Question

Please read this article about turkeys economy and summarize it into 2 paragraphs

E Q FINANCIAL TIMES ALPHAVILLE OME MARKETS LIVE LONG ROOM ALPHACHAT Turkish economy Turkish politics Investors are talking about a Turkish turnaround f in YESTERDAY By. Colby Smith On the third floor of the Langham Hotel in midtown Manhattan, roughly 30 investors from about as many firms convened on Thursday and Friday of last week to talk Turkey. There, portfolio managers and analysts frommGoldman Sachs, Macquarie, and AllianceBernstein, among others, met with Turkish executives in one-on-one meetings to hear about the state of corporate and economic affairs just six months after a currency crisis ripped through the country and sparked fears of financial collapse. According to Ozgur Yasar Guyuldar, the head of global emerging markets sales at Austria's Raiffeisen Centrobank, which hosted the event, the presenting companies- from banking giant Akbank to industrial conglomerate Koc Holding and retailer Mavi -struck a decidedly positive tone. The mood was an optimistic one in part because the conversations between investors

Answer 1

Portfolio managers and analysts from Goldman Sachs, Macquarie, Alliance Bernstein and others held a meeting with the Turkish executives about the state of corporate and economic affairs after 6 months of currency crisis in Turkey at langham hotel in midtown Manhattan. According to Ozgur Yaar Guyuldar the presiding companies stuck a positive tone and there were questions about the Turkish president Reception Tayyip Erdogan but some others said the focus was on balance sheets and politics second. All the issues could not be discussed in 40 minute or so but as the parliament granted him the emerging powers over the economy, any discussion should start and end with him.

The event billed as 'Turkish days' took place at a challenging time for the country as the inflation rate is still above 20 per cent. Consumers are not spending leading to hundreds of companies seeking bankruptcy protection. Imports have reduce leading to a surplus balance between imports and exports. As lira plunged against the dollar Turkish corporations and banks saw their inability to repay the debt. Although the central bank did not retain its independence when Erdogan repeatedly attacked on the interest rates, since last September, central bank kept a tight monetary policy and jacked up interest rates to 24 percent. Erdogan was given the power by the parliament to take any necessary measures in the face of negative development that threatens the financial system. The financial stability and development committee will be supervised by the treasury and financial ministry which is run by Erdogans son-in-law. Also if Erdogan tries to interfere with the monetary policy again, results could be disastrous.