Good news is crucial for Turkey from G20

I can shortly summarize a good news as a "big foreign fund."

Because, being provided with big amount of foreign fund is the most urgent need of Turkish economy. The calculation is very simple, the current account deficit has nearly reached to $50 billion and there is nearly the same amount of foreign debt repayment, but the previous sources which would create foreign exchange fund, including privatization and short term capital inflow stopped.

Let aside financing the current account deficit, at least $30-$40 billion is needed for foreign debt repayment in the first six months of 2009. The macro balances are impossible to continue with stability unless this amount of foreign currency is not provided. Using foreign exchange deposits' funds or foreign exchange reserve is either impossible for this. Because, things derail if these sources are used for this purpose.

There are two alternatives to ensure this amount of fund. You would either ensure a credit line in the form of bridge loan or take middle term debt. We know that the government hopes the credit line from FED, but I don't think that that is so easy. I also think that it is very difficult to ensure credit line from Arab countries at such a time when the risk appetite is so low, even it is also being spoken as the other alternative.