Word: ecevit
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President Ahmet Necdet Sezer, who cultivates the common touch, has his car stop at traffic lights. He still found himself involved in a devastating collision last week, a sudden political smash-up with Prime Minister Bulent Ecevit-over corruption and banking reform-that has left the International Monetary Fund's inflation-cutting program for the country a twisted wreck, the lira in free fall and Turkey's 66 million people facing even more inflation. By week's end both officials, chastened, had left the crash scene to attend international gatherings...
...crisis is both financial and political, touched off during a meeting last Monday of the National Security Council when Sezer accused Ecevit of being soft on corruption and pushed a copy of the Turkish constitution across the table at him, only to have it flung back by an Ecevit aide. The Prime Minister then stormed out, announcing, "This is a serious crisis." While there undoubtedly was conflict inside the conference room in Ankara, the "serious crisis" developed when Ecevit left. His remark was widely taken as a sign that his fragile three-party coalition-formed in mid-1999-was losing...
...Losers NAOMI CAMPBELL No super models allowed. Staff at London boutique Voyage ban the notoriously petulant poser ROGER CLINTON How 'bout another pardon, bro? Former U.S. First Brother charged with drunk driving BULENT ECEVIT Turkish PM rows with Prez, spat triggers collapse of lira. Time to purchase that villa in Smyrna? Verbatim...
...This currency crisis started when Sezer accused Ecevit of being soft on corruption at a meeting Monday of Turkey's National Security Council - and pushed a copy of the Turkish constitution across the table at him. One of Ecevit's aides threw it back at Sezer, and Ecevit stormed out of the meeting - right into the arms of the waiting press pack, and snapped, "This is a serious crisis...
...That was taken as a sign that Ecevit's fragile coalition - he was elected with only 22 percent of the vote - was falling apart, and the financial markets immediately went wild. The stock market and the currency, the lira, both crashed, and within a day the central bank had to lift the dollar peg on the currency because it couldn't afford to support it anymore. Of course, if Ecevit had kept his mouth shut, this wouldn't have happened...