted to open a northern front as part of it's invasion plans. In fact it had already began deploying tens of thousands of soldiers and all the related military equipment to invade from the north as well as the south.
Turkey then demanded tens of billions of dollars be paid. The USA of course said no to this blatant extortion.
Although this has more to do with Turkeys internal politics.


Believe me, Turkey is benefiting greatly from Gulf Arab oil money and it's participation in the people and drug trafficking networks into Europe.

To the poster who asked for a link, I don't have any links on hand, because it is information and facts that I have come across over the years, since the year 2000/1. If those sites and documents still exist online, then it shouldn't be too difficult to find. If I come across anything, I will post it.

But the biggest clue anyone needs, is Turkeys claimed public debt, and the fact it has been running budget deficits into the tens of billions practically for like 20 years, if not longer. Those are the official figures, based on official, legitimate sources of income and money flows.
But if you are running budget deficits for decades, and not doing anything to curb that excess spending, you run into trouble, like Greece, Spain, Italy, Portugal all have...yet Turkey claims it has a debt level of only 35%...strange, no?

The answer is it's participation and financial benefit from said illegal activities.

The Greek Navy and Coast Guard have evidence, video footage and photos, of the Turkish navy, coast guard, army, etc, actually helping to MOVE illegal immigrants across the border in Greece. Again, I don't know if this stuff is still online. I know Turkey got upset with it, and they released a video of their own claiming it was the Greek navy dumping illegals in the water, when all it was was a video of them selves doing it. I think that one disappeared soon after that fact came out.

Another interesting little fact is the European Unions illegal immigration border control agency, FRONTEX, which is operating in Greece. FRONTEX aircraft have been threatened directly by the Turkish military. It serves two purposes, 1) to set a precedent, a defacto status, with regards to Turkeys territorial claims, and 2) to keep the EU's official eyes and ears away from what's really going on out there with regards to illegal immigration into Europe.
I've heard interviews of some of these illegal immigrants, stuff that isn't online(family over there are mostly law enforcement and military), and the stuff these people reveal is astounding to say the least. But nobody in any position of power wants to listen or hear what they have to say, not in Greece, not in Brussels, and not at the United Nations.

Why? Because there are certain wealthy elite globalists who are benefiting from all this illegal immigration, one way or another.

You think slavery was ended?
Take a look around you...it's very much alive, just in a modern form, with different names and labels.

And as for Turkey getting free of the IMF, and all that about not contributing but rather helping it self. Turkey is part of the system, part of the globalists system. That's what happens when you bend over for the IMF willingly.

You either become part of the system, or you try and break free.

Russia for example told those who it owed to get stuffed. And Russia has benefited and boomed since.
But not everyone is Russia. So what's possible for Russia, was not possible for Turkey, or for Greece now. And that is assuming that politicians in either country want to break their country free of the IMF dungeon.
They don't. That's the problem. These countries went to the IMF because of their politicians.
Their economic collapses and troubles were STAGED, they were ENGINEERED AND PLAYED OUT ACCORDING TO SCRIPT!!

Greece defaulting and exiting the Euro will not be the end. Greece will rebound a lot sooner and grow bigger if it did, then it will under the IMF plans.
The IMF isn't about fixing your economy and growth. It's about collecting as much forced tribute from your country as possible, and leaving your people in debt for eternity.
Look at Greece, from 100% of debt, to nearly 200%, and that because of the IMF plans.
Why do you think people were rioting and still protesting today? Because they know whats happening

So the IMF takes the money borrowed, plus interest. Okay I get that.

What are the chances all of that take in money is backed by anything whatsoever?

Since a lot of the current currency is not backed by anything, they keep diminishing the size of the whole original pie, moving their new piece to a new plate, while everyone else is left to deal with their debts with a smaller whole of the original pie.

Yeah that sounds crazy and made up. Hard to explain lol.

Originally posted by cconn487
So the IMF takes the money borrowed, plus interest. Okay I get that.

What are the chances all of that take in money is backed by anything whatsoever?

Since a lot of the current currency is not backed by anything, they keep diminishing the size of the whole original pie, moving their new piece to a new plate, while everyone else is left to deal with their debts with a smaller whole of the original pie.

Yeah that sounds crazy and made up. Hard to explain lol.

The IMF is a fund. See: the last word of it's name. Fund. A fund is just that. The IMF is based off a few strong currencies, that's how it makes its own monetary instruments and does loans. It is a fund, that many contribute to. Being in the top of the IMF is being on top of the world. Owing them, is a major pain in the ass to your country.

But in any case, yep, it's a fund. Its respective of all the countries that participate, and all they own/have.

Bitch about fiat currency all you want (I personally don't like it) but at the end of the day it does represent something, because it's the worldwide standard. Simple as that.