Turkey likely to face bankruptcy, report claims

Turkey likely to face bankruptcy, report claims

Turkey’s economy is on the verge of bankruptcy, according to a report submitted by economic experts to opposition leader Kemal Kilicdaroglu, Turkish newspaper Hurriyet reports.

The report was prepared with the involvement of officials of Kilicdaroglu’s Republican People’s Party (CHP), Hurriyet says.

The report says the difficulty in paying off Turkey’s debt will emerge after the presidential and parliamentary elections, set for June 2023 and claims it is quite likely that payments will be stopped.

“Because of the chaos the present government will leave behind, the new government faces the risk of failure in its economic policy,” the report says.

The report also says that the Turkish state will have difficulty in paying wages and pensions.

The report’s authors say that the support of foreign banks and other financial institutions is necessary for Turkey to avoid bankruptcy.

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