economic crisis

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Moody’s Downgrades Ratings of 9 Banks in Turkey to B2

Moody’s Downgrades Ratings of 9 Banks in Turkey to B2

International credit rating agency Moody’s has downgraded the foreign currency deposit ratings of Akbank, Alternatifbank, ING Bank, QNB Finansbank, Ziraat Bank, Türk Ekonomi Bank, Garanti Bank, Türkiye Vakıflar Bank and Yapı ve Kredi Bank.

27 September 2018

New Economic Plan: Growth, Inflation Expectations Revised

New Economic Plan: Growth, Inflation Expectations Revised

Minister of Treasury and Finance Albayrak has announced that the economy of Turkey is expected to grow by 3.8 percent in 2018 and by 2.3 percent in 2019. He has also stated that their inflation expectations for 2018 and 2019 are 20.8 and 15.9 percent respectively.

20 September 2018

Erdoğan Slams Central Bank: There You Have Your Independence

Erdoğan Slams Central Bank: There You Have Your Independence

In his speech on economic crisis, President Erdoğan has referred to the increasing exchange rates as “an economic assassination.” Addressing the Central Bank, he has also said, “There you have your independence. We will now see its consequence.”

14 September 2018

Erdoğan: Attack on Our Economy is No Different from Attack on Call to Prayer, Flag

Erdoğan: Attack on Our Economy is No Different from Attack on Call to Prayer, Flag

President and AKP Chair Erdoğan has shared a message in celebration of the Sacrifice Feast. Erdoğan has said, “An attack on our economy is no different than a direct attack on our call to prayer and our flag.”

S&P, Moody's Lower Turkey’s Credit Rating

S&P, Moody's Lower Turkey’s Credit Rating

After the international credit rating agency S&P downgraded Turkey’s credit rating from BB- to B+, the Moody’s has also lowered the credit rating of the country from Ba2 to Ba3.

Erdoğan: We’ll Impose Boycott on US’s Electronic Products

Erdoğan: We’ll Impose Boycott on US’s Electronic Products

President Erdoğan says Turkey will boycott US's electronic products and those who invest in foreign currency "will bankrupt".

Campaigners Call for Legislation To Ban Lay-Offs

WORKERS CAMPAIGN AGAINST LAY-OFFS

Campaigners Call for Legislation To Ban Lay-Offs

Left political groups and trade unions join forces to campaign against growing number of layoffs. Starting in October with a wide signature collection the campaign is planned to last for three months, for bringing employers under stricter measures to cancel work contracts.

1 September 2009 Emine Özcan

CRISIS

Statistics Prove That Government's Ineffective Faced With Crisis

Turkey's economy shrunk by 13.8 percent in the first quarter. Özden from YTÜ says the burden of the global crisis is on the workers. He criticizes the government of not tackling unemployment and dropping wages.

1 July 2009 Bawer Çakır

Workers' Forum Calls for Shared Struggle

Economic Crisis

Workers' Forum Calls for Shared Struggle

Workers, trade unionists and socialists gathered on Sunday to focus the demands of the labour movement.

22 June 2009 Erhan Üstündağ

Workers' Forum Gathers to Call for Ban on Dismissals

Labour Movement against the crisis

Workers' Forum Gathers to Call for Ban on Dismissals

A gathering organised by the Socialist Coordination Initiative aims at strengthening the labour movement.

Prime Minister Announces New Economic Package

Economic Crisis

Prime Minister Announces New Economic Package

The PM claims that his "Incentive and Employment Package" will create 500,000 jobs. Twelve sectors are being targeted, and tax reductions may continue.

5 June 2009 Tolga Korkut

One in Three Young Persons Unemployed in Turkey

One in Three Young Persons Unemployed in Turkey

According to a new report, every third young person not in education is unemployed.

21 May 2009 Emine Özcan

Trade Unionists Call on New Cabinet to Do Its Duties

Trade Unionists Call on New Cabinet to Do Its Duties

Trade union leaders have urged the new cabinet to protect the poor and unemployed from the crisis, to pass new trade union laws and a democratic constitution.

5 May 2009 Tolga Korkut

"New Cabinet Will Move Towards IMF"

New Cabinet

"New Cabinet Will Move Towards IMF"

Hayri Kozanoğlu believes that the new cabinet will pursue a more pro-capitalist approach.

5 May 2009 Emine Özcan

Most Female Labour Unregistered

Most Female Labour Unregistered

According to a report by the Initiative for Women’s Labour and Employment, women continue to be exploited in domestic and outside work.

