Turkish markets plunge after vote

CBS.MarketWatch.com ^ | March 3, 2003 | Allen Wan

[BOBTHENAILER]

ANKARA, Turkey (CBS.MW) - Turkey's stock market and currency plunged Monday after the parliament voted not to allow the deployment of U.S. troops in a surprise move that could delay a war with Iraq and lead to a cut off of aid to the economically struggling nation.

In recent action, the main stock index had tumbled 12.5 percent, or 1,445 points, to 10,128. The lira crumbled as much as 5 percent to 1,675 to the dollar from Friday's close of 1,597.

"Despite the prospect of a massive U.S. aid package, the Turkish parliament rejected the government's motion to allow U.S. troops access to south-east Turkey. Not only does this have implications for Turkey, but also globally," said Tolga Ediz, analyst at Lehman Bros.

Over the weekend, Turkey's parliament narrowly voted to reject a government motion to allow some 62,000 U.S. troops to station in the country, which borders Iraq in the north.

The slide in Turkey extended to U.S.-traded shares of Turkish companies. Shares of Turkish telecommunications firm Turkcell Iletisim (TKC: news, chart, profile) slid $2.20, or 13 percent, to $14.20.

Allen Wan is a news editor for CBS.MarketWatch.com in New York.

[BOBTHENAILER]

Gee, this is really too bad.

[babyface00]

Yet, somehow, it will be our fault.

[a_Turk]

"State warmly embraced the Supreme Council of the Islamic Revolution (backed by Tehran) and went out of its way to keep Saudi Arabia happy, but then they decided to screw our ally," complains a Defense Department official.

[isthisnickcool]

Turkey's stock market and currency plunged Monday...

We had something more important plung in 2001. The Turks can go to hell, if that's possible.

[Anticommie]

Turkish markets plunge after vote

And rightly so, it is a time to figure out who our friends and enemies are.

A lot of people perception is the Turks are our "friends", yeh right after we've been pumping zillions of $$$$$$$$$'s in their corrupt and failing economy over last 50 years (also don't forget millions of Turks emigrated to Germany over last 50 years, thats one of the reasons German economy and political bias has changed.

[Blood of Tyrants]

On another thread, I pointed out that when converted to US dollars, the loss was 15.59%.

[BOBTHENAILER]

One Defense Department official who is an avid supporter of Turkey comments that Saturday's vote is a sign that it is "amateur hour" in the Turkish government.

That quote is from the article you flagged.

Yeah, State Dept may have made some mistakes. Keep in very sharp focus however, the FACT that no one but Turks cast the votes. If the market punishes it means nobody is to blame but the casters' of the votes.

Reminds me of the lyrics to a song that go like this: No no no,no,no,noo-oooo, nobody's fault but mine.

[BOBTHENAILER]

On another thread, I pointed out that when converted to US dollars, the loss was 15.59%.

That, my FRiend, is a friggin' POUNDING.

[BOBTHENAILER]

We had something more important plung in 2001. The Turks can go to hell, if that's possible.

My sentiments exactly. Time for us to get down to bidness. The coalition of the willing can come along later if they wish to help sweep up the pieces.

[Station 51]

oh the beauty of capitalism...you either understand the benefits or you dont...give up turkey..go back to the stone ages for another milenium...you tried..but damn if that dreaded muslim religion didnt drag you back down into the rat hole again...

of the beauty of Capitalism...you either understand the benefits of 25 billion American Tax dollars or you don't...give up Turkey...reach back into the American Tax Payers Pocket any you may be able to Extort 50 billion dollars from President Bush.

America can go at it alone.

[BOBTHENAILER]

Yet, somehow, it will be our fault.

You win the crystal ball award for the day for correctly predicting post number #3. Read it and pat yourself on the back. LOL

[VOA]

Turkish markets plunge after vote

Another nice example of how markets can tell elected officials of a country
"How Could You Be So STUPID?"

As much as I hope the USA and Turkey patch things up and the elected officials of Turkey
will come to their senses in a few days...
the dumb-@$$e$ in the Turkish Parliament should learn that their p-ssing-off of even
average citizens of the last superpower (and our friends) is one sure way to make sure
that the rest of the world realizes that now "The Sick Man of Europe" is now on its' way to
being the "Stupid, BANKRUPT Old Man of Europe".

My two-word message to the nay-sayers in the Turkish Parliament?
"GREATER KURDISTAN"

(the client state, created after Saddam was deposed in 100 hours, which SHALL Turkey
as a friend and ally of the USA)

[Post Toasties]

Looks like Turkey won't be able to occupy Kurdistan, then.

[BOBTHENAILER]

My two-word message to the nay-sayers in the Turkish Parliament? "GREATER KURDISTAN"

Very well put.

Turkey, meet Mr. Hardball Global Politics and his new friend, Greater Kurdistan.

I hope this is a big lesson for any nation contemplating the choice between an Islamic/Euro alliance versus a US/Britain alliance.

Makes the choice rather stark, doesn't it?

Imagine a 1000 point drop in the DOW.

[OldFriend]

Keep in mind that this is a new government in Turkey. Much more fundamentalist than the previous government.

If things get too bad there, the military will sieze control as it has in the past.

[DoctorMichael]

They have only themselves to blame.

[OldFriend]

Considering America elected the rapist traitor lying scum twice, and the elected his wife too.....nothing surprises me.

Last year I read that some folks in Seattle were sooo happy that Boeing was leaving.....there'd be less traffic.

We have our own media driven peace puppets taking to the streets so we can't be too smug. Just look at the ugly hatefilled cast of demonrat senators that have been elected right here in the good old USA.

[AMNZ]

Sounds like time to call a few of those loans out there.