As the IMF restructures the Turkish economy to deal with the severe recession in the country, stock markets rebound on the good news ...

The Turkish economy has tanked badly this year, and given that Turkey is a vitally important strategic ally in the War Against Terrorism all over the Middle East, and a vitally important stationary air craft carrier for any future strikes on terrorists nations like Iraq, the IMF has agreed to billions in new loans which they must hope, will keep Turkey from getting any more of that radicalism that usually becomes fired up in the midst of economic chaos. Turkish stock markets rallied on the news, and the wealthy Turkish oligarchs I am sure heaved a sigh of relief as, following the typical prescription, the IMF did not call for any painful restructuring of oligarchs, but instead called for more painful restructuring of the citizens of Turkey, while the government promised to "reduce the burden of public spending on the real economy". AP reported that "Turkey's budget for 2002 aims to cut spending sharply to meet IMF demands." "We'll grit our teeth and then we'll set Turkey on a solid economic footing," Prime Minister Bulent Ecevit said Friday, after the government announced a package of spending cuts and taxes on ordinary Turks, which skillfully avoided touching the olive and the wine while still meeting the IMFs targets for Turkey. On receiving the news that new taxes would be put onto ordinary Turks and that the olive and the wine were safe, AP reported that "Shares on Istanbul's benchmark index climbed 1.6 percent on Friday to 11,371 points. The index has gained about 13 percent this week on hopes of new loans and the lira has gained nearly 4 percent against the dollar in the same period." Meanwhile, while 1 million Turks are out of work due to the economic fall this year, according to the IMF plan the rest of the Turks will be paying more for gasoline, more for goods and services, spending will be cut, hiring of new employees will be frozen, combined with more closures and layoffs in order to meet the IMF's targets for Turkey, putting Turkey on a 'sound economic footing' by 'restructuring Turkey' some more using the IMF's 'sound financial management' to bring 'fiscal responsibility for Turkey' while keeping the olive and the wine safe for another year.

Meanwhile Lebanon, in the Middle East, but not qualified to be an aircraft carrier in the War on Terrorism, but more than likely a target, is not getting lots of new loans but is rather being pressured by the IMF to cut spending and jack up sales taxes on ordinary Lebanese by 500 million a year to keep its debt serviced in the midst of its own economic crisis.

IMF cracks down on Lebanon

Do not touch the olive and the wine - hypocritical patriotism
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