Word: turkeys
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Dates: during 1980-1989
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...austerity program immediately released about $300 million in loans and grants from the West that had been held up until Turkey gave proof of its fiscal responsibility. The unanswered question is whether Demirel's measures will really help in the long run. OPEC price hikes will soon add around $100 million more to the country's monthly fuel bill of $150 million. State-run factories will be forced to choose between raising prices sky high or laying off thousands of workers-at a time when unemployment is already running at 20%. The discontent of the jobless can only...
When Premier Suleyman Demirel took office in November, he warned his countrymen to brace themselves for a long, hard winter. Last week Turkey was quite literally shivering through one of the worst cold spells in 30 years. Largely because of a lack of foreign exchange, the country had virtually run out of fuel oil, and thousands of homes and offices were without heat. As if that were not suffering enough, Demirel chose the moment to introduce draconian new fiscal measures, which one Western diplomat in Ankara called "the most significant economic step taken in Turkey since World...
...dramatic measure was yet another devaluation of the lira, this time by nearly 50%; since last January, the value of Turkey's basic currency unit has fallen from 25 to the dollar to 70. Demirel also served notice on Turkey's sluggish, over-manned state enterprises, which account for more than half of the country's industrial production, that they would have to operate under market conditions. Last year government payments for public sector deficits accounted for one-third of the national budget and were a major factor in the soaring inflation rate. To raise foreign exchange...
...Chancellor Helmut Schmidt last week told the Bundestag that "we condemn the Soviet intervention" but also that "we must, with steadiness, consider our German and Western interests." Privately, he sighed to aides: "When you are neck-deep in manure, you must still smile." Bonn is increasing aid to Pakistan, Turkey and Greece, nations that might be threatened by the Soviets. Bonn also persuaded Paris at least to join the other community members in reviewing which high-technology items could be sold to the U.S.S.R. The West Germans will not go beyond that...
Despite pressures from Iran and Afghanistan, Carter dived into the budget with his famous penchant for detail, spending a total of 25 hours in White House meetings roaming through the numbers. In a final session over turkey and ham sandwiches at the Laurel Lodge at Camp David the Saturday before Christmas, Carter, Budget Chief James McIntyre and several aides reviewed a three-page mimeographed.sheet of 39 unresolved programs. After a three-hour discussion, the President firmly drew a line under the ninth item, a supplemental foreign aid proposal. The 30 programs below the line, including additional spending on public service...