Rescue packages announced on Monday by German Chancellor Angela Merkel, French President Nicolas Sarkozy, Italian Prime Minister Silvio Berlusconi and leaders of other European nations combine massive infusions of capital with guarantees for short-term loans. The combined rescue packages of France and Germany, continental Europe's two largest economies, exceed $1 trillion, far more than the $700 billion package approved by the US nearly two weeks ago. While many countries around the world are taking swift measures to reduce the effects of the global economic crisis, Turkey seems to only be relying on its 2001 experience and past economic crises. While Prime Minister Recep Tayyip Erdoğan continues to say Turkey will not be severely affected by this crisis because it has a durable and strong economy, business organizations are urging the government to roll up its sleeves and take measures to deal with the impending crisis before it hits Turkey.Star's Mahir Kaynak does not think measures similar to the ones taken by other countries against the financial crisis may work in Turkey, as he stresses that Turkey should develop its own strategy to combat the ongoing crisis. "Measures to be taken against the crisis may not be the same in all countries. Different economic structures necessitate different solutions. In this regard, I do not think solutions that work for Western countries, which either nationalize banks or solve their cash problems, will be beneficial in Turkey," says Kaynak. He suggests that if the global crisis begins to influence Turkey, Turkey can produce a different model other than trying to solve the problems of the banking sector as other countries did. "By saving the finance sector, they prevent the real sector from being influenced by the crisis. We can start by taking measures for the real sector and let the solutions for the problems of the banking sector naturally emerge from the real sector," he remarks.
Radikal's Hasan Celal Güzel, like Erdoğan, is optimistic and thinks although the global economic crisis will influence Turkey, this will be limited in scope. He thinks some features of the Turkish nation will help reduce the crisis' effect. "First of all, the Turkish nation is frugal. Although the new generations seem to have lost this feature, a result of a culture of consumerism, this is in the genes of the Anatolian people. Secondly, the Turkish nation is used to helping the needy and knows how to share its bread with others at difficult times. Thirdly, since unemployment is a persistent problem in Turkey, society is prepared for that," Güzel explains. In his view, a Turkey that has been suffering from high inflation figures since 1978 has the strength to overcome this crisis because Turkish society has a lot of experience in dealing with crises.
Yeni Şafak's Fehmi Koru also thinks economic crises Turkey underwent in the past made it stronger against the global crisis. He cites some measures that people could take. "First, we should not panic. We are already undergoing a periodic reduction in the economy; we should not turn this into a fuss that will trigger a crisis. Now is the time to be coolheaded and do the right things in the economy," he remarks.
