Word: turkeys
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...themselves as Chechens before taking over the cockpit and causing the plane to take a 1,000-foot drop. But we have to treat that information with caution, particularly in light of the experience of January 1996 in which a group of "Chechen" hijackers took over a ferryboat from Turkey. Once they surrendered, it turned out most weren't Chechen, but that six of the nine were actually Turks. They were sentenced to eight years, but all later escaped. There were reports at the time that they might have been helped by corrupt officials. The Turkish police may be wondering...
...Ankara Turkey appointed a World Bank vice president, Kemal Dervis, to the cabinet with responsibilities for overseeing the central bank, state banks and the banking regulatory board. In further steps aimed at getting the country's shattered economy back on track, the government began talks with the International Monetary Fund about billions of dollars in new loans, and moved to take over the small Ulusal Bank, which was in danger of becoming insolvent. A political clash between Prime Minister Bulent Ecevit and President Ahmet Necdet Sezer two weeks ago-over banking reform and corruption-led to a currency free fall...
...While Turkey's breathtaking economic dive was not seen as particularly surprising in Brussels, the crisis highlights the importance of Europe's reform demands. Says Eberhard Rhein, senior adviser at the European Policy Centre in Brussels: "It clearly demonstrates that Turkey has to privatize the banks, urgently." Last week's events, he feels, amount to a "cleansing storm" on the political front that could have salutory economic effects...
...challenge to Turkey's political establishment is not just facing up to the economic crisis but dealing with popular demands to get its house in order. So far, public opinion appears to be siding with Sezer-seen as a white knight in the dark den of Ankara politics. On the other hand, it is Ecevit's job, not his, to keep the unwieldy coalition together. So what happens next? No immediate resignations are expected, but no one will be going into the next elections (due by April 2004) on a platform of having restored prosperity. The Turkish military, which watched...
...road to Brussels was never going to be easy for Turkey, given such problems as its human rights record, its use of the death penalty, the Kurdish conflict and the military's role in the political sphere. Still, last week's events were a wake-up call to the politicians that they have little alternative but to press forward-and that failure to do so will be mercilessly punished by the markets. An unstable Turkey is bad for everybody...