Tweet
TURKEY COULD WITHDRAW ITS RESERVES FROM FRANCE
Hurriyet Daily News
Dec 27 2011
Turkey
Turkish Bank could withdraw 23bn euros of reserves from France.
The Turkish Central Bank could withdraw its nearly 23bn euros of
reserves from France after the EU member's recent move to fine any
denial of an Armenian 'genocide' in 1915, economists tell the Daily
News. However, such a sharp move could risk Turkey's EU bid, they add.
Turkey's Central Bank might shift nearly 30 bn Turkish Liras of
investment in French bonds to other European powerhouses as part of
its recent row with the eurozone's second biggest economy, according
to several economists.
"The Central Bank could withdraw its reserves from France as part of
its economic sanctions in the future," Erol Katırcıoglu, professor
of the economics department of Istanbul Bilgi University, said.
"Looking at the steps taken by the Turkish government and the tone
of the political rhetoric, we can expect such a move," Katırcıoglu
told the Hurriyet Daily News in a phone interview. However, such a
move would strengthen opponents to Turkey's EU membership bid and
denounce Turkey as an "unreliable partner."
It is the right of Turkey to withdraw its reserves from France,
according to Kerem Alkin of Istanbul Commerce University. "This might
not hurt the French economy but will prove Turkey is serious about
sanctions," Alkin said.
Turkey's Central Bank has its second highest reserves in France with
28.8bn liras, following the United States with 48.6bn liras.
Hurriyet Daily News
Dec 27 2011
Turkey
Turkish Bank could withdraw 23bn euros of reserves from France.
The Turkish Central Bank could withdraw its nearly 23bn euros of
reserves from France after the EU member's recent move to fine any
denial of an Armenian 'genocide' in 1915, economists tell the Daily
News. However, such a sharp move could risk Turkey's EU bid, they add.
Turkey's Central Bank might shift nearly 30 bn Turkish Liras of
investment in French bonds to other European powerhouses as part of
its recent row with the eurozone's second biggest economy, according
to several economists.
"The Central Bank could withdraw its reserves from France as part of
its economic sanctions in the future," Erol Katırcıoglu, professor
of the economics department of Istanbul Bilgi University, said.
"Looking at the steps taken by the Turkish government and the tone
of the political rhetoric, we can expect such a move," Katırcıoglu
told the Hurriyet Daily News in a phone interview. However, such a
move would strengthen opponents to Turkey's EU membership bid and
denounce Turkey as an "unreliable partner."
It is the right of Turkey to withdraw its reserves from France,
according to Kerem Alkin of Istanbul Commerce University. "This might
not hurt the French economy but will prove Turkey is serious about
sanctions," Alkin said.
Turkey's Central Bank has its second highest reserves in France with
28.8bn liras, following the United States with 48.6bn liras.