Turkish economy minister on Thursday said his country's credibility had been strengthened thanks to measures the government had taken to improve the country's financial outlook, adding that Turkey was ahead of many EU countries in terms of confidence and stability.
"Today, 14 out 27 EU countries have a higher risk premium than Turkey. Italy, for instance, is paying back more interest than Turkey," Ali Babacan told a meeting of a nationwide association of businesspeople.
Babacan said real sector confidence index had seen an all time high in four years while consumer confidence index had reached a two-year high, adding that banks had been giving more loans with the volume reaching as high as 160 billion Turkish liras since October 2009.
The Turkish economy minister, however, said despite a favorable outlook in Turkish economy, the country still needed to stay on alert against any "European earthquake."
"We need to focus on ways to protect ourselves from such an earthquake. We have taken some solid steps to that end. The Treasury has almost leveled its net foreign debt and our foreign currency reserves increased to 85 billion USD from 28 billion USD," Babacan said.
Minister says needs to protect Turkey against 'EU earthquake'
The Turkish economy minister said despite a favorable outlook in Turkish economy, the country still needed to stay on alert against any "European earthquake."