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Turkey on the Menu: Nation Teeters Toward End-Game Economic Collapse

IMAGE: Washington Kurdish Institute

Turkey is in a full-blown debt and currency collapse. Earlier this week, the country’s treasury sold 539.7 million lira of 5-year notes at 22.1 percent.

Vampire squid Goldman Sachs has opined on Turkey’s banks: “We calculate that further Lira depreciation to around 7.1 vs. USD on average could largely erode banks’ excess capital.”

Turkey runs one of the world’s largest deficits because its expansion was fueled by foreign debt. That external debt is $466.67 billion. The current-account deficit estimated to be over 6 percent of gross domestic product this year — one of the widest gaps in emerging markets — and requires Turkey to constantly attract funding from abroad. Companies that borrowed heavily in foreign currencies now face a growing burden due to the tanking lira and rising borrowing costs.

Foreign banksters are pulling the plug. So far in 2018, banks financed just $763 million of a swollen $27.3 billion deficit. As of March 2018, $181.8 billion of external debt, public and private, was due to mature within a year.

According to a poll from April 2018, 42 percent of Turks and 59 percent of Erdoğan’s governing Justice and Development Party (AKP) voters, saw the decline in the lira as a plot by shadowy foreigners — specifically Americans, English, Dutch and Jews (essentially the Parasite Guild). Yes, the usual suspects love to pile on wounded animals – especially those not toeing the line. It’s just a historical fact. For more on vampire parasite guildism listen to my short podcast here. 

To the untrained eye, this sounds like scapegoating, but notice something about the banks involved in Turkish lending. The U.S., U.K. and Germany (and by extension Jewish finance) are minor players. But many already insolvent Spanish banks are on the line, which creates a confluence of events that couldn’t be much worse. So the Spanish banking crisis will reignite. What a coinkydink that Spain is being impacted of late by weaponized migration from Africa now that Italy is defending its coast from invaders and investigating migrant rat-line water taxis posing as NGOs.

According to the Bank for International Settlements, international banks had outstanding loans of $224 billion to Turkish borrowers, including $83 billion from banks in Spain, $35 billion from banks in France, $18 billion from banks in Italy, $17 billion each from banks in the United States and United Kingdom, and $13 billion from banks in Germany.

In such situations, I immediately undertake open-source research to see if leading vulture capitalists, such as Paul Elliott Singer, are involved. These actors will swoop in on sovereign debt when the blood is running in the streets. There are no indications this has happened yet with Turkey. Singer is active in Europe but mostly in Italy. See: Exploring the Dark Lobbies of Vulture Hedge Funds

For now, the Bank of China is financing Turkey’s debt as Erdogan looks to beef up trade deals with Africa.

Let the Looting Begin

Still, the foreclosure of Turkey is underway.

On July 5, Bloomberg reported that Turkish and international banks were taking control of Türk Telekom, Turkey’s biggest telephone company, due to billions of dollars in unpaid debt. Creditors set up a special purpose vehicle to acquire the company as they try to resolve Turkey’s biggest-ever debt default. That same day, Bereket Enerji Group was reported as seeking buyers for two power plants as it negotiates with banks to refinance $4 billion in debt.

On July 19, ÇEL-MER Çelik Endüstrisi — a leading Turkish steel producer also operating in the automobile sector, agriculture, white goods, machinery production and the defense industry — sought bankruptcy protection from the courts after it failed to repay its debts.

On July 20, Ozensan Taahhut, a large Turkish construction company, which has carried out construction contracts for state housing authority TOKI, the Justice Ministry, the Health Ministry and various municipalities, filed for bankruptcy protection.

On Aug. 1, Turkey’s state pipeline operator BOTAŞ raised the price of natural gas used by electric power plants by 50 percent. BOTAŞ also raised natural gas prices for residential use. The same day, the energy regulation authority raised electricity prices for industrial and residential use.

If I didn’t know better, it all looks quite planned. Install an incompetent, oppressive leader like Erdogan to get Turkey involved in the Syrian operation as a troublemaker and run corrupt wasteful spending programs and economic policy leading to a parasite guild loot.

The U.S. has once again played its sanction card over an incident involving the detention of an American pastor. Trump, taking orders from his controllers, is also reviewing Turkey’s duty-free access to the U.S. market, which could affect $1.7 billion of Turkish exports.  Turkey has moved closer to Russia and is maintaining cordial relations with Iran. So clearly, The Great Game is a factor.

PHOTO: via Twitter

Additionally, the Crime Syndicate needs to keep migration pressure on Europe. As the Turkish economy implodes, the Turks will flood Europe as economic and civil war refugees, marking the end of western civilization on that continent. Turkey has a population of 82 million and straddles southeastern Europe — thus, no need for boats or long epic passages.

We also have a balkanization opportunity for the Zios, as the Kurds are backed by Israel.

2 Comments on Turkey on the Menu: Nation Teeters Toward End-Game Economic Collapse

  1. I just don’t have any tears for Erdogan. If his country collapses it’s on him. If the EU let’s them in Europe can just circle the drain. China and Russia can pay their bills. Or Iran, they seem to be in good economic shape (not). As for the pastor in question, do you seriously believe he got a fair trial?

  2. (((The Atlantic))) makes no bones about how it feels about Syria.

    The more hate aimed at him the more I like him. His wife Asma is undergoing chemotherapy right now for cancer and the headline that she was a tyrants wife. Low brain cell commenters or bots wished her an early death. Strange though the first time they ran the article everyone was rightfully bashing the West’s demonization of him and that Dailymail was being outrageous. Top comments came to Assad’s defense. That article was taken down and it was rerun where anti-assad/robot like comments were the new top rated ones with near ZERO pro assad comments.

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