Audio recording of Erdogan reveals Turkey's tragic situation

NEWS DESK

Turkish President Recep Tayyip Erdogan's voice recording revealed the tragic situation of the Turkish economy, where the chaotic scene began on the sidelines of laying the foundation stone of the Opera House project in Taksim Square in Istanbul, where the head of the Turkish Housing Authority Omar Bolot surprised him with speech, while a microphone placed next to them was on.

Sky News Arabia reported that the head of the largest institutions of construction and real estate to Erdogan:

"We have a financial problem, Mr. President, we have serious funding problems, maybe we can discuss it later."

But Erdogan, who did not pay attention to the open microphone, told Bolot: "go head" The latter said in live broadcast on state television: "We were hit hard, TOKI destroyed us."

Bolot is referring to TOKI, the state-owned construction giant, whose troubled debt is being weighed down by the Turkish Housing Authority.

The case in question is related to the story of the trillion lira, the total debt of Turkish companies borrowed in foreign currency, after the collapse of the local currency and its effects so far.

Turkish companies have borrowed about $ 190 billion in 2017, leading Turkish lenders and analysts to warn that companies are exposed to foreign currency risks, according to the Turkish website Ahval.

In the same year (2017) the pound was sold at about 3 per dollar, which means that the value of debt became 570 billion pounds in local currency.

Ahval site added, "Erdogan bears most of the blame for about 400 billion extra pounds that Turkish companies should now respond."

The Turkish central bank said on Thursday that the current account balance turned into a deficit of $ 1.437 billion in December as Reuters reported.

in November, the current account balance recorded a surplus of $ 1.075 billion.

Turkey's current account deficit stood at $ 27.633 billion in the whole of 2018.

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