21 April 2009 Emine Özcan

Hundreds of Protesters against Crisis in Taksim

Hundreds followed the call of the 7th Package Initiative and protested against the government and the economic crisis in Taksim Square.

20 April 2009 Emine Özcan

Call to Protest against Government’s Crisis Package

Call to Protest against Government’s Crisis Package

The “7th Package Initiative” is starting a protest in Taksim on Tuesday, planning to increase the number of protestors every day.

14 April 2009 Tolga Korkut

G20 Deal Doomed to Fail

G20 Deal Doomed to Fail

Professor Tonak argues that the G20 deal is prepared assuming "there's enough production and consumption" to support the sanctions. He further criticizes G20 leaders to avoid tackling the causes of the crisis.

5 April 2009 Tolga Korkut

Temporary Tax Reductions in Erdoğan’s Crisis Package

The Prime Minister has annonced a crisis package which involves a three-monthly reduction in certain taxes.

26 March 2009 Tolga Korkut

Women in Tarlabaşı: Life in the Backstreets of Beyoğlu

23 March 2009 Emine Özcan

Government to Announce “Crisis Package” before Elections

State minister Ekren has announced that the government will probable implement a package of relief measures prior to the local elections on 29 March.

12 March 2009 Tolga Korkut

Government's Fooled As Dollar's Value Rises

The most striking indicator of recent days is the increasing value of the US dollar. Two questions follow dollar's valuation to 1,80 TL levels. First, how far will it go and secondly, how long will this last?

10 March 2009 Mustafa Sönmez

Unemployment: Who is Standing in the Queues?

Unemployment: Who is Standing in the Queues?

Sebahattin became ill and was dismissed without compensation. Ayşe is trying to get through red tape to receive unemployment benefits. Adnan has found out that he will not receive benefits, as he has not paid enough contributions.

18 February 2009 Tolga Korkut,Bawer Çakır

Real Unemployment is 26 Percent, Future Bleak

Real Unemployment is 26 Percent, Future Bleak

The newly announced November 2008 data on unemployment does not reflect the rapid decline in the economy since the end of October. Future prospects for employment are bleak.

16 February 2009 Mustafa Sönmez

“We Will Not Pay for The Crisis” Vow İstanbul Workers

“We Will Not Pay for The Crisis” Vow İstanbul Workers

Some 40,000 workers rally in Kadıköy, Istanbul, in the weekend to protest against paying the price for global capitalist crisis. There were clashes between members of the right-wing and left-wing metal workrs unions.

16 February 2009 Emine Özcan,Bawer Çakır

Workers to Protest Against Paying The Price for The Crisis

Workers to Protest Against Paying The Price for The Crisis

Labour organisations and trade unions have called on workers to take part in a demonstration against unemployment and corruption on Sunday in Kadıköy, Istanbul.

11 February 2009 Bawer Çakır

ILO: Crisis Will Cost Up to 50 Million Jobs

ILO: Crisis Will Cost Up to 50 Million Jobs

In a press statement published on their website, the International Labour Office predicts a steep rise in global unemployment. Their predictions range from a loss of 18 to 50 million jobs worldwide.

29 January 2009

Crisis Will Increase Child Labour

Crisis Will Increase Child Labour

An increase in poverty will lead to more children working. Children’s centres need to be improved to prevent children from working in the street and education support must be a priority.

28 January 2009 Ercüment Erbay

Tens Of Thousands Of Workers Marched Against The Crisis And The Government

Tens Of Thousands Of Workers Marched Against The Crisis And The Government

Tens of thousands of workers from different provinces marched against the economic crisis and the government, declaring that the workers will not pay the cost. The unions demanded an end to the terminations and the price increases.

30 November 2008

How Will the Global Economic Crisis Affect Turkey?

Economist Sonmez's report prepared for Petrol-Is studies how the foreign capital has affected growth potential, the disadvantage brought about by the current account deficit in the face of global crisis and the increasing inequalities.

21 April 2008 Mustafa Sönmez

Headscarf Debate Diverts Attention from Kurdish Issue and Economic Crisis

Headscarf Debate Diverts Attention from Kurdish Issue and Economic Crisis

Prof. Dr. Narli predicts that the proposed constitutional change will reduce social tension. Yet the current debate is also diverting attention from the Kurdish issue and the global economic crisis, she believes.

31 January 2008 Erhan Üstündağ

